Live in Panama

That is, following are the top 14 reasons why Panama remains the world's best place to think about reinventing your life overseas:

#1: Outside Panama City, the cost of living is affordable.

Note my disclaimer. Panama's capital city is no longer a bargain or a budget destination. However, outside Panama City, Panama can be downright cheap. You could retire to the beach in Las Tablas, for example, on the country's Azuero Peninsula, on a budget of US$1,100 per month or even less.

#2: The sun shines year-round.

Panama City can be too hot and sticky for some tastes, but, again, look beyond the capital, and you find pockets of near-perfect climates in some regions. If you prefer cool mountain temperatures to steamy sea-level ones, consider Boquete or, less discovered and more affordable, Santa Fe.

#3: The expat's path is well worn.

This country has been attracting foreign retirees, expats, and entrepreneurs in growing numbers for nearly two decades. Panama offers many and very user-friendly options for establishing foreign residency if you want to live here full-time, and it is home to established and welcoming communities of expats, retirees, and adventurer-entrepreneurs.

#4: You can get by without speaking Spanish.

I don't recommend it, but, in Panama City, you don't have to learn to speak Spanish if you don't want to. Outside the capital, at least some Spanish becomes more important. In either place, knowing some Spanish will make life much, much easier.

#5: Health care in Panama is of an international standard.

And Panama City is home to Hospital Punta Pacífica, the only hospital in Latin America affiliated with and managed by Johns Hopkins Medicine International. Small clinics across Panama City offer excellent care on a walk-in basis.

#6: The cost of medical care is a bargain.

Like everything, medical costs are higher in Panama City than elsewhere in the country, but, even in the capital, a doctor's visit can cost US$50 or less. At the clinic we visit for treatment for ourselves and our children, a visit is US$30 (and we never wait very long even without an appointment).

#7: Local Panama health insurance (which can be good, comprehensive coverage, all you need living in this country) can cost US$155 per month or less.

#8: The infrastructure is of a high standard.

This is a place where things generally work. The cable TV, phone service, etc., are all as reliable as North America, though brownouts and blackouts can happen as result of floods (in the rainy season) or fires (in the dry season).

Fiber-optic internet is available in the city and surrounding areas, and mobile data works across much of the country. The city's underground metro is brand new, and the roadways and highway systems are being constantly expanded and improved. In Panama City, credit cards are accepted everywhere, and you find ATMs are on every corner.

#9: The currency is the U.S. dollar, so U.S. dollar-holders have no currency-exchange risk or exposure.

#10: Panama City is an international travel hub, very accessible from North America. The flight from Miami, for example, is about 2 1/2 hours.

#11: Panama's pensionado program of special benefits and discounts is the current Gold Standard.

Panama's suite of retiree benefits is famous among overseas retirees, and seniors in this country are treated with the highest respect.

As a retiree here, you'll get the red-carpet treatment with benefits such as:

• Duty-free import of your household goods and vehicle...

• 50% off movies, concerts, and other entertainment...

• Up to 30% off travel fare via planes, boats, trains, or buses...

• Up to 50% off hotel stays within the country...

• Up to 20% off health care bills and prescription medicines (which are already a bargain compared to the United States)...

• 20% off professional and technical services...

• 50% reduction in closing costs for home loans...

• 25% discounts on utility bills...

• Discounts on personal loans, home mortgages, and more...

Plus, you can skip the front of just about any line (from the grocery store to the government visa offices)... it's a small thing, but it might just be every retiree's favorite perk!

#12: This is a nature-lover's paradise.

Panama boasts some of the world's best surfing, snorkeling, diving, sport fishing, birding, hiking, and adventure-travel opportunities anywhere on Earth. In fact, Panama is home to more species of birds, for example, than its better-known-for-its-eco-opportunities neighbor Costa Rica.

#13: This is a safe, welcoming place to call home.

Just as with any place back home, avoid the bad areas and avoid illegal pastimes. Petty theft can be a problem, but that can be easy to prevent with a little common sense.

#14: Retirees you meet in Panama aren't losing sleep over their futures.