Why Panama is Like Disney World for Entrepreneurs
Just to be clear, I don’t mean Disney World in the “charge me $6 for a morbidly melting Mickey popsicle” kind of way.
Or even the “stand in line for 3 hours to find out someone puked on Space Mountain” kind of way.
I mean in the “holy CRAP this is amazing, can we go Mom please, can we go can we go can we FOREVER STAY” kind of way.
(Except, you know. You don’t need Mom’s permission. Hopefully.)
Towards the top of the list of reasons to move to Panama is its compelling entrepreneurial atmosphere. You can show up with meager savings and just the slightest idea of what you want to do; if you’re seriously invested in your success, you will make it happen.
I don’t mean to imply that it’s easy, navigating Disney World. I was broke for what seemed like an eternity, and it took me almost 2 years to get to where I am now.
But I do believe that I attained some level of wealth and experience that I simply would not have back home. At least, not in such a (relatively) short span of time.
Here’s what Panama had to do with it.
1. A Badass Economy
Never in my adult memory has the U.S been even close to the economic growth currently sustained by Panama. We’re talking a GDP growth rate of almost ELEVEN PERCENT in 2012. THAT’S MIND-BLOWING. (The U.S and Canada, since you’re wondering, floated around 2% that year. Remember that whole “job market wasteland” thing?) Projections for 2014 remain incredibly bright, with Panama holding the title for fastest growing economy in Latin America.
This makes Panama a petri dish for job growth, start-ups, and freelance careers. Progress begets progress, and Panama is on an upwards curve. Tourism, the expat population, and the middle class are all expanding, and businesses are following suit. They need people. Bright, passionate, determined people- with fresh perspectives and ideas.
What’s up, Opportunity.
2. A (Comparative) Lack of Creativity
Please please don’t get your panties in a twist; I’m NOT saying Panamanians aren’t creative. I’ve met some truly phenomenal Panama-bred artists and minds. But as far as untraditional roles in the workplace go, Panama has some catching up to do.
Universities here tend to produce doctors, lawyers, dentists, etc. Highly respectable, of course, but its left Panama with a slight deficiency in innovation and a lot of the more abstract roles. This is hugely beneficial for the creatives amongst us.
Writers, graphic designers, web programmers, digital marketers, photographers, take note! You’re going to have a lot less competition, and a lot more opportunity, here than you will up North.
3. Lenient Foreign Labor Laws
Panama is pretty damn reasonable when it comes to its foreign labor laws. There are rules, of course, you can’t just walk into a store and fill out an application- but if you know where to look, you’ll likely find what you’re looking for.
Larger corporations in Panama are often able (and looking) to hire foreigners. A company is permitted to have a certain percentage of their payroll made up of non-nationals, meaning anyone with many employees has a good chance of taking you on. I have no work permit or residency, and have still been on the payroll of many legitimate companies.
If you’re a freelancer or start your own business? Even better. Panama gives foreigners the same rights as nationals when it comes to most business matters (Google: Panama Foreign Investment Protection Law.) Operating a business, you’ll actually encounter less red tape here than you will in the States. It’s easier for me to work in Panama as an immigrant than in the U.S as a citizen, how whack is that.
4. It’s Easier (And More Fun) Being Broke Here
Unless you’ve got a cozy trust fund backing you up, you’re probably going to be scraping pennies at least in the beginning. Particularly if you decide to go hardcore-entrepreneur and freelance or open your own business, there are going to be some rough patches. That’s inevitable no matter where you are.
But if you gotta be broke, you’d much rather be broke in Panama.
Panama has a super luxurious side, and you’ll have to work your way up to that. But it also has its charmingly humble tropical atmosphere. You can eat well, travel cheaply, and enjoy some incredibly beautiful landscapes- all on a narrow budget.
5. A Stimulating Social Sphere
Panama attracts the best.
We come from around the world, with different backgrounds, knowledge, interests, and skill sets. We’ve left behind everything that is comfortable and familiar to forge a new existence within a completely alien place.
And we’re drawn to one another.
In this weird, enchanting way, where we don’t know exactly why and we don’t even know whatwe’re looking for. All we know is that we want, we HAVE to sit down together and talk. Talk about our ideas, our plans, and all of our most and least favorite mistakes. It’s an engaging atmosphere wherein we thrive on one another’s passion.
We fuel one another, we challenge each other, and through each other, we rejuvenate ourselves.
Immerse yourself in that kind of setting, and it’s only a matter of time before you create something worth working towards.
By Alice Beth
Slipstream Travel Diaries 