“Waking up, looking out the window and seeing the sun melting into blue water feels like the ultimate backdrop,” says 49-year-old Mr Waters.
Dr. Horton, 52, is a gynecologist based in New Orleans. Mr. Waters is in the military. As they considered where they might want to retire one day, they looked at beach towns across the United States but couldn’t agree on which state they wanted to live in. Most of the houses they saw were too expensive anyway.
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The couple, who have three adult children from previous relationships, have traveled extensively, having been to Colombia, Chile and Peru together.
“When I first met him, he was learning Spanish and he is quite immersed in Spanish culture,” said Dr. Horton. “He knows how to play salsa and bachata, so he said, ‘Okay, we have to find it in a Spanish-speaking country.’ But we didn’t know exactly which one.”
Mexico and Costa Rica offered direct flights, but the houses there were too expensive or too far inland. “We always look at the cost of living,” said Dr. Horton. “And how easy is it to return to America? We both have children who have left home. I’ve always been a single mother. Like my daughter, I want to make sure she’s doing well.”
“Panama had us with warm weather, beaches and an affordable cost of living,” Mr Waters said. “Add to that the vibrant culture, fewer natural disasters and the chance to finally use the Spanish I sweated through in language school, and it felt like a smart life decision disguised as a tropical daydream.”
With about $650,000 to spend, the couple aimed for a two- or three-bedroom apartment in a new waterfront development with hotel amenities, preferably in or around Panama City. After looking through some options, they realized they could get a good deal on an apartment that hadn’t even been built yet. They started with online research – flights, locations, retirement options – and made decisions based on brochures with digital displays.
“We looked at properties that had just been built or would be completed in the period 2026 to 2029,” said Dr. Horton. “I also thought that living in a hotel residence is luxurious. Like when you stay in a hotel and say, ‘I could live here.’ Foreigners are constantly buying property sight unseen. It’s not unusual, and if we don’t like it, we can use it as an investment.”
This planned development took place in Costa del Este, a vibrant coastal neighborhood in Panama City. A three-bedroom, 2.5-bathroom unit measuring almost 1,700 square feet was fully furnished with 10-foot ceilings, an open layout with a center island, bedrooms on either side and a terrace of approximately 215 square feet. The 60-story development, which had ocean views but was not waterfront, promised 75,000 square feet of community spaces and amenities, including restaurants, a sports club, green spaces and a movie theater. Tocumen International Airport was less than an hour’s drive away. Prices started at $457,000, with an HOA fee of approximately $515 per month. Foreigners had to pay a 30 percent deposit, with annual increases until the planned completion in 2029.
A three-bedroom, three-bathroom, approximately 1,300-square-foot unit in this waterfront Westin complex offered views of Panama City, which was about 20 miles north, and the ocean. The renderings showed a sleek whole with an open layout, tiled floors and floor-to-ceiling windows. Buyers would have the option to close off the third bedroom and add a kitchenette so it could be rented out separately. They would also have access to a rooftop restaurant, movie theater, two pools, a beach club and a Marriott membership. Construction was scheduled to be completed in 2029. The quoted price was $668,000, with a monthly HOA fee of $525. Buyers will pay 15 percent upfront, 25 percent over the next two years and 60 percent at completion.
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