WORKING ABROAD: 4 WAYS TO MAKE A LIVING
WORKING ABROAD: 4 WAYS TO MAKE A LIVING
So you want to quit your day job, move to an island, and make some Income by working abroad, but don’t know where to start.
Well, you’re in luck! In this post, we will cover how we have been working abroad and earning a sustainable living over the last four years as well as give some knowledge on how you can do it too!
Panama is known for many things including beautiful beaches, bustling metropolitan areas, mountainous terrains that boast award-winning coffee farms as well as being a major part of world trade and commerce due to the Panama Canal.
It’s no wonder that Panama is a great country to visit! Many people from all over the world decide not only to visit but to move here to either retire or in our case, become ex-pats.
Another factor that makes living here so simple? Panama also has one of the most open immigration policies in the world. So, moving here “full time” isn’t really that far-fetched as it seems. (For more information on immigration and our story on how we became full-time ex-pats click here)
But, with great opportunities, there comes a great price tag. Panama is the 4th most expensive country in Central America. It goes without saying, It’s still much more affordable than living in any major city in the US.
Healthcare, house rental prices, utilities, and food are pretty affordable. On average, we spend about $1,200.00 a month on phones, the internet, gas, and groceries. Of course, this will range on your lifestyle and preferences. For instance, we own an off-grid home, so we do not have rent or utility bills.
SO, HOW DO WE MAKE MONEY WORKING ABROAD TO KEEP UP WITH OUR LIFESTYLE?
WORKING ABROAD TIP #1 – ARRIVE HERE WITH YOUR CURRENT JOB:
You can legally work in Panama without a work permit if your Income comes from outside of Panama.
When we first moved here, I was fortunate enough that my previous employer liked me enough to give me a chance and work remotely as an Accounting Administrator and Accounts Receivable Director.
Thanks to him, I was able to bring in a large amount of money that allowed us to cover the expenses we were accumulating in building our home, and have funds leftover for savings.
After a while, the company and I grew apart due to demands that I could not meet at the time and we parted ways. Living in “Post Covid” times, many companies have implemented remote work opportunities.
I definitely encourage you to ask your current employer (if you love your current job, of course) if this could be something you could do within your scope of work. It may be a great time to do so. This is probably the best approach if you want to make the big bucks from your home country and are used to that income coming through.
Pros –
You can make a higher salary keeping your job. Easy transition.
Not to mention your health insurance benefits, 401k, and all the other bells and whistles that come with your current job stay intact.
Cons –
You may run the risk that it won’t be a long-term thing.
Depending on your company, they may want you to travel back and forth frequently. Which may eat up at the money you are trying to save.
Internet may be a problem depending on the demand of what line of work you do.
WORKING ABROAD TIP #2 – GET A REMOTE JOB:
As stated above, living in the economic climate we are currently in; the opportunities for you to work remotely are probably higher than what they may have been just as little as two years ago. Jobs such as freelance writing, travel blogging, customer service representatives, are a dime a dozen. Doing a quick search on a work search engine you will find tons of opportunities. As long as you have a decent internet speed and a headset, you can pretty much work anywhere.
Another really popular option is teaching English online. This is my primary income and I’ve been doing it for about six months now. This income is consistent and actually pays pretty decent. I was fortunate enough to find a teaching platform called Preply, where I have a great flow of students from all over the world.
The best part? With a little bit of time and effort, I now have a full schedule and work my traditional schedule that I am happy with from 8:00 am to 5:00 pm.
Pros –
For most of the jobs listed above, you are your own boss. You can set your own pay rate, and have a wide selection on how much time you want to work vs. surf.
Not to mention, if you live on the islands, you will probably have a killer office view.
Cons –
Internet is your enemy. Storms are your nemesis. If your equipment fails, they aren’t so lenient.
For the teaching thing specifically, unless you have a Degree or Certification, the competition is quite high. You may be stuck with a company that pays peanuts, OR the hours are insane.
Many of these online teaching gigs get the majority of their students from China, or Japan. Making the peak time zones to teach in the middle of the night.
WORKING ABROAD TIP #3 – OBTAINING A WORK VISA
There are over 11 ways to obtain a work visa in Panama. Each person is going to have a different stipulation or circumstance for whatever one fits their needs. Other than the “Pensionado” or “Retiree Visa” you can find the best one for you.
For us, we chose the Friendly Nations Visa route. With this Visa, we were able to get our permanent residency as well as all the benefits of getting a work visa.
Five years ago, things were a bit more simple and the requirements were easily completable alone, or with the help of a Panamanian Attorney. Recently, back in March of this year, a few changes in the specifications of the Friendly Nations Visa were made. The only ways to qualify for it now are:
- You either have to Confirm that you have employment in Panama, for a Panamanian company
- You have to make a financial commitment of purchasing real estate for $200k or more.
As always, we suggest you do a ton of research on this matter and check out resources like (POLS) to see which one is the best option for you. Get yourself a good immigration lawyer to save you a lot of time, money, and headache.
TELEWORKING VISA
There is also a new “teleworking visa” in place. Similar to the former Tourist Visa, there is a lot of red tape that goes along with it. Most importantly, it only allows you to be here for 9 months. You are allowed to ask for an extension every 9 months.
For some, this may be a great alternative. For others like us, who want to live here long term; a more permanent solution just makes sense.
What are the basic things you need?:
- Proving Income from a foreign source summing $3k a month or no less than $36k annually.
- Providing a bunch of paperwork to guarantee your working abroad, including a contract showing that you work for the company outside of Panama.
- You need to be able to perform your job outside of the country effectively.
Pros: Health Insurance. You are legal. No worries of being deported and you really get to experience what it is like working for a foreign country. Many more opportunities. People will hire you immediately because they don’t feel they are taking a risk to their business by hiring you.
Cons:
Don’t plan on living the lifestyle you are familiar with a Panamanian salary. Unless you have some investments on the side or a nice rainy day fund tucked away; the minimum wage is about $3.00/hr.
THE LAST AND MOST REWARDING “WORKING ABROAD” TIP – #4
START YOUR OWN COMPANY!
Starting a business in Panama is relatively inexpensive. While there are a few jobs that are only reserved for Citizens, the possibilities to fulfill your dreams as a business owner are totally achievable. In Bocas Del Toro; BnB’s, restaurants, hotels, and hostels are sprinkled all over the main Island as well as the surrounding islands as well.
However, if you have a passion for Hospitality or Food and Beverage, there is still a place for you. People from all walks of life and different cultures come to the islands to open up their dream business. Because of this, there is an eclectic vibe of flavors and style.
Pro Tip: We feel the best idea is to come down and identify a need that isn’t being met. And fill that need.
In Kurt’s case, having a background in Professional contracting and being skilled in construction has really helped him find not only something he is good at, but has kept him very busy and successful in the islands. He also discovered there was a much greater need for Solar System Installation and maintenance. So, he taught himself that skill, and now, he is in high demand and is always busy! Find out his tips and tricks on solar living in his previous blog here.
We didn’t stop there! We also chose to partner up with some pretty cool guys who have been working abroad successfuly in owning some of the highest-rated Hostels in Panama (Bambuda Lodge, and the Bambuda Castle) and bought a pirate ship. That’s right! 100 ft of steel and awesomeness. We are proud owners of the Black Magic. Needless to say, we have been very busy over the last few years and hope that wherever we go, we can maintain the integrity and work ethic to find jobs anywhere.
Pros: Same anywhere! Make more money working for yourself. Potential of making more money than working for any Panamanian company. If you find the right niche, you get to wake up every day, doing what you love to do. Internationally.
Cons: Even though the financial cost to start a business is low, the mental cost and stress levels may supersede. Beuarcrocy, labor laws, health code laws, and “who you know” play a big factor. Not only in the startup of your company but the longevity and success.
Pro Tip: Be kind to the locals and make good friends with the government officials in your area.
CONCLUSION:
In the end, if you are ready to retire and just enjoy your remaining years basking under the sun with a cold drink in hand, finding a way to make money by working abroad won’t be on your list of worries. But, for most people, being unable to find a secure form of income can be a deal-breaker or dream crusher. We hope our ideas have given you a bit of insight. Hopefully, even inspire you to look into things a bit further and inspire you to get off beat, and out there!
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