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Panama's Servicio Nacional de Migración processed 2,912 U.S. citizen residence permits from January through November 2025 (2,824 approved) — exceeding every prior full year on record and making Americans Panama's third-largest source of new residents behind Colombia and Venezuela. The drivers are the U.S. dollar as official currency, territorial taxation on foreign income, the $1,000/month Pensionado visa, 3-to-5-hour flights to U.S. hubs, and a #1 worldwide expat satisfaction ranking (94% happy) in InterNations' 2025 Expat Insider survey.
