ExPat Adventures – Summer 2025
Spring was busy in Panama with enjoyable social functions and charity involvement. We were pleased to be a serious contributing sponsor for both the Pro-Ed after-school program and a community work program. This work initiative, organized by AVACA, rewards children for local efforts in the community gardens, cleaning the beach area and other simple but worthy tasks. In exchange for four hours volunteering, children are rewarded with school supplies, backpacks and shoes, etc. It provides children with camaraderie, a reward for effort and self-fulfillment and satisfaction. Another initiative I co-sponsored was AVACA’s San Felipe community Medical/Dental Fair, where children and aged grandparents receive medical/dental care for free. We were able to cover the costs of nurses, doctors, all medicine and supplies for the day. Over 200 children and grandparents received treatment who would not normally go to a public hospital or dental clinic. A link to AVACA and events is here: https://www.instagram.com/reel/DHGJ5yuOT0J/?hl=en
Mid-May found Audrey and me departing Panama’s coming rainy season for Europe. This year, we bypassed Canada completely in favour of a direct flight from Panama City to Europe. Several reasons; It costs less as we receive a 25% discount on all flights out of Panama, second, we don’t need a two day in Canada (arrival at night and Pearson hotel stayover are counted as two days in Canada) and third, it’s not only less expensive to skip Canada, its faster overall. Our first stay was 10 days at our own property in Spain’s Costa del Sol region (Estepona area), and then we flew to Montenegro. Some of you are aware I have wanted to go to Montenegro for several years, as the landscape of fjords, interior lakes, and mountainous beauty really intrigued me. We landed in Podgorica and after a short day’s stay in the capital, traveled by car to Kotor. Lots of stunning sights along the way and a few stops for photos. Kotor and HUMA Hotel was our home for the 10 days we visited.
Kotor is a UNESCO heritage district with a walled old town and quaint seaside living. Lots of cafes, restaurants and gorgeous scenery there. It is a beautiful area. Both Kotor and Tivat are interior towns located on Montenegro’s ocean fjords. Tivat, a small town only 20 minutes through the mountain tunnel from Kotor, is home to Porto Montenegro. This development was built on a former navy base by Canadian Peter Munk and partners who had the vision for an upscale residential community with designer retail outlets to match. This development and the accompanying super yacht marina have really driven growth in the Tivat area. We also visited the ocean city of Budva and nearby Sveti Stefan Island, and took drives around the bays on historic, narrow but well-maintained roads. A highlight was a private boat tour of the bays to see WW2 submarine shelters built into the mountains, the stunning “blue caves,” and other interesting towns and historic sites.
Montenegro was all I expected and a bit more. We loved it there. The infrastructure was good, the environment clean and safe. The people are friendly, the service industry welcoming and attentive/caring. English was widely embraced and spoken in most areas…more so than Spain. The scenery is beautiful, and the cost of living is very reasonable – a lot lower than Canada/USA and even neighbor Croatia to the north. Albania to the south is lower still and advancing at a good pace with investment, infrastructure and development. To me, Montenegro represents opportunity as they already use the Euro currency, and should they join the EU as expected in a few years, it will boost their economic growth and tourism. An example of cost comparison is using the cost per square meter for residential construction, whether off-plan or completed. It is currently 30-40% lower than Croatia, but I expect the gap will close.
After Montenegro, we visited Dubrovnik, Croatia, which was equally pleasant. The old town there amazed us with its massive staircases to street level and the plethora of restaurants and shops. There are over 150 restaurants offering endless dining choices within the old town walls. There are lots of shops and references to “Game of Thrones,” much of which was filmed on nearby Lokrum Island. It was a very touristy location that was enjoyable. Some photos are attached through the link, highlighting some sights.
We plan to go back and take an ocean cruise along the Adriatic coast…visit Italy, Split Croatia and down to Greece. Since Kotor receives cruise ships (up to four per day in July/August) we would tend to favor visiting the region in May or most likely September 2026 and then extending for a month in Kotor. It is that nice!
We are now back in northern NY and getting settled. We had an enjoyable visit to Ottawa right after our arrival here for the Annual Client Movie Day June 14th. It was a great treat to see so many of my former client friends and then visit with our two boys, my father and then take in an event at Canadian Tire Center before heading home to NY before midnight. We plan to spend a week or so in the Ottawa area each month…at least until we encroach on our 30-day limit.
I continue to enjoy doing some consulting in Panama and remotely while here in NY. There is never a shortage of expats (new or pending) needing sound tax and financial departure advice. Each country has its benefits, and many are turning to Panama, Costa Rica, Mexico and some to Europe and the USA. The cost of living varies depending on the location, and the tax regimes vary greatly as well, and access is changing. As with all important things, planning is key. I have yet to meet someone who said they regret creating or preserving wealth. It offers more freedom and choice, whether it be where to live part-time or full-time, health care options, lower taxes…and so much more. It offers the ability to do well and do good for yourself and others.
However, creating and preserving wealth is easy but not simple. Sound investing requires research, discipline and emotional control. However, if you save/invest 15% of all you earn starting at a young age, live off the remainder while letting a well constructed portfolio work its magic, and never use it to purchase a depreciating asset (car, boat, furniture, camper etc.) you should have great wealth at retirement. Adam can construct a wonderful portfolio of public and alternative investments to suit your objectives and achieve above-average returns over time. If one day, you do need to tap investments for a car, then Adam can show you proven and effective ways to handle that purchase and make it tax-deductible.
The world is changing, and some doors are closing. Take the time to develop a plan that meets your objectives. A financial, retirement or estate plan, a second home or residency/passport…whatever your objectives are. Recall it is always better to be two years early than two minutes too late. Procrastination is the worst self-abuse. Think. Plan. Act.
Take care, best wishes, and here is hoping our paths will cross again.
Sincerely,
Michael
