Panama (PA)
Panama is one of the most popular expat countries in the Americas in 2026, especially for retirees, remote-income households, investors, entrepreneurs and families who want US-dollar living, strong air connectivity, private healthcare and established expat communities.
Scam Warnings
Common scams targeting expats in Panama.
Panama uses the US dollar (USD) as its official currency, eliminating exchange-rate manipulation risk, but the country's offshore finance reputation and large expat community create specific fraud vectors. Fake immigration agents exploiting Panama's complex residency programmes, offshore investment fraud using the "Panama Papers era" financial hub image, and rental deposit fraud in Panama City are the most frequently reported expat scams. ACODECO (Autoridad de Protección al Consumidor y Defensa de la Competencia) is the consumer authority (acodeco.gob.pa). Emergency: 911 (general), 104 (police).
Fake Immigration Agent / Residency Cédula Scam
criticalPanama offers numerous residency pathways (Friendly Nations Visa, Pensionado, Qualified Investor) that attract a large expat market. Fraudulent "immigration consultants" and "residency specialists" charge large upfront fees (USD 3,000–15,000) for guaranteed processing, produce fake invoices purportedly from Servicio Nacional de Migración, and then either disappear or deliver fraudulent documentation. IOM Panama has issued specific fraud alerts. Variants include cédula bait-and-switch (promising a specific cédula type and delivering a lesser one), phantom agent disappearances, and fake invoice fraud claiming to be from official immigration authorities.
- - "Guaranteed" residency approval or specific cédula within an unrealistically short timeframe
- - Invoices claiming to be from Migración that request cash payment rather than official wire transfer
- - No verifiable office address, no Colegio Nacional de Abogados membership for attorney
- - WhatsApp-only communication with no formal contract on identifiable letterhead
- - Upfront fees far exceeding official government processing costs
- - Inability to explain the exact legal pathway, document requirements, or processing authority
Offshore Finance and Investment Fraud
criticalPanama's offshore financial centre history (amplified by the Panama Papers) is exploited by fraudulent "wealth management" and "offshore structuring" advisers who are not regulated by the Superintendencia de Bancos de Panamá (SBP) or any recognised authority. Common schemes include: high-commission long-term savings plans (RLSP-type products sold by unlicensed advisers claiming 10–15% annual returns), fake corporate formation with fabricated asset protection, and crypto trading platforms falsely claiming SBP oversight.
- - Financial adviser approached in an expat social setting (golf club, Facebook group, networking event)
- - High-commission savings plan with 10+ year lock-in periods and opaque fee structures
- - Company or investment product not listed in SBP's register (superbancos.gob.pa)
- - Guaranteed returns on any investment — no legitimate investment guarantees returns
- - Advice to transfer funds to offshore accounts outside Panama's banking system
- - No written fee disclosure or formal client agreement in English
Rental Deposit Fraud in Panama City
criticalFraudulent listings on Facebook Marketplace, Encuentra24.com, and expat Facebook groups offer Panama City apartments — particularly in San Francisco, Marbella, and Punta Pacífica — at below-market prices. The "landlord" is always abroad (working in the US or Europe). Deposits are collected via ACH/Yappy or wire transfer before any in-person viewing. Once paid, the landlord disappears. The large expat housing demand in Panama City makes this particularly effective.
- - Rent substantially below comparable listings in the same neighbourhood
- - Landlord unable to meet in person or show the property — always "abroad"
- - Bank account name does not match the name in correspondence or the proposed contract
- - Deposit or first month's rent requested via Yappy or personal account before viewing
- - Urgency framing around a competing applicant requiring a same-day decision
- - Reverse image search of photos returns results from other listings or cities
Timeshare and Vacation Club Pressure Sale
warningIn tourist zones (Bocas del Toro, Boquete, the Pacific beaches), presentations promise free activities or meals in exchange for attending a "short" property presentation. These become hours-long high-pressure sessions to sign vacation club contracts with complex fees and near-impossible exit clauses.
- - Free gift or activity contingent on a "brief" property presentation
- - Session extends for hours with no permitted breaks
- - Discount available "today only" and cannot be extended
- - Promises of rental income to offset annual maintenance fees
- - Credit card processing equipment present on site for immediate signing
Taxi Overcharging and Unlicensed Taxi
warningPanama City taxis historically operate on a zone-based flat rate system, not meters. Unlicensed taxis (without yellow plates and taxi medallion) and opportunistic drivers at Tocumen International Airport quote inflated fares to arriving passengers. Overcharging of expats and tourists is common in areas like Casco Viejo and Miraflores Locks.
- - No yellow Panama City taxi plates or visible taxi medallion
- - Driver at the airport who approaches you inside the terminal rather than at the official taxi rank
- - Fare quoted in USD that far exceeds the standard zone rate
- - Driver who refuses to name a price before departure
ATM Assistance, Card Skimming, and Card Swap
warningATM fraud is reported at machines in tourist areas, bus terminals, and standalone locations in Panama City. Criminals offer unsolicited help with ATM errors, observe PIN entry, and swap cards. Skimming devices capture card data. Panama City's El Cangrejo and tourist areas near Casco Viejo have higher reported incidence.
- - Stranger who offers to help with an ATM error or "jammed" card
- - Card slot with an unusual attachment or different finish from the machine body
- - ATM in an isolated location away from a bank branch
- - Unexpected error message followed immediately by a helpful bystander
Romance and Cryptocurrency Investment Scam
criticalContact made via dating apps, expat Facebook groups, or social media builds trust over weeks, then introduces a crypto, forex, or real estate investment platform with fabricated profits. Panama's offshore finance reputation is sometimes used to add credibility to fake investment schemes.
- - New online contact who avoids in-person meetings and moves quickly to WhatsApp
- - Investment platform accessible only via a private referral link
- - Returns of 20–50% monthly shown in fabricated screenshots
- - Withdrawal blocked unless additional "taxes" or "compliance fees" are paid
- - Platform not regulated by SBP (superbancos.gob.pa)
Police, Bank, or Courier Impersonation Call
criticalCaller impersonates a Policía Nacional officer, bank fraud team, DGI tax official, or international courier claiming that a package or account requires immediate payment or disclosure of OTPs and DGI e-Tax credentials to avoid arrest or account closure.
- - Unsolicited call demanding urgent action and payment
- - Request for OTP, bank password, or DGI e-Tax credentials
- - Instruction to transfer funds to a "secure holding account"
- - Video call with a fake official in a convincing uniform
- - Instruction not to contact your bank or family independently
Marketplace Deposit and Second-Hand Goods Fraud
warningSellers on Facebook Marketplace and Encuentra24 ask for a deposit to "hold" furniture, appliances, vehicles, or electronics and then disappear. Newly created profiles, prices well below market, and refusal to meet at a safe public location are the standard warning signs.
- - Price far below market value for the item
- - Seller profile recently created with few connections or reviews
- - Refusal to meet at a safe, public location (e.g. a bank branch car park)
- - Requests for gift cards or crypto as deposit
- - Cannot show the item live on video before payment
Car Rental Damage Claim Scam
warningRental agencies claim pre-existing damage on vehicles upon return, particularly at smaller operators near popular tourist destinations in Boquete and Bocas del Toro. Damage not noted in the rental agreement is used to charge credit cards after return.
- - Rental contract with vague or no damage notation at pickup
- - No photos taken by the agency at pickup time
- - Agency refuses to acknowledge pre-existing damage you are pointing out
- - Demand for passport as collateral (a red flag — use credit card hold only)
Reporting
Where to report: General emergency: 911 (verified). Police: 104 (verified). ACODECO (consumer protection): 510-1313 / acodeco.gob.pa. ACODECO WhatsApp/Telegram: 6330-3333. Ministerio Público (criminal fraud): ministeriopublico.gob.pa. Superintendencia de Bancos de Panamá (financial fraud): superbancos.gob.pa. ASEP (telecom disputes): asep.gob.pa.
Consumer helpline: ACODECO: 510-1313 / acodeco.gob.pa (verified active number 2025). ACODECO WhatsApp: 6330-3333. SBP banking disputes: superbancos.gob.pa. Emergency: 911. Police: 104.