Moving to Iceland from Panama
What to Expect
Everything you need to know before relocating from Panama to Iceland — costs, safety, healthcare, and practical first steps.
If you moved from Panama to Iceland, you would find that Iceland is 2.3 times more expensive than Panama overall. A PAB75,000 salary in Panama would need to be roughly ISK21,596,018 in Iceland to maintain the same lifestyle, and you’d need to navigate life in Icelandic. Expect a noticeable climate shift — Reykjavik averages 45°F vs 93°F in Panama City, making it significantly cooler.
Planning this move? Get up to 5 free, no-obligation quotes from vetted international movers. Get free quotes ↓How Far Will Your Money Go?
What to expect for your wallet after moving from Panama to Iceland.
What does your salary buy?
PAB75,000 → ISK21,596,018
To maintain the same standard of living in Iceland
Calculate with your salary →Where you'll feel the difference day-to-day
Restaurants
pay 2.6 times more
Groceries
pay 66.1% more
Transportation
pay 2.3 times more
Housing
pay 2.1 times more
Childcare
pay 2.1 times more
Entertainment and Sports
pay 2.8 times more
Data: MyLifeElsewhere's crowdsourced cost of living database, with prices submitted and updated by users worldwide. Exchange rates are refreshed regularly from public sources.
Get free moving quotes to Iceland
We've teamed up with a vetted network of international movers to help MyLifeElsewhere readers plan their move with confidence. Tell us about your move and get up to 5 free, no-obligation quotes in under 2 minutes.
- ✅ Up to 5 quotes from screened movers
- ✅ Licensed and insured providers only
- ✅ 100% free — you choose who contacts you
Who Else Is Making This Move?
How many people actually move from Panama to Iceland, based on official data.
Who's moving to Iceland?
Top countries of origin for Iceland's foreign-born residents.
- 21,102
- 3,918
- 3,171
- 2,604
- 2,357
- 2,284
- · · ·
-
122.7
Panama
Key Indicator Comparison
Key indicators for anyone considering a move from Panama to Iceland.
Is it safe?
per 100,000 people per year
of residents who feel safe walking alone at night
per 100,000 people per year
Iceland performs significantly better than Panama across all safety metrics.
How's the healthcare?
annual government + private spending per person
affects wait times and access to care
WHO index from 0–100 measuring essential service access
share of adults with obesity
per 100,000 people — a proxy for mental health support
Iceland generally does better on health & wellbeing, though Panama leads in healthcare spending per person.
What about the environment?
deaths attributable to air pollution per 100k people
tonnes of CO₂ emitted per person per year
Panama generally does better on environment, though Iceland leads in air pollution deaths.
Will I have good infrastructure?
fixed broadband subscriptions — key for remote work
higher means greater strain on freshwater supply
annual consumption — reflects grid capacity
share of households with internet
Iceland performs significantly better than Panama across all infrastructure metrics.
What are the job prospects?
percentage of the labour force without work
a broad measure of economic output per person
the highest marginal rate on personal income
share of people below the poverty line
Iceland generally does better on employment & economy, though Panama leads in top income tax rate.
Is it good for families?
average years of life at birth
deaths per 1,000 live births — lower is better
government spending on education as % of GDP
Iceland performs significantly better than Panama across all family life metrics.
Data: General Directorate of Revenues, Panama, The World Factbook, United Nations SDG Indicators, World Bank
What's the Climate Like?
Monthly averages — select a city to compare.
Avg. annual high / low
Avg. annual high / low
| Months | Panama City | Reykjavik |
|---|---|---|
| Jan–Mar | 94°/65°F (34°/18°C) | 37°/28°F (3°/-2°C) |
| Apr–Jun | 94°/69°F (35°/21°C) | 48°/38°F (9°/4°C) |
| Jul–Sep | 92°/70°F (34°/21°C) | 54°/45°F (12°/7°C) |
| Oct–Dec | 91°/68°F (33°/20°C) | 39°/31°F (4°/-1°C) |
View all months
| Month | Panama City | Reykjavik |
|---|---|---|
| Jan | 92°/65°F (33.4°/18.5°C) | 35°/27°F (1.9°/-3.0°C) |
| Feb | 94°/65°F (34.2°/18.4°C) | 37°/28°F (2.8°/-2.1°C) |
| Mar | 95°/65°F (34.8°/18.4°C) | 38°/28°F (3.2°/-2.0°C) |
| Apr | 96°/67°F (35.4°/19.5°C) | 42°/33°F (5.7°/0.4°C) |
| May | 94°/70°F (34.5°/21.1°C) | 49°/38°F (9.4°/3.6°C) |
| Jun | 93°/70°F (33.8°/21.3°C) | 53°/44°F (11.7°/6.7°C) |
| Jul | 93°/70°F (33.9°/21.0°C) | 56°/47°F (13.3°/8.3°C) |
| Aug | 93°/70°F (33.9°/20.9°C) | 55°/46°F (13.0°/7.9°C) |
| Sep | 91°/70°F (32.9°/21.0°C) | 50°/41°F (10.1°/5.0°C) |
| Oct | 91°/69°F (32.6°/20.8°C) | 44°/36°F (6.8°/2.2°C) |
| Nov | 91°/69°F (32.9°/20.3°C) | 38°/30°F (3.4°/-1.3°C) |
| Dec | 92°/67°F (33.3°/19.2°C) | 36°/27°F (2.2°/-2.8°C) |
Data:
IMHPA - Instituto de Meteorología e Hidrología de Panamá,
Icelandic Meteorological Office
Visitor Visa Requirements
Short-stay tourist visa rules between Panama and Iceland. To live, work, or study long-term in Iceland, you'll need a separate residence or work visa — check Iceland's immigration authority.
Panama passport holder visiting Iceland
Visa Free
Iceland passport holder visiting Panama
Visa FreeData: Henley Passport Index. Check with the destination country's embassy for the most current requirements.
Frequently Asked Questions
Is it cheaper to live in Iceland than Panama?
No — Iceland is on average about 130% more expensive than Panama. City-level variation matters.
How much money do I need to move to Iceland?
Plan for at least 3 months of living expenses — roughly ISK5,399,004 in Iceland on a PAB75,000 comparable salary — plus one-off moving costs (flights, shipping, a rental deposit, and visa fees).
Can I work remotely from Iceland?
Internet is rarely the blocker — Iceland has 38.2 fixed broadband subscriptions per 100 people. The real questions are legal: digital nomad visa eligibility, your employer's overseas-work policy, and tax residency in both countries.
Is Iceland safe for expats?
Iceland performs significantly better than Panama across all safety metrics. The homicide rate in Iceland is 1.1 per 100,000 people, compared to 11.3 in Panama. About 91% of people in Iceland feel safe walking alone at night.
How is healthcare in Iceland compared to Panama?
Iceland generally does better on health & wellbeing, though Panama leads in healthcare spending per person. There are 45.2 doctors per 10,000 people in Iceland, compared to 17.3 in Panama. Iceland scores 89 on the WHO universal health coverage index (Panama: 78).
What's the weather like in Iceland compared to Panama?
The average high temperature in Reykjavik is 45°F, compared to 93°F in Panama City. Reykjavik receives around 31.4 in of rainfall per year, while Panama City gets 75.1 in.
What language do they speak in Iceland?
The official language in Iceland is Icelandic. In Panama, the official language is Spanish.
