According to International Living Panama is the best place to retire in the world. This is because of the ease of getting residency and visas for Europeans and North Americans, the attractive climate, the superb health care system, and the low cost of living. The currency used in Panama is the US$.
At the same time Panama is the ideal country to locate for consultants, advisors, engineers, or other persons working and gaining income from outside Panama, since foreign sourced income is not taxed in Panama, nor is the related income on savings and investments. So, you live tax free in this case.
Furthermore, Panama has daily flights to the Middle East and several European destinations, while COPA Airlines flies to all major North and South American locations.