Ask the average person about Panama and you’ll get the Canal. Maybe Panama hats, or the Panama Papers. Maybe a name—Mariano Rivera, Roberto Durán.
Ask a RETA member and you’ll get a very different answer. They’ll tell you about “The Hub of the Americas”—a skyline of high-rises built on canal wealth, where global trade and international finance converge. The 80-plus banks, Citibank and JPMorgan Chase among them. Many have invested here themselves, positioned ahead of wealth flowing in from Latin America, North America, Europe and Asia. Ocean Reef—two man-made islands in the Bay of Panama, built by Alfredo Alemán’s Grupo Los Pueblos—is perhaps the most visible symbol of all that wealth converging on Panama City right now.
But there’s another side to Panama. One that gets overlooked, even by RETA members who know the investment case back to front.
It’s a sleeper attribute. And if it wakes up, it could reshape Panama’s entire real estate landscape…
Panama has everything in place to be a tourism powerhouse.
For an idea of what’s possible, look next door. Last year, Costa Rica welcomed 2.92 million visitors—nearly 29,000 arrivals on January 3 alone. Tourism has been its top foreign income earner for 30 straight years. Long before “eco-tourism” was a buzzword anywhere else, Costa Rica built its whole identity around it—protecting its rainforests, its wildlife, its coastline, and drawing travelers who wanted exactly that.
Here’s what most people don’t know: everything Costa Rica has, Panama has too. Cloud forests on the mountains. Rainforest down the Caribbean side. Surf breaks and empty beaches. Mangroves at the river mouths. A Pacific coast of dramatic headlands and hidden coves, scarlet macaws cracking almond husks, howler monkeys at dawn.
And Panama has something Costa Rica doesn’t. Panama City. A true global city, with some of the most prestigious neighborhoods in the Americas and a lifestyle to match—world-class healthcare, luxury shopping, an international food scene. Safe, welcoming, with something for everyone.
Which brings me to this guide.
If you’re coming to The Gathering—or still deciding—this is how to see that other Panama for yourself. I’ve personally been scouting Panama for more than 20 years. Margaret Summerfield spent years living here. Three members of my team live here full time, and the rest of us visit constantly. What follows isn’t pulled from AI and internet research. It’s where we actually go, what we actually order, and how to get the most from your time in Panama around The Gathering.
Things to Do in Panama City
Casco Viejo
Since its redevelopment in the early 2000s, Casco Viejo has become one of Panama City’s most popular nightspots, a major tourist draw, and one of the most desirable places to own in the city. It’s also one of the few places in Panama City that is genuinely walkable.
The neighborhood was designated a UNESCO World Heritage Site in 1997—recognition that helped kickstart the wave of restoration that followed.
Nowhere tells that story better than the Sofitel Legend. Built in 1917 as the Club Unión, it was once Panama’s most exclusive social club. Queen Elizabeth II and Albert Einstein both passed through it in its heyday. But it sat abandoned for decades, a symbol of Casco Viejo’s decline, before reopening in 2022 as a five-star hotel.
Miraflores Locks
It would be an oversight to visit Panama and not see the canal. The Panama Canal is the reason Panama City exists in its current form. Every bank, every tower, every multinational headquarters in this city traces back to this stretch of water.
Time your visit right and you’ll watch a container ship the length of three football fields squeeze through a lock with barely a foot of clearance on either side.
Amador Causeway
Built from rock excavated during the canal’s construction, this causeway runs nearly four miles out into the bay, with the high-rise skyline of the city behind you and container ships queuing ahead. It’s a popular spot to bike, rollerblade, and exercise, and you’ll usually spot locals fishing off the edges.
At the end of it sits the Biomuseo, designed by Frank Gehry—his only project in Latin America, and a deeply personal one. Gehry’s wife is Panamanian, and it was that connection that brought him here.
The museum, developed with the Smithsonian Tropical Research Institute, tells the story of how this narrow strip of land reshaped the natural history of two continents. It’s a serious piece of architecture in an unlikely place, and worth the visit on its own.
Ancón Hill
A short, easy hike right inside the city limits, up through a 48-hectare pocket of tropical rainforest where you can see sloths, toucans and coatis, all living within sight of the skyline.
At the top flies the largest Panamanian flag in the country. It’s been there since 1979, raised as a symbol of sovereignty after Panama regained control of the Canal Zone under the Torrijos-Carter Treaties, following 75 years of U.S. jurisdiction.
The view takes in Casco Viejo, downtown, and the canal all at once. Keep an eye out on the way down—this is one of the best spots in the city to actually see a sloth.
Cinta Costera
This 4.3-mile coastal promenade links Avenida Balboa with the edge of Casco Viejo. It’s a popular place to exercise, with outdoor gyms, football, basketball and tennis courts, and cycle and walking lanes.
The best time to visit is on a Sunday morning. Between 6 a.m. and noon, the road closes entirely to traffic and fills instead with bikes, joggers, and families of every age—a festive scene, with music drifting from portable speakers and vendors selling chilled coconut water along the route.
Pipeline Road & Gamboa
Forty minutes outside the city, Pipeline Road is one of the most celebrated birdwatching trails on the planet—over 500 species recorded, hummingbirds close enough to hear the beat of their wings.
Nearby, Gamboa’s rainforest exhibits let you get close to sloths, monkeys, butterflies and Panama’s national flower, an orchid found almost nowhere else. This is one of Panama City’s ace cards: stunning rainforest, less than an hour from a global financial capital.
Places to Eat & Drink
Panama’s food scene has quietly become one of the best in Central America—a mix of fine dining, old-school local institutions, and restaurants representing cultures from across the world.
This list comes straight from the team, in their actual words. This is where they really go, and the dishes they order.
Matthew’s picks
Concierge Matt has been living in Panama City for more than a decade. Here are some of his favorite spots.
Market Steakhouse, Oyster & Winebar
A steakhouse with a serious raw bar—oysters, clams, and other cold seafood served straight over ice—alongside the dry-aged beef. “Great dry-aged steaks and seafood. Love the oysters and clams on the half shell.”
Filomena Restaurante
Italian seafood with one of the best views in the city, a balcony looking straight out over Avenida Balboa to the ships queuing for the canal. “Fabulous Italian seafood. When the weather is nice, take a table on the balcony overlooking Av Balboa and watch the ships lined up to enter the canal. My wife and I usually split the Mixed Grilled Seafood Platter.”
Pedro Mandinga Rum Bar
Panama’s first artisanal rum distillery, tucked into the heart of Casco Viejo. “One of the first craft brewed beers I found in Panama was La Rana Dorada. That same brewer started distilling his own rums, and voilà, the Pedro Mandinga rum bar was born. Visit the original site in Casco Viejo, a great spot for people watching as you sip craft-made spiced rum on the rocks and sample the delicious small plates (Barbados-style shrimp is a must-try).”
La Compañía Hotel
Three beautifully renovated colonial buildings in Casco Viejo, one dating back to the 17th century. “This collection of three renovated buildings is a real treasure. From the state-of-the-art wine cellar to the rooftop bar, it’s definitely worth a visit. Ask their concierge about a tour of the place, then relax with a cocktail in the Exilio lounge or try a meal in one of the restaurants (Hari’s—Peruvian-Mexican fusion; American Bazaar—American cuisine; 1739—contemporary French).”
Les Mecs
Located in the Bella Vista neighborhood, it has a petanque court right alongside the bar and dining tables. There’s nothing else like it in the city. “A favorite of ours because it has a regulation-size petanque court in addition to a full bar and dining options. The twist is that it’s mostly self-service. You can order a drink or a glass of wine at the inside bar, or get a bottle of wine and take it to your table. You can order a burger, chicken fingers, or curly fries at the outdoor bar, or select some charcuterie items—Serrano ham, aged cheese, and more. When your buzzer goes off, go back and pick up your food. They also have live music on the weekends.”
Olly’s picks
Olly moved to Panama in 2017 and has been living in Panama City ever since.
Cantina del Tigre
One of the most popular restaurants in the city, it opened in 2022, putting a gourmet twist on traditional Panamanian dishes: ceviche, red rice, pig trotter, tripe. It debuted on Latin America’s 50 Best Restaurants list in 2023, winning the Highest New Entry Award, and has stayed on the list every year since. “Reserve ahead—this place fills up fast.”
La Tapa Del Coco
Afro-Panamanian cooking built around the culinary traditions of the Caribbean workers who came to build the canal. “The best dish on the menu is the signature One Pot Colonense—coconut rice, pork rib, beans, and shrimp. Parking is tight, so it’s better to arrive by Uber or taxi.”
The Raj
North and South Indian food on Via Argentina, a good break from seafood and ceviche. “The tandoori dishes come out of a real clay oven, and there’s a proper South Indian dosa menu. They’ll ask how spicy you want your curry—you should go a notch or two hotter than you normally would elsewhere. Panamanian palates tend to run mild, so the kitchen’s ‘medium’ is often milder than you’d expect.”
La Flaca Rica
One of Panama’s most iconic burger joints, with several locations around the city. “Started life as a food truck run by the same chef behind Cantina del Tigre before it grew into its own thing. Simple, no-frills, and exactly what you want after a long day walking Casco Viejo.”
El Trapiche
Real, old-school Panamanian food, running since 1983, now with multiple locations around the city. “You can’t go wrong with the sancocho—it’s the national dish for a reason. This is the place to go if you’ve never had proper Panamanian food before.”
La Rana Dorada
Panama’s most popular craft beer chain, with locations across the city (Casco Viejo, El Cangrejo, San Francisco). Named after the endangered Panamanian golden frog, five cents from every can sold goes to a Smithsonian-backed conservation program working to save the species. “They have an extended afternoon happy hour that runs from noon to 6 p.m., and some great T-shirts and other merchandise.”
David’s picks
David and his wife moved to Panama after the pandemic and now live out by the beach near Coronado. When they’re after a good meal, the drive into Panama City is an easy one—here are some of their favorites.
Luna Rooftop
One of the many rooftop dining rooms that have opened as the Obarrio district’s skyline has grown taller. “You can’t go wrong with the curry shrimp.”
Ferro Steakhouse
A steakhouse tucked in near the Sortis Hotel, in the same downtown pocket as much of Panama’s international banking district. “The 32oz Ribeye is absolutely delicious.”
The Fish Market
Straightforward, unpretentious seafood in a city increasingly full of more polished dining rooms. “The Cajun shrimp is delicious.”
El Caribe Restaurant
One of the city’s few dedicated spots for genuine Jamaican cooking. RETA photographer Alan Kennedy always makes a beeline for this place when he’s in town and recommends the oxtail. “My favorite Jamaican cuisine.”
Margaret’s picks
Margaret Summerfield spent years living and scouting in Panama before moving back to Europe. Here are a few of her favorite spots.
Deli Gourmet
A Panamanian institution with several locations across the city. “One of my go-tos for sandwiches and salads.”
Café Unido
One of Panama’s specialty coffee roasters. This was Margaret’s local coffee shop when she was living in Casco Viejo. “My favorite for breakfast and coffee.”
Maito
Chef Mario Castrellón’s flagship, Maito was the first Central American restaurant ever to make Latin America’s 50 Best list, blending Afro-Caribbean, Creole, and Asian influences into what he calls “Chombasia” cuisine. “A standout for fish and fusion.”
Mercado de Mariscos
The city’s fish market, for old-school, straight-off-the-boat seafood. “My go-to for old-school seafood.”
Siete Mares
Going strong since 1978, it’s known for its lobster and seafood paella, with live piano most weekday evenings. “Reliable, and a real taste of old Panama City.”
Special Guest Contribution…
Acha
This one doesn’t come from the team—it comes from Alfredo Alemán, CEO of Grupo Los Pueblos and the developer behind Ocean Reef, Ipanema, and Santa Maria. Acha is a Spanish seafood house that’s been a Panama City fixture since 1965, still family-run, still packed with presidents and CEOs. Order the Centollo—a giant spider crab—if you want to see why.
Day Trips from Panama City
Playa Caracol / Pacific Riviera
Positioned on the nicest beach close to Panama City, Playa Caracol is just ninety minutes’ drive—most of it down a new eight-lane highway.
This master-planned resort community is true beachfront, the kind where the farthest point from the sand is just 300 yards. There’s a Radisson Hotel right on the beach with an ocean-view infinity pool, and the wider community adds a beach club, several restaurants, a mini supermarket, more swimming pools, a tennis court, and surfboard hire. A Margaritaville is opening in 2027, the only one in the country.
If you want to get out and explore, you can book different tours from Playa Caracol. Fishing boats (pangas) will take you out fishing for sierra mackerel, tuna and snapper. The same boats will take you out whale watching in season… From July to October, humpback whales come through this stretch of the Pacific to breed and give birth, with the best chances of sightings in August and September.
Behind the coast, the mountains that frame Caracol are laced with hiking trails and waterfalls if you want a break from the sand.
Fishing on Gatún Lake
Launch from Gamboa, and within minutes you’re casting for peacock bass in the shadow of container ships transiting one of the world’s busiest waterways. The lake itself was formed when the Chagres River was dammed to build the canal, flooding vast tracts of rainforest; the submerged trees and vegetation now make for some incredible fishing. The peacock bass—an invasive species introduced decades ago and thriving ever since—are abundant.
You don’t need a license, there are no bag limits, and the scenery is like nowhere else in the world.
Taboga Island
Thirty minutes by ferry from the Amador Causeway, past the ships waiting to enter the canal, and you’re on a tropical island that feels a million miles away from the bustle of the capital.
Founded in 1524, Taboga is one of the oldest Spanish settlements on the Pacific coast and one of the region’s most fought-over. The English pirate Captain Henry Morgan plundered the island in 1671, right after sacking Panama City itself, and other English raiders targeted it again and again over the century and a half that followed.
Its church, San Pedro, dates from the same era and is often cited as the second-oldest in Latin America.
There are no cars to speak of, just quiet beaches, bougainvillea everywhere, and a short hike up to a viewpoint with sweeping views back over the bay to the Panama City skyline. From July through October, it’s also one of the easiest places in the country to spot humpback whales.
San Blas Islands (Guna Yala)
Located on Panama’s Caribbean side, San Blas is made up of more than 365 islands (one for every day of the year).
The islands have been self-governed by the indigenous Guna people since they won autonomy in a 1925 revolution.
This is a long day. You can drive, but the best bet is to book a trip with a driver included. He’ll collect you early, sometime around 5 a.m., and by 8 a.m. you’ll be skimming over the water towards the islands.
The tours take in a few of the islands and an incredible natural sandbar out in the middle of the ocean that forms a natural swimming pool in the Caribbean.
There are cabins if you booked an overnight stay; otherwise you will be dropped back in Panama City in the early evening.
The Guna control tourism here entirely. There are no resorts and no development, just island life much as it always was. Bring your passport—even a day trip requires it, along with an entry fee, since this is technically a separate, self-governing territory within Panama.
Weekend Trips from Panama City
One of the most overlooked benefits of a base in Panama City is how easy it is to get out and explore the rest of the country.
In a single weekend, you can be hiking cloud forest and sipping Geisha coffee in the cool mountain air of Boquete, snorkeling coral reefs and island-hopping through the Caribbean in Bocas del Toro, or casting a line off empty beaches on the remote tip of the Azuero Peninsula in Pedasí.
Panama is a small, compact country, and everything it has to offer is easily reachable from the capital.
Boquete
An hour’s flight and a 45-minute drive, and you trade high-rises and humidity for mountain air, cloud forest, and the Eternal Spring climate of Boquete.
At 4,000 feet, Boquete has a beautiful mountain setting. The Caldera River roars down the mountainside and through the middle of town, with rich pasture and the dormant Volcán Barú as a dramatic backdrop. The mountain air is fresh, temperatures sit in a comfortable 60 to 77°F range, and depending on the altitude and aspect, you’ll find different microclimates all around town.
This is Panama’s breadbasket too—the Chiriquí highlands produce the country’s milk, coffee, vegetables, flowers, and fruit, and you can buy it all fresh at roadside stands.
It’s an eight-hour drive from the capital, but a direct flight to the nearby city of David covers the roughly 220 miles in about an hour, with fares typically running $65 to $100 one-way on Air Panama or Copa, and several flights a day.
From David, it’s a 45-minute drive up switchback roads into Panama’s western highlands, and you’re in Boquete. An Uber will run you around $20, but if you’re planning to explore the surrounding area, you’ll want to pick up a rental car.
Boquete is somewhere that wealthy Panamanians increasingly treat as their own private weekend escape—a little over three hours door to door, including check-in, is a small price for the entirely different climate and pace of life.
Downtown Boquete, once a little sleepy and rough around the edges, has come alive: new bars, new restaurants, a high-end liquor store, the kind of evening crowd you wouldn’t have found here a decade ago.
Two things worth building a day around. First, the Pipeline Trail—an easy, well-maintained walk through cloud forest, past a 1,000-year-old tree, and one of the best chances anywhere in the country to spot the resplendent quetzal, one of Central America’s most beautiful birds. Go with a guide if you can; they know the calls and where the birds tend to be.
Second, a Geisha coffee farm tour. Boquete grows some of the most expensive coffee in the world, and a farm like Janson Coffee will walk you through the whole process—plantation, drying beds, roasting—before you sit down with a cup of the real thing, looking out over the same volcano the beans are grown on.
Bocas del Toro
A one-hour flight from Panama City is Bocas del Toro, Panama’s premier Caribbean destination—nine major islands near the Costa Rica border, thick jungle pressing right down to the water, and on a clear day, water so turquoise and clear it looks unreal.
Flights start from around $65 one-way on Air Panama, though prices can climb well past $200 depending on timing and demand—it’s worth booking a few weeks ahead if you can. The alternative is a long drive so unappealing that it’s not even worth detailing.
Base yourself on the main island, Isla Colón, and ideally in Bocas Town, with its colorful overwater buildings, laid-back bars, and enough good restaurants to keep you busy for a few days.
From there, make a day of it out to the Zapatilla Cays, part of the Bastimentos National Marine Park: two uninhabited islands with some of the best snorkeling in the archipelago, coral reef right off the beach, and a real chance of spotting sea turtles between March and September. If you’d rather stay closer, Isla Carenero is a three-minute water taxi away—a good beach with a surf break.
Bocas still has its island charm but it’s starting to move beyond its backpacker-hostel reputation. Alongside the rusted bicycles and weathered docks, you’ll now find surf boutiques, vegan cafés fussing over keto and gluten-free options, and floating luxury villas where a two-night stay for two starts at nearly $3,000.
High-speed internet (with Starlink backup), an international school, and a proper hospital mean it’s genuinely livable now too—not just a place to visit, but a place families are choosing to settle.
Pedasí
Pedasí sits at the remote tip of the Azuero Peninsula—a village of around 4,000 people, where you’ll still see cowboys on horseback riding down the main street, and locals holding up traffic in both directions while they perform an unhurried three-point turn.
A direct flight from Panama City takes just 40 to 45 minutes, with one-way fares typically $70 to $200 depending on the airline and how far ahead you book—Blue Skies Panama and FlyTrip both run the route, though not daily, so it’s worth checking the schedule before you plan around it. The drive, by contrast, is five to six hours, though on good roads the whole way.
The infrastructure here is better than you’d expect, thanks in part to former president Mireya Moscoso, a Pedasí native who poured investment into local roads while in office. But what actually pulls people here is the ocean: genuinely world-class fishing—yellowfin tuna, roosterfish, cubera snapper, mahi-mahi, all within reach—along with great diving, year-round surf, and mile after mile of empty beach you’ll often have entirely to yourself.
If you want a livelier contrast just down the road, Playa Venao is 30 minutes away: a younger scene of beach bars, surfers, and backpackers that’s grown up around a popular surf beach.
Carnaval
If you’re planning a trip around February, know this in advance: for four days before Ash Wednesday, Panama City empties and the whole country shuts down.
Panama’s carnival is perhaps the biggest event on the calendar, and the real celebration happens in “el interior,” the towns and provinces beyond the capital. Panamanians save all year for it. The young and reckless have been known to quit jobs to make sure they can go.
The official four days run Saturday through Tuesday—in 2027, that’s February 6 to 9, with Ash Wednesday falling on the 10th. In Las Tablas specifically, the party often starts a night early, with celebrations already underway by Friday evening.
And in 2027, the timing is remarkable. Carnaval wraps on February 9—two days before The Gathering begins on February 11. Come early and you can do both.
The biggest and most famous celebration by far is in Las Tablas, on the Azuero Peninsula. The town of around 10,000 people swells to more than 200,000 for the four days of Carnaval.
This is a carnaval built on an old rivalry. Las Tablas is literally split in two—Calle Arriba (“uptown”) and Calle Abajo (“downtown”)—and each half crowns its own queen and spends the year preparing floats, costumes, and satirical songs mocking the other side.
For the rest of the year, the two halves of town are on friendly terms; during Carnaval, they’re archrivals. It builds to a final showdown at dawn on the last night, called the topón, where both queens and their supporters face off one last time. It’s loud, it’s crowded, and all in good fun.
If you want a carnaval without the crush, head instead to Parita, a small colonial town about 15 minutes north of Chitré. It’s one of the only towns in the interior with its original Spanish-style central plaza still intact—the plaza, the surrounding houses, and the 1723 church have all been protected as national monuments since 1926.
Parita still throws a real Carnaval, just on a smaller, more manageable scale.
Ready to Explore Panama Yourself?
The best way to experience everything in this guide is in person—and there’s no better time than The Gathering, February 11–14, 2027.
If any of this has caught your eye, let us know. Matt and David, both members of our Concierge Team and both longtime Panama City residents, are on hand to help with anything Panama-related: questions about The Gathering, the city, or any of the places and experiences covered in this guide.
You can book a call with the team here.
Book a Call With the Concierge Team