For the Panama-curious: I researched Panama hard before landing on Colombia.

Panama pros: dollarized economy (easier for Americans), Pensionado visa is famous and well-established, banking infrastructure, English more common.

Why I shifted to Colombia: cost of living significantly lower outside Panama City, more varied geography, the food, the feel of a "real country" vs a "service hub." Personal preference.

If you're Panama-first, that's totally valid. This post is just for the people doing the same comparison I did.