Panama Elects a New President

Last Updated on October 7, 2026 by Retire in Panama

Last Sunday, May 5th, 2024, was election day in Panama, and Panama’s new President-Elect is José Raúl Mulino. He will officially take office on July 1st, 2024. Mulino ran as leader of the political party Realizando Metas (Realizing Goals). He received 34.4% of the vote, with the closest competitor, Ricardo Lombana, receiving 24.8% of the vote.

It was definitely an exciting election, but I will get into that later. To learn more about how politics work in Panama, read this article: Panama’s Political Landscape and Some History Since the Noriega Years.

Here are a few short points on Panama’s Elections.

• Panama has elections every five years.
• Presidents can only service one term consecutively.
• There were eight viable presidential candidates for different parties running in this election.
• The elections of Federal, Provincial, and Civic are held at the same time.
• Panama has one house called the National Assembly with 71 elected members.
• The country has a President and Vice President, each province has a governor, and each city has a Mayor.
• Campaigning for the every five-year election takes place 60 days before the election.
• Elections are held on a Sunday and are a celebrated time.

The interesting twists in this election. 

President-Elect Mulino was only recently added to the ballot as a Presidential candidate. He was running as Vice President on the ticket with former President Ricardo Martinelli.

Many of you have heard the name Ricardo Martinelli. He was President of Panama from 2009 – 2014, and Mulino served under him as Minister of Public Security. The problem was that Ricardo Martinelli was sentenced in July 2023 to more than ten years in jail for money laundering, which the Supreme Court held up in February 2024. The Electoral Tribunal formally revoked his candidacy in March 2024. Mulino moved on the ticket from Vice President to President.

On May 3rd, just two days before the Election, Mulino’s problems were still unresolved. The Supreme Court heard an argument that he could not be on the ticket as President, but the argument was struck down, and the election continued with him as a candidate.

This election had eight candidates, with four front runners, all of whom were center/right in the political spectrum, which seems to indicate that the People were looking for something else. Source. 

The current President, Laurentino Cortizo, a member of the PRD, won in 2019 with 33% of the vote. However, in this week’s election, the PRD candidate received 5.9% of the vote. Source.

Why People Thought Mulino Would Lose?

His previous time in Government with former President Martinelli was plagued with scandal. Mulino was charged with crimes against the administration in 2015, but the charges were eventually dropped. He was also an unproven campaigner who did not have his own base. His success came from Martinelli supporters.

Why Would Panama elect Mulino?

Well, there is a lot of speculation here, but if you look back at the facts from 2009 to 2014, Panama was booming, and Mulino is well associated with that period. Panama had substantial economic growth in the Martinelli years, from 10%—12% GDP growth rates to very high job creation rates and mega infrastructure projects. Mulino was very popular in that administration as Minister of Public Security. He was in charge of the police force, whose members were previously poorly paid, and their salaries doubled in the five years that his Government was in power.

It was an excellent time for expats moving to Panama during this time. In 2012, Mulino’s Administration introduced the Friendly Nations Visa, allowing people from 50 countries to move to Panama. The only requirement was to present professional or economic ties to Panama. They could do this by starting a corporation and depositing $5000 into it, and a permanent residence and work permit granted in 6 months. This is the residency visa I hold in Panama. This added to the economic growth in Panama, as many of the expats started businesses here.

During Mulino’s short campaign, he stressed that he would handle the illegal immigration problem in Panama. For the last few years, Panama has been inundated by migrants from South America and the Caribbean, crossing the Darien Gap on their way to the United States. The Darien Gap is a jungle between Panama and Colombia. 

These migrants have no plan of staying in Panama. Still, their numbers are in the hundreds of thousands, and the money Panama is spending making sure they are safe, fed, housed, and sent back or transported to the Costa Rican border is considerable. The last Government has yet to do much to fix this problem; we hope President-Elect Mulino has a plan.

The other big issue that Mulino campaigned on resonated with many voters. He promised to end protestors who block roads as a form of protest. Panama’s Constitution clearly allows its citizens the right to protest in an orderly fashion, but it also clearly states that no one can block the free movement of another citizen. Yet, in the last three years, there have been complete shutdowns of Panama, one lasting two weeks and another four weeks, that cost the Panama economy hundreds of millions of dollars.

Even the international financial world was and is cheering for the Mulino Win. On Friday, before the election, when the Supreme Court announced its decision against a challenge that Mulino was not eligible to run, Panama’s recent bond offering surged, and again the days after the election. 

• Panama Court Clears Presidential Frontrunner’s Candidacy, Sparking Bond Rally
• Panama Bonds Jump as Traders Cheer Win of Pro-Market Mulino
• Investors cheer Mulino victory in Panama election

International market support for Mulino may have brought him in some undecided votes last weekend.

In Conclusion

Oscar and Rod have spoken about the election a lot in the last month, wondering what would happen if a specific candidate was elected. We have lived in Panama for three election cycles, four for Oscar, and have studied the parties and Panama politics for years and how it affects expats moving here, as that is our business.

A Mulino government should be good for Panama’s economy. We hope that legal immigration will be simplified and more accessible for nonretirees, to obtain. We hope that the Government acts on illegal immigration and fixes, or at least lessens, the problem in the Darien Gap. 

Panama is not just our home; it’s a vibrant country with an incredibly positive outlook. Living here is a testament to this country’s wonderful lifestyle and opportunities. We take pride in showcasing Panama to our guests as an exceptional place to live and retire. With its stunning natural beauty, welcoming communities, excellent healthcare, and favorable tax benefits, Panama truly has everything one could wish for in a home. 

Whether it’s the bustling city life of Panama City or the tranquil beauty of its beaches and mountains, Panama offers a lifestyle that is both enriching and fulfilling. Anyone considering living or retiring abroad should give Panama serious consideration.

 

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