Chile?
We have thought about Panama too. We visited last winter to check it out. I liked it but didn't fall in love.
Honestly, I would like to go to an island in Croatia somewhere. Sure, they still have the big, invasive government (45% tax) but out on those islands --life is pure magic. No one thinks about or pays any attention to the government. Cash and barter is a way of life. Fresh olive oil, homemade wine, fresh fish, garden grown veggies and good bread. What more do you need?
Defintitely Chile. Great climate, no natural enemies, stable currency, stable Republic, Rule of Law.
Definitely Chile.