My brother moved to Panama and it didn't work out. He planned to start a business down there but was underfinanced. The language barrier was also an issue. He could order a meal in a restaurant but negotiating in a business environment was a no-no.
He also went down with a superiority attitude. That's a killer in any country as the American tariff followers have noticed.
Stuff was cheap ~15 years ago but you had to go with the flow.
This is such a common story. We've lived in a few places for months to years at time, Thailand, Mexico, Colombia, South Africa.
Seen so many ex-pats move to a lower cost-of-living country thinking it's just going to be like home, except cheaper. Based all their research on a two-week vacation on a beach resort.
"We're gonna live like F-n kings!!!"
And then they encounter language/cultural barriers, lack of sanitary practices, poor air quality due to no environmental-protection enforcement, no government services like garbage collection, nobody fixing huge gaping holes in the sidewalk, lack of infrastructure like sewage systems, broken roads that require you to repair your suspension every year. Political instability, rampant crime, long queues for inadequate and overly-bureaucratic services like renewing your drivers licenses, passports, etc. Corruption at every level from the police to vendors squeezing ex-pats extra hard for bribes and "special fees" because they know you have more money than the locals. Being treated like a walking ATM every where you go, hands outstretched all the time at you.
If you want the same standard of living, you'll have to pay extra and the cost works out to almost the same as the west, otherwise you're eating, shiiting and sleeping like the locals.
About the only thing that is cheaper is local food and healthcare.
The ones that prosper in these places end up staying because they genuinely like the culture, not because they are escaping financial hardship at home. They speak the language fluently, have local friends, their kids play with local kids, cook local dishes at home, they watch local TV and movies in the native language without subtitles. They don't surround themselves with an ex-pat cocoon of other western economic refugees just so they can speak English to somebody... anybody...
Worse still are those who barely have enough funds to emigrate to a LCL-country, and find out there is no way they can come back to the west because they've been aged/skilled out of the job market, and priced out of the housing market having stepped off the property ladder. For those folks, it's a one-way trip to a false paradise.
Go in with your eyes open, not your wallets closed.