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"Retiring in Panama
Foreign retirees and pensioners interested in residing in Panama can apply for the Retiree and Pensioner Visa. The primary requirement for this visa is to have a monthly income of at least USD $1,000.00 for life, or its equivalent in another currency.This income must stem from a pension or retirement fund provided by the applicant's country of origin, administered by a government institution or an authorized retirement entity."
The Panama Retirement Immigration Visa is a great option for those seeking a retirement lifestyle in a tropical country. It provides many benefits such as access to low cost of living, tax benefits, and excellent healthcare. It also offers a great opportunity to explore the diverse culture and natural beauty of Panama.
Retire in Panama -Retirement Visa
Retirement Pension Visa Program Panamá
OVERVIEW
Retirees earning a minimum of USD 1000 per month (or the equivalency in a different currency) can qualify for the Pensionado Program. This program grants permanent residency in Panama and has amazing perks and discounts.
Minimum Pension Needed
The applicant must prove they are earning a minimum of USD 1000 a month to qualify for the Pensionado Visa. For each dependent, such as spouse or children, an additional USD 250 each is required.
PANAMA PENSIONERS AND RETIREES VISA
It was created in the eighties to promote Panamanian residential tourism, which peaked in the last decade and continues to grow today.
Applicants for this residence program are only required to show proof of a monthly income, or its equivalent in another currency, of at least US$1,000.00 per month. Purchasing a property in Panama for a minimum value of $100,000 is sufficient to qualify for a pension income of $750 per month.
The referred income must be in the form of a pension or retirement, from a government agency or from an authorized and regulated retirement agency or private company. For this, additional documentation shall be required.
The requirements
Retirees and pensioners can apply for a visa by meeting the following requirements:
- A valid passport must be held for at least 6 months after the application date.
- There should be 5 passport-sized photos (2 inches by 2 inches).
- Apostilled/authenticated by a Panamanian Consulate in the issuing country. A national criminal background check (FBI report) was recently issued.
- The letter states that you receive at least USD 1000 per month for life. It has been apostilled/authenticated by the Panamanian Consulate in the country where it was issued. The letter will be valid for six months.
- Certificate of good health issued in Panama.
- Have signed and completed a sworn declaration form.
- Documents proving domicile in Panama, such as utility bills, rental agreements, or hotel letters.
Additional Requirements
A monthly salary of $250.00 is required for an applicant whose spouse is additionally applying. All requirements above must also be met by the spouse, but the income letter must be presented separately. There is also the option of joint income, in which case both spouses must present their income letters.
The marriage certificate - which must be recently issued, Apostilled and authenticated by a Panamanian Consulate in the country of issue - must also be included.
Apostille (at the Secretary' of State's Office) or authentication (at the Panamanian Consulate in your country) is required for all documents that originated abroad.
There are two ways for Pensioner Visa holders to obtain a work permit. One is to wait 10 years before requesting a non-expiring work permit. In addition, thanks to the Executive Decree of May 21, 2019, a 3-year renewable work permit is available.
There are many benefits to having a Panamanian Pensionado Visa
The following is a summary of some of the benefits of having a Panamanian Pensioner Visa:
- Purchases of household items up to $10,000 US dollars are exempt from paying taxes at once.
- Foreigners who reside in our country and have 55 (women) or 60 (men) can request the discounts they are entitled to under the law, including:
- Films, recreation, events, culture, and sports are offered at a 50% discount.
- Buses, trains, and boats have a 30% discount
- Tickets for national and international airlines are 25% off
- From Monday through Thursday, hotels, motels, and pensions are 50% off, and from Friday through Sunday, they are 30% off.
- Restaurants offer 25% off
- Fast-food restaurants, whether national or international, are eligible for a 15% discount
- There is a 15% discount on private clinics and hospitals.
- There is a 10% discount on prescription drugs
- Medical discounts include the following: 20% discount on medical bills from general practitioners or specialists; 15% discount on dental services; 15% discount on optometry services.
- Discounts on health insurance premiums paid to insurance companies
- Services for technical and professional purposes are discounted by 20%.
- Get up to 20% off prosthetics and assistive devices.
- Expenses and closing bank fees on personal or commercial loans are discounted by 50%.
- Specified funds are exempt from payment.
In addition to the benefits listed below, pensioner visa holders are entitled to:
- Exempts from paying taxes (only once) on household goods imported up to $10,000 US
- For each two-year period, vehicles are exempt from import taxes.
Panama Retirement Visa Requirements - Happy Retirement In Panama !
Here are the basic requirements to qualify for a Panama Pensioned Visa / retirement visa:
Article 201.4.a states the following:
“Article 201.(4): If the pension or retirement fund is from a private company, the following is required:
- Letter from a foreign company that administrators pensions, a trust company, a mutual fund company, an insurance company or a bank, that certifies that the funds exist to guarantee a lifetime pension for the applicant.
b. Certification of the existence and validity of the private company that issued the pension and administrators the funds.
c. Copy of the proof of payment or statement of account from the bank.”
This is important because now applicants can use an Annuity issued by a bank, an insurance company, or even a private company to meet the Panama Pension Visa requirement.
Also, in the same article 201(4) it states in the final Paragraph:
“In the case of spouses, they may opt for proving the sum established (US$1,000) in the numeral 1 with the pension of both, in that case they should comply with the requirements previously established for both pensions.”
What this means is that if a married couple both receive a pension, and their combined pensions equals at least $1,000 they can apply for the Panama Pensión Visa.
Also, the law states the following regarding dependents:
“Article 202. In the case of dependent children, the dependents permit (resident visa) shall be temporary until 25 years of age, as long as they prove that they are full time students, however, they shall not have the right to permanent residency nor the condition of “Pensioned”. The exception is for dependent children that suffer from a proven profound disability (such as a physical or mental disability).”
This means that if a dependent child does not attend college full time after the age of 18, then their Panama Pensionado Visa will be cancelled for that dependent. It also means that dependent children cannot use the parents Panana Pensionado Visa to obtain Panama permanent residency. They will have to find another Panama Visa to apply for permanent residency.
The law requires the applicants’ pension amount to be increased by US$250 for each dependent or alternatively this requirement can be solved by providing a Panamanian bank reference letter indicating that the applicant earns at least US$250 per month in interest income from local bank deposits.
Also, its important to note that the law does not discriminate based on age, so anyone, regardless of age, that has the lifetime pension income mentioned above, can apply for this Panama visa.
Procedures for Qualifying for Panama Pensioner Visa
Foreigners that receive a lifetime retirement or pension from a foreign government, international agency or private enterprise, who enter Panama to live and have sufficient economic means to cover all of their living expenses for themselves and their dependents, will be able to request the Panama Pensioner Visa. The income or monthly pension must not be less than One Thousand US Dollars (US$1,000) and should be granted to the applicant for life.
Note: If the applicant can show that they acquired Panama real estate with the property title in their personal name, and the property has a registered value of at least One Hundred Thousand dollars (US$100,000), the monthly lifetime pension income may be reduced to a minimum of Seven Hundred Fifty dollars (US$750).
In addition to the basic requirements of Article 28 of the Decree Law, the applicant must submit the following documents:
- Certification letter of his/her retirement or pension by a foreign government, international agency, or private enterprise, confirming that he/she receives a pension of at least One Thousand US Dollars (US$1,000) monthly or its equivalent in foreign currency and that the pension is for life.
Note: In the case of spouses, the two can be approved if they have a combined sum of at least US$1,000 per month pension income for life.
- If the applicant has dependents, they must pay an additional application fee in favor of the National Panama Immigration Service, for the sum of Two Hundred Fifty US Dollars (US$250) for each dependent.
Note: In the case of dependent children, their permission will be temporary until they turn twenty-five (25) years old if they can prove they are full time students. However, they will not have the right to the continuance of the Panama Pensioner Visa, except for those dependent children that suffer a verified physical or mental disability.
- Certificate of Public Registration of the Panama real estate with title in the applicants personal name (if applicable);
- If the pension or retirement is from a private enterprise, they must submit the following items:
- Letter from an administration of foreign business of pensions, of trusts, of mutual funds, of insurances, or a bank, that certify that the funds exist to guarantee an annuity of the applicant for life;
b. Certification of existence and work of the business that offers the pension and administers the fund;
c. Payment proof with a copy of payments or statement from the bank. - If the Pension Letter is from a private company, then the applicant must also provide a Certification from the Government authority that certifies that the Company that pays the pension is in good standing and duly registered. This document must be ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms). The private company administering the annuity or pension must also provide an original letter certifying that this company is administering said annuity or pension.
- Copies of proof of pension payments (copies of pension payment checks, bank statements showing deposits, etc.) from Institution/Company to applicant. This document must be ‘authenticated’ (please check explanation below of these terms).
- Police record from the country of last 5 years of residency. This document must be ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms).
- Marriage Certificate (for the spouse – if applicable), and/or Birth Certificate (for children under 18 years of age – if applicable). This document must be ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms).
Procedures for Applying for Panama Residency:
The procedure for all resident permits (Panama visas) is the following:
- Register passport at Panama Immigration.
- Present application with all required documents to Panama immigration, with Government fees & Repatriation Deposit (if applicable).
- Panama immigration department issues applicant “Provisional Processing Card” and Multiple Entry-Exit Visa (valid for 3 months to 1 year).
- Panama immigration department issues applicant Permanent Residency Permit (Panama Visa) and “Panama Pensionado Resident Card”.
Passport Registration:
A short visit to Panama is required to register and stamp your Passport at the Panama immigration Office. NOTE: No visitors wearing shorts, t-shirts or sandals are permitted in government offices.
The requirements are:
- Two (2) passport sized photographs of the applicant (and dependents – if applicable).
- Complete Panama immigration registration Form (Our law firm will provide this to Client, who only needs to complete and sign).
- Original passport, and one (1) photocopy of passport (the original passport will be returned to the Client immediately after the registration).
Required Documents (for Panama Immigration processing):
Documents that Client must provide (for applicant and dependents – if applicable):
- Photocopy of valid passport of the applicant (and dependents – if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all other pages (all pages of the passport).
This should be provided after the Passport Registration is registered at the Panama immigration Office. Please note that the passport must be valid for at least 6 months from the date of the immigration application. - Six (6) passport sized photographs of the applicant (and dependents – if applicable).
- Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant (and dependents – if applicable) has no contagious diseases and is in good mental and physical condition. THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA.
Documents that Client must provide (for applicant): - Documentation of Proof of Pension from either of the following:
- If Pension is from a Government Institution or Social Security: Client must provide certification from the respective Government institution that pays the applicant’s retirement or pension income, certifying that the person receives a “pension” in the amount of at least US$1,000 per month FOR LIFE. This document must be ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation of these terms below).
IMPORTANT NOTE: If the pension income certification document issued by the Government or by Social Security does not specifically state that the payment is a “PENSION” and it is for “LIFE”, then the applicant must provide a signed Affidavit (Sworn Declaration) stating that the payment is in concept of a “RETIREMENT PENSION” and that it is for “LIFE”. This Affidavit (Sworn Declaration) must be authenticated by a Public Notary & Secretary of State Apostil if issued in the USA, or otherwise, authenticated through the US consulate office in Panama.
- If the Pension is from a Private Company:Client must provide a letter on company letterhead from the company that pays the applicant’s retirement or pension income, signed by a representative of the company, with complete contact information for verification purposes, certifying that the person receives a “pension for life” (the Pension Letter must use the words “pension for life”) in the amount of at least US$1,000 per month. This document must ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms).
IMPORTANT:
– Clients should send in advance all of the required documents by courier before his/her first visit, or they can bring them during his/her first visit.
– Clients should download, fill out and complete the Immigration Departments’ “Filiation” Form and the Personal Background Info Application (Our law firm we will provide these forms). Please send these two application forms by fax or email before your first visit, so we can review them.
Documents that our law firm will provide to you:
- Special Power of Attorney, signed by the applicant (and dependents – if applicable), authorizing our law firm to process the immigration applications and documentation.
- Letter of Responsibility, signed by the applicant, whereby the applicant takes responsibility for his/her dependents (if applicable).
- Panama immigration Declaration Forms, to be completed and signed by the applicant (and dependents – if applicable).
* Note: for authenticating documents through the Panamanian Consulate, please Contact Us to request the contact information of the Panamanian Consulate nearest you.
– All documents that come in a language other than Spanish, must be translated in Panama through an official certified Panamanian translator.
– All Passports validity should not be less than six (6) months prior to processing the Panama immigration application.
Meaning of terms:
– Original: Original issued documents, not copies.
– Official: Issued directly by the respective Institution/Company, not internet printing nor other external source.
– Updated: With a recent date, not more than six (6) months, since the document was issued.
– Authenticated: Notarized and Authenticated by the Panamanian Consulate nearest you (or Authenticate by Apostil).
– Panama Permanent Residency obtained through the Panama Pensioned Visa Program provides holder of a Panama Permanent Residency Card for certain discounts and exonerations of certain taxes.
Panama Immigration department will not allow people to visit the Panama immigration office wearing shorts, t-shirts, or sandals. The Panama immigration office will not accept U.S. currency in denominations of US$50 or US$100, only bills of US$20 or less are accepted.
Note that all applicants for visas must be physically present at the Panama immigration office in Panama, at the time of Visa application.
When the immigration visa is approved, please plan to visit Panama for at least two weeks because immigration may hold on to your passport for several days (approximately 5 business days) while they insert the official stamps and information in the passport.
International Relocation Firm Fees:
For Primary Applicant:
Legal Fee – Permanent Resident Card: USD $1,200 + 7% sales tax (on legal fees only)
Government Fees and Costs: USD $500 (Immigration) + USD$200 (Multiple Entry-Exit Visa)
For Dependents:
Legal Fee – Permanent Resident Card: USD $1,000.
Government Fees and Costs: USD $500 (Immigration) + USD$200 (Multiple Entry-Exit Visa).
If you are interested in immigrate to Panama, or obtaining legal residency in Panama, please contact us