Panama offers a "Pensionado Visa" (or Retired and Pensioner Visa) to foreign retirees who can demonstrate a qualifying lifetime monthly income, typically from a pension or annuity. This is permanent residency
This visa grants the holder permanent residency in Panama and access to various benefits and discounts. The primary requirement is a minimum monthly income of $1,000, which can be from a government or private pension plan.
Key Requirements and Process:
• Minimum Monthly Income:
A monthly income of at least $1,000 is required to qualify for the Pensionado Visa. If the income is less than $1,000 but at least $750, it may be possible to qualify by purchasing Panama real estate worth at least $100,000.
• Pension or Annuity Income:
The income must be a lifetime pension or annuity from a government agency, authorized retirement agency, or private company.
• Proof of Income:
Applicants need to provide official documentation proving their pension income.
• Passport:
A valid passport with at least six months of validity remaining from the application date is needed.
• Criminal Background Check:
A recent criminal background check, authenticated by a Panamanian consulate, is required.
• Health Certificate:
A health certificate issued in Panama is necessary.
• Attorney:
It is strongly recommended to hire an immigration attorney to assist with the application process.
• Application Process:
The process involves gathering required documents, submitting the application at the Immigration Office in Panama City, and waiting for approval. Once approved, temporary residency is granted, which can be converted to permanent residency.
Benefits of the Pensionado Visa:
• Permanent Residency:
The visa grants the holder the right to live in Panama permanently.
• Discounts and Benefits:
Retirees with the Pensionado Visa are eligible for various discounts and benefits, including discounts on transportation, entertainment, and medical services.
• Tax Advantages:
Panama has a territorial taxation system, meaning that income earned outside of Panama is not subject to local taxes.
• Family Inclusion:
The Pensionado Visa program allows for the inclusion of a spouse and minor dependents, with an additional monthly income requirement per dependent.
Additional Notes:
• Panama also has a Retired Investor Visa for individuals who have a reliable income stream from interest on a fixed deposit.
• It's important to work with an experienced immigration lawyer to navigate the application process effectively.
To apply for a Panama retirement visa (Pensionado Visa), you'll need to gather several documents, including a valid passport, police clearance, health certificate, and proof of pension or other qualifying income. You'll also need photos, a power of attorney, and potentially a marriage certificate or birth certificates for dependents. All documents issued abroad must be authenticated by a Panamanian consulate or apostilled.
Here's a more detailed breakdown:
General Requirements:
• Valid Passport:
Must be valid for at least six months beyond the application date.
• Passport Photos:
Typically 5 passport-size photos (2x2 inches) with a white background, according to Immigration247.
• Police Clearance Certificate:
A recent criminal background check from your country of residence, authenticated by a Panamanian consulate or apostilled.
• Health Certificate:
A certificate of good health issued by a Panamanian doctor,
Proof of Pension or Income:
A letter from your pension provider or other source of income (e.g., Social Security) stating the monthly amount you receive. This must also be authenticated.
• Power of Attorney:
A notarized power of attorney authorizing an attorney to act on your behalf during the application process.
• Sworn Declaration:
A statement about your personal background, often completed with the help of a lawyer.
• Application Form:
The official Panama immigration registration form.
Additional Documents (if applicable):
• Marriage Certificate: If applying with a spouse, a notarized and authenticated copy.
• Birth Certificates: Notarized and authenticated copies for any dependents.
• Proof of Domicile in Panama: Utility bills, rental agreements,
• Bank Reference Letter: Some applicants may need to provide a letter from a bank showing a stable banking relationship.
Important Considerations:
• Authentication: Documents issued abroad must be authenticated by a Panamanian consulate or apostilled before submission, according to Embassy of Panama.
• Professional Assistance: It's highly recommended to work with an immigration lawyer in Panama to navigate the application process.
• Timeframe: The application process can take several months.
• All legal translations must be done in Panama with a legal Panamanian translator -
Retired Renter Visa in Panama
The Retired Renter Visa in Panama allows foreigners with fixed monthly income from investments to obtain permanent residency. To qualify, you must demonstrate a monthly income of at least $850, generated by a fixed-term deposit in the National Bank of Panama or the Savings Bank, for a minimum of 5 years and free of liens.
Requirements:
Monthly Income:
Demonstrate a monthly income of $850, from interest generated by a fixed-term deposit.
Fixed-Term Deposit:
The deposit must be in the National Bank of Panama or the Savings Bank and maintained for at least 5 years.
Notarized Documentation:
Notarized power of attorney, certified copies of the passport, criminal record certificate, health certificate, sworn declaration form, among others.
Documentation for Dependents:
Notarized letter of responsibility and repatriation, proof of relationship, proof of residence, certificate of single status, and proof of enrollment in studies (for dependents of legal age but under 25).
Application in Panama:
The application is submitted at the National Immigration Office of Panama.
Process:
Gather the required documentation.
Open the fixed-term deposit and obtain the bank certification.
Submit the application with all documents to the National Immigration Office of Panama.
Obtain the temporary residence card and wait for approval of permanent residency.
Visit Panama again to obtain the permanent residence card.
Benefits:
Permanent residency in Panama.
Possibility of obtaining a Panamanian passport after a certain time, according to the law.
Access to tax benefits and other advantages for residents.
Considerations:
It is recommended to seek legal advice for the application process.
Withdrawal of the fixed-term deposit before 5 years may result in loss of visa benefits.
The visa does not directly grant Panamanian citizenship.
