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
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.
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.
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.