If you wish to retire in Panama, you may apply for a Pensionado visa. This visa grants permanent residency in Panama to foreigners, who are willing to immigrate to Panama and have a lifetime income of at least US$1,000 per month. Although it often referred to as a retirement program, this visa is available to anyone over the age of 18.
To qualify for this visa, you must have:
- A monthly income of at least US$1,000 for the rest of your life. This payment must come from a guaranteed source, such as a pension or annuity by a foreign government, company or insurance. For each dependent, it is required an additional monthly amount of US$250.
- A monthly income of US$750 and a minimum investment of US$100,000 in Panamanian real estate.
This visa allows your stay in Panama indefinitely, provided that you visit the country at least one day, once a year. To avoid the revocation of your permanent residence, you should not leave the country for periods of time greater than 24 months.
This visa does not lead you to citizenship. Pensionado visa holders are not eligible for naturalization.
With a Pensionado visa you may benefit from:
- 50% Discount for expenses or closing fees on financial transactions for commercial or personal loans.
- Exemption from payment of SFIC transactions in personal and commercial loans
- 15% Discount on personal and commercial loans on their names, of a maximum interest rate
- permitted by law
- 1% Discount on the interest rate of mortgages for housing for their personal use
- 50% Discount on the price of passports
- 25% Discount on domestic and international airplane tickets
- 50% Discount on Hotel rooms from Monday through Thursday and 30% Discount on weekends
- 20% Discount on prescript drugs
- 15% Discount on dental and optometry exams
- 30% Discount on the rate of intercity buses, boats, ships and trains
- 25% on the cost of their food in restaurants
- 15% Discount in fast food restaurant, if those are national or international franchises
- 15% Discount of the total bill for services in Hospitals and private clinics
- 20% Discount on physicians and surgeon fees
- 20% Discount on fees for technical and professional services
- 20% Discount on all prosthesis, and all devised and help accessories as well
- 25% Discount on electricity, telephone and water bills
- 50% Discount on recreation and leisure activities such as movies, concerts, theaters, sporting events and other public events every day
- 50% Discount on airport tax
- 20% Discount on the purchase of coffins and urns
- Exoneration from import tax (only once) in all goods, belongings and appliances for personal use up to the value of US$10,000.
- Exoneration of the import tax of one car every two years.
- Document that confirms your condition as retiree or pensioner by foreign governments or private companies and you receive a regular monthly income. If it is a foreign currency Banco Nacional de Panamá must certify the equivalent amount in U.S. Dollars.
- If pension is from a private company, documents evidencing that the company is operating (Certificate of Existence issued by the pertinent authority), with the last five vouchers or receipts of payment of the pension and a letter from the company certifying that you are is receiving permanent pension and total amount.
No nationality is officially restricted
Panamanian nationality law requires an oath of renunciation of former citizenships as a condition of naturalization, de facto, Panama permits dual citizenship, as the renunciation may have not effect if is not done through the relevant authorities of the current nationality country.
- Original and photocopy of passport
- Eight passport-size photos
- Documents certifying pensioner status
- Proof of pension
- Original Police Clearance Certificate
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Medical Certificate
- Affidavit of support for Dependents
- Affidavit regarding criminal records