Panama Retirement Pensionado Visa and Benefits -- Part 2

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We always day dreamt about sunshine, tropical beaches and welcoming local people in a country to retire, and after so many visits since 2002, we fell in love with Panama. Then we decided to apply for the Panama Pensionado Visa after our retirement in Canada.



Residency in Panama as a Retiree and Benefits

Retirees with “lifetime” benefits may meet all the requirements for the  Panama Retirement Program, better known as "Panama Pensionado Visa”. The applicant’s retirement income should be more than $1000 monthly. If your lifetime annuity pay is under $1000, with an equivalent retirement benefit of $750, you may buy any Panama property with a minimum value of 100,000 USD to complete the application requirements locally. If the applicant is married to a retiree, the amount of $1000 can be reached as a couple with their combined pensions.

Requirements

Local Authorities Requirements to Apply for this Immigration Program:


a.  Letter from a foreign company that administrates 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 administrates the funds. But in the case of public entities, this requirement does not apply. 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.

 

c. Copy of statement of the account from your bank where your monthly payments are deposited in your country.

 



Benefits and Discounts of the Panama Retirement Visa:


  • One-time duty tax exemption for household goods up to $10,000
  • Exemption to import tax for a new car every two years
  • 25% off airline tickets
  • 50% on the prices charged to recreation and entertainment activities such as cinema, theatres, sports and other public shows
  • 30% off Friday to Sunday to stay in hotels and resorts and 50% from Monday to Thursday
  • 25% off at restaurants
  • 15% off hospital bills (if no insurance applies)
  • 10% off prescription medicines
  • 20% off medical consultations
  • 20% off in technical services
  • 25% discounts on utility bills
  • 1% less on home mortgages for homes used for personal property.
  • and many others

Retiree's Dependents:

For spouses, “Marriage license” and the “Police Record” are required, both legalized and/or apostilled. And in the case of dependent children, the dependents permit is granted temporary until 25 years old, if they prove that they are full-time students, however, they will not have the right to permanent residency nor the condition of the main “Pensioned” applicant. For minor children, just the birth certificate is needed. The law requires the applicants’ pension amount to be increased by $250 for each dependent or this requirement can be solved by providing a Panamanian bank reference letter indicating that the applicant earns at least $250 per month in interest income from local bank deposits. 

If you are interested in relocating to Panama as a retiree or obtaining legal residency under this program in Panama, please contact for a personal consultation.

Heriberto Estribi

Founding Partner

he@PanamaGS.com

Panama Global Solutions

Law Firm in Panama City, Panama


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