The retirees and pensioner visa from foreign countries, grants a permanent residency for the applicant in a time frame of 6 months. There is not a minimum age required in order to qualify.
Among the requirements established by the Immigration Service are:
- Applicant’s retirement income must be of US$1000.00 per month or its equivalent in another currency.
- Applicants must present a letter issued by the authority in their country of origin that certifies their life status as retired or pensionado.
Requirements
- Original Passport with a minimum validity of three (3) months.
- Five (5) passport size pictures.
- Document that grants their condition as retired or “pensionado” for life, issued by a government agency, international organization or a private company, confirming the applicant is receiving a pension of at least ONE THOUSAND DOLLARS (US$1,000.00) per month, or its equivalent in another currency.
- If the retirement comes from a private company, applicant must present the documents that proof the existing of that company (its equivalent as the Public Registry Certification in Panama) along with the last five (5) proof of payments or bank statements showing deposits.
- Police criminal background report dully authenticated.
- Sworn Declaration, which is a form granted by the Immigration Service.
- Medical certificate issued by a doctor in Panama.
Dependents
Retirees or “pensionados” can apply with their dependents, only if they present a marriage certificate or a birth certificate, needed to request parents and children.
Anyone over the age of 18 must present a police criminal background from their country of origin.
Likewise, applicants must have the economic solvency in order to take care of their dependents, which is an additional sum of US$ 250.0 per dependent in their retirement income or by having a Panamanian account with at least four half figures.
Benefits
- This law grants, besides the indefinite residency, one time duty tax exemption for household goods up to a total of US$ 10,000, and duty tax exemption for importing new cars every two years.
- “Pensionados” and retirees are exempted from paying the amount of US$ 800.00 and the payment to the National Treasury of US$ 250.00.
- 50% off in entertainment, such as movies, concerts, theater and recreative activities.
- 50% off in hotel stays from Monday through Thursday and 30% off from Friday to Sunday.
- 30% off in bus, trains, boats fares and 25% in airline tickets.
- 25% off in restaurants and 15% off in fast food restaurants.
- 15% off in hospital bills, 20% in medical consultations and 10% in medicines.
- 25% off discount on utility bills.
Retirees in Panama
Currently retirees from different countries, such as Canada and the United States have chosen to live in our country, they love places like Boquete, Volcan and Cerro Punta, where they can enjoy of a nice weather.
Others, we may find them in beaches like Pedasi and Coronado.
In Aleman, Caballero & Candanedo we will assist you in all that you need to live in Panama. Contact us!
