Retirees with “lifetime” benefits may meet all the requirements for the Panama Retirement Program, better known as "Panama Pensionado Visa”. The applicant’s retirement payment should be monthly, with more than 1,000 $.
If your lifetime annuity pay is under 1,000 $, 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 1,000 $ can be reached as a couple with their combined pensions.
Here what exactly the local authorities need 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
Here is a summary of the benefits of the Panama retirement visa:
The main benefits for retirees are that the regular Immigration deposits do not apply for the retiree and her dependents. Upon resolution, a local retiree grants the right of a duty tax exemption for household goods up to a total of $10,000 and a duty exemption for importing a new car every two years. But additionally, you as a Panama retiree will receive the benefit of several discounts, such as:
25% off airline tickets
30% off in hotels
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
For spouses, it is just needed the “Married licensed” and the “Police Record”, 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 shall not have the right to permanent residency nor the condition of the main “Pensioned” applicant. For minors’ children, just the birth certificate is needed and for legal age sons (until 25-year-old): Police records, Birth Certificate and Single Certificate. They will have to find another Panama Visa to apply for permanent residency.
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 us for a personal consultation.