Lifetime Residence in Panama for Retirees
If you are retired or a pensioner in your country, you qualify for a LIFETIME RESIDENCE IN PANAMA with a PANAMANIAN ID and multiple benefits.
If you're looking for a place to retire where you can enjoy a warm climate, affordable cost of living, and friendly people, then Panama might just be the perfect destination for you! Panama Global Solutions, with more than 20 years of experience, offers all the information you need to make an informed decision about retiring in Panama. With different retirement programs available, Panama is an excellent choice for retirees. We provide advice on crucial considerations such as healthcare, taxes, and visa requirements. So why wait? discover why Panama is the ideal retirement country that you've been looking for!
Lifetime Residency in Panama for Retirees
If you are retired or receive a pension in your country, you qualify for a LIFETIME RESIDENCY IN PANAMA with PANAMANIAN IDENTITY CARD and multiple benefits. According to Panama's National Immigration Service, there is no minimum or maximum age to qualify under this modality, you only need to prove your retired or pensioner status in your country to obtain all the benefits.
About the entity that retires you
Panamanian immigration law allows you to apply as a retiree or pensioner of a public entity in your country. These entities can be: "Social Security Funds" or "Public Pension Funds"; as well as public administrative entities such as "Public Universities, Ministries, State Enterprises or similar", as long as you receive a pension or retirement "for life"."
Monthly Retirement Amount
The retiree or pensioner must receive a monthly amount of $1,000, at the official exchange rate of their currency. You can present this monthly retirement certification "in your currency," as the corresponding conversion to the dollar will be made in Panama.
TIMELINE FOR APPLYING FOR RETIREMENT RESIDENCY
Once your visa is approved, please plan to visit Panama for at least 2 weeks, as you must request the change of currency in your retirement letter, and prepare certain immigration forms in our office before applying. You must register before applying for residency, which takes at least 1 day, and our team will perform certain procedures (notaries, stamps, legalizations, medicals, etc.). In addition to the above, the retiree must leave their passport deposited in immigration for at least 2 days in order to obtain the "multiple exits" stamp from the country and thus avoid future fines.
Special Panama Residents!!
Dependents of the Retiree
The retiree or pensioner can apply with: SPOUSE, PARENTS, and minor children, but the residency for the latter will be issued on a "temporary" basis, that is, until they reach 25 years of age; provided that they prove they are completing full university studies, however, they will not be entitled to permanence or pensioner status. On the other hand, the law establishes that the applicant must additionally receive $250 monthly for each dependent, expressed in the retirement letter, or if a bank letter or reference issued by a local bank in Panama is provided, proving the deposit of that amount monthly.
The law allows for the application of a retired couple by adding up between them the amount of $1000 necessary to obtain residency.
Percentage (%) Discounts for Retirees
When obtaining residency as a retiree or pensioner in Panama, in addition to receiving special and privileged treatment in banks, restaurants, and various local services, you will receive special "discounts" by law in the following areas:
50% off in cinemas, concerts, sporting events, etc.
30% off in buses, ships, and trains
25% off in airfare
50% off in hotels (Monday to Thursday) and 30% (Friday to Sunday)
25% off in restaurants
15% off in fast food
15% off in hospitals
10% off in prescribed medicines
20% off in medical consultations
15% off in dental and eye exams
20% off in technical services
50% off in home loans
15% off in personal loans
25% off in public services
Important: Some businesses require the retiree's residency card and that the retiree is of the age to apply for discounts (57 for women and 62 for men).
Don't look any further! Come and join the large community of international retirees who have decided to retire in this beautiful country. Panama is waiting for you!