Retiring in Panama: obtaining your retiree visa
Panama has become a favored destination for many retirees and pensioners worldwide. Its pristine beaches, friendly local culture, and relatively affordable cost of living make it an attractive option for spending peaceful days. Here, we delve deeply into the Retiree Visa in Panama, providing a detailed and technical view of the requirements, process, and benefits it offers.
Eligibility for the retiree visa
The Retirement Visa in Panama does not discriminate based on age, but focuses on guaranteed income. You just need to prove that you receive a lifetime pension of at least $1,000 to retire. Thus, a career military person or a civil servant finishing their professional activity young can benefit from this visa, with the minimum required age being… 25 years. However, those who wish to engage in professional activity in Panama should note that this visa does not give you the right to apply for a work permit, so you cannot be employed by a company. However, owning a company that operates is not prohibited.
Minimum income: A minimum pension of $1,000 per month is required. If the pension is lower but above $750, it can be supplemented by real estate investment of at least $100,000.
Dependents: An additional $250 per month is required for each dependent. Dependent children must be single and under 18 years old, or under 25 if they are in university.
Required documents:
Pension certificate from a government or private entity authenticated
Public property registration certificate if you own property in Panama.
Criminal background certificate from your country of origin and any other country where you have resided for more than two years in the last five years, authenticated by the Panamanian Consulate. (In some cases, authorities may request additional supporting documents if your pension comes from a foreign private organization.)
Authenticated marriage and/or birth certificates for spouses and children.
Application procedure
The application process is complex and must be carefully followed with one of our lawyers:
Registration with the National Migration Service
Submission of the application includes all required documents, translated into Spanish by an official translator if necessary
Payment of fees such as migration fees and repatriation deposit.
Review and approval: the review can take several months and, once approved, a temporary residence card will be issued.
Benefits of the Retiree Visa in Panama
The Retiree Visa offers considerable benefits, notably, your retiree status will entitle you to a large number of discounts.
Examples of discounts offered by the retiree visa in Panama:
15% discounts:
In fast-food restaurants.
On medical bills in the absence of insurance coverage.
On visual or dental checks.
On loans in your name.
20% discounts:
On medical visits.
On technical or expert services.
On prescription medications.
25% discounts:
In dining establishments.
On public utility bills.
On airline tickets.
30% discounts:
In hostels from Friday to Sunday.
On transport, such as trains, buses, and ships.
50% discounts:
On leisure activities, such as cinemas, concerts, sports events, etc.
In hotels on weekdays, from Monday to Thursday.
Tax exemption:
On the importation of personal belongings and vehicles. Upon your arrival in Panama, you can import certain personal belongings without customs duty.
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Essential tips
Completeness and accuracy of documents are crucial. Discrepancies or errors can lead to delays or rejections of the application.
Although regulations stipulate a specific timeframe for review and approval, this period can fluctuate depending on the requirements of the national immigration service. It is advised to adopt an understanding attitude and maintain regular contact with Panama Contact Services throughout the process. Keep duplicates of all documents and supporting evidence submitted throughout the procedure.
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