One reason for Panama's successful economic growth has been its carefully planned and enlightened laws that are almost unique in the world. These laws welcome foreigners who wish to move to Panama for a second home or retirement, establish a business or make investments.
There are a host of special visas authorized by laws; the most popular of which is the pensionado program. This unequalled program allows immediate residence for foreigners. Plus, the program offers you reduced prices and allows you tax-free import of households goods, motor vehicles, even a boat. You can also secure special real estate tax exemptions when you buy or build in Panama as a foreigner.
The rules for becoming a "pensioner" and qualifying for this visa program in Panama are probably not what you'd expect. In fact, anyone over the age of 18 may apply and can qualify as a pensionado in Panama. All you need is a guaranteed pension income of $500 per month ($600 for a couple). It must be a pension from a government agency (e.g. Social Security, disability, armed forces, etc.) or a defined-benefit pension from a private company. Sorry, but an immediate, fixed annuity doesn't qualify.
As a qualified pensioner in Panama, you would be entitled to:
All in all, these inducements are unequalled in any other nation. Then add in the beautiful land, ranging from tropical beaches to cool mountains and you'll understand why thousands of Americans, Canadians and Europeans now make their homes here. So why wouldn't you buy in Panama?Tweet
Pardini & Asociados offers you the Guide to Doing Business in Panama 2023 completely FREE! Download here!Get it now