Panama Retiree Residence

Complete Guide to obtaining a Panama Pensionado visa and the required documents.

Panama has become a popular retirement home in recent years due to low government tax and price discounts for foreign guests and retirees. You can choose to enjoy your retirement by the beach, in rural areas, or in one of the beautiful cities of Panama.

Panama offers foreign retirees one of the best retirement programs in the world. The Panama Pensionado program comes with great benefits for retirees. Foreigners who decide to join the retirement program in Panama need to apply for a retirement visa first.

Who Is Eligible for the Panama Pensionado Program?

To be eligible for a retirement visa in Panama, you must fulfill the following requirements:

• You must have a verifiable minimum monthly income of $1,000. This could be Social Security or other government retirement funds (military, state retirement, police pension, etc.) or retirement from a private corporation.
• You must meet the age requirement. The retirement age in Panama is 62 for men and 57 for women. However, you can apply for a retirement visa even if you are not technically of retirement age, but you will not receive the full benefits of the Pensionado program.

Benefits of Pensionado Retirement Visa in Panama

Being amongst the best retirement programs worldwide, the Panama Pensionado Program offers you excellent benefits such as:

• You can live and enjoy your retirement in one of the safest countries in Central America.
• You will get an exemption from import tax for household goods.
• You will have an exemption from import taxes to import a new car every two years.
• You can get discounts on things like utility bills, airline tickets, medical fees, and entry fees for movie theaters and cultural and sporting events, etc., as follows:
  • 25% discounts on utility bills.
  • 25% discount on airline tickets and 30% on other transportation.
  • 15% discount on loans made in your name.
  • 1% reduction on home mortgages personal residence.
  • 20% discount on doctor’s bills and 15% on hospital services if no insurance applies.
  • 15% off dental and eye exams.
  • 10% discount on medicines.
  • 20% discount on bills for professional and technical services.
  • 50% discount on entrance to movie theaters and cultural and sporting events.
  • 50% discount at hotels from Monday to Thursday, 30% on weekends.

How To Apply for a Panama Retirement Visa?

If you meet the eligibility criteria, you can apply for a Panama retirement visa at the Immigration Office in Panama City. A step-by-step overview of the application process is as follows:

1. Travel to Panama. You can enter with a tourist visa or visa-free and change your immigration status later on.
2. Compile the document checklist. You must enclose all required documents, but the Immigration Office will inform you if any additional documents are needed.
3. Fill in the retirement visa registration form. You can get a registration form for the retirement visa at the Immigration Office. Then, attach it to the rest of your documents.
4. Submit the documents to the Immigration Office in Panama City. After your visa is issued, you have to go pick it up in person.

How Can I Bring My Family with Me?

The Panama Pensionado retirement program allows you to bring your family with you. However, to bring your spouse or minor children, you must increase your minimum monthly income by $250 per family member.

Can I Become a Permanent Resident with a Panama Retirement Visa?

Yes, you can become a permanent resident in Panama with a Pensionado visa. Holders of the retirement visa are allowed to stay and retire in Panama for as long as they want to.

Once you obtain a retirement visa, you will be granted permanent residency and enjoy your retirement in Panama.

Citizens from Asia, Middle East and Africa, kindly note that Panama's Immigration Office may have your country on a List of Restricted Countries subject to Special Requirements. For more information, please click here.

Pardini & Asociados together with BusinessPanama Group provides a convenient One Stop Shop offering you the following services:

• Applying for visas and residence permits for expats
• Relocation services
• Real estate brokerage to find a home or apartment
• Incorporation of companies, LLCs, trusts and foundations
• Banking & trading accounts
• Wealth management services
• Others

For more information, please contact us.