Panama Retirees and Pensioners Visa
The Panama Retirees and Pensioners Visa was created back in the eighties, to promote the residential tourism in the country, which got its peak in the last decade, keeping up to the present, contributing to the growth of Panama retirement options.
Under this residence program, the applicant is only required to present evidence of a monthly income and for life, of at least US$1,000.00 per month, or its equivalent if in another currency. With the acquisition of property in Panama for a minimum value of $100,000, a monthly retirement or pension income of $750 is permissible.
The referred income must be in the form of a pension or retirement, from a government agency or from an authorized and regulated retirement agency or private company, for which additional documentation shall be required.
Panama is a popular destination for retirees and pensioners due to its affordable cost of living, beautiful weather, friendly people, and plenty of activities. Retirees can enjoy a comfortable lifestyle in Panama without breaking the bank. The weather is warm and sunny year-round, making it a great place to enjoy outdoor activities. Panamanians are known for their friendly and welcoming nature, and there are many activities and attractions to keep retirees and pensioners busy.
If you are thinking about retiring in Panama, you can find more information in our latest articles about Benefits of Retiring in Panama and Retiring in Panama: what to expect when you first arrive.
The general requirements to apply for the Retirees and Pensioners’ Visa are:
- Valid passport for at least 6 months from application date.
- 5 passport size photos (2inch x 2inch).
- National criminal background certificate (FBI report), recently issued, apostilled/ authenticated by a Panamanian Consulate in the issuing country– valid for 6 months.
- Pension letter stating you receive at least USD 1000 per month for life – recently issued, apostilled/ authenticated by a Panamanian Consulate in the issuing country– valid for 6 months.
- Good health certificate issued in Panama.
- Sworn declaration form, fully answered and signed.
- Proof of domicile in Panama, through the utility bill and rental agreement, or letter from a hotel.
Application ProcessThe application process for the Panama Retirement Visa can be completed by Kraemer & Kraemer an immigration attorney. The following are the steps involved in the application process:
- Gather the required documents.
- Visit Panama to submit the application at the panama immigration office, and obtain your temporary residency card.
- Wait for approval. The processing time for a Panama Retirement Visa is typically 3-6 months.
- Once your application is approved, you will be granted permanent residency. You need to visit Panama again to obtain your permanent residency card.
Applying with spouse or dependents
If the applicant is applying with his or her spouse, an additional US $250.00 in the monthly income are required. The spouse must also present all requirements above, but the income letter. Joint income is also allowed, in which case both spouses must present their income letters.
Additionally, the marriage certificate – recently issued, apostilled/ authenticated by a Panamanian Consulate in the issuing country– valid for 6 months must also be added to the application.
All documents originated abroad must be either apostilled (at the Secretary of State Office), or authenticated at the Panamanian Consulate in your country.
Work permit eligibility
Those who hold the Retirees Visa can invest in Panama and own a business. However, they CANNOT be granted a work permit.
Retirees and Pensioner Visa Benefits
- In fast food restaurants.
- On hospital bills when you do not have insurance.
- On ophtamolic or dental examination.
- In loans in your name.
- In medical consultations.
- In technical services or professionals.
- On prescription medications.
- In restaurants.
- In payments of public services.
- On plane tickes.
- In hotels from Friday to Sunday.
- In transportation, for example, trains buses and boats.
- In entertainment, for example movies,concerts, sporting events, etc.
- In hotels from Monday to Thursday.
- One time exemption on import duty for household items with a total of USD $10,000
- Exemption on import duty on a car every two years.
Obtain the answers you need
If you’re considering retiring in Panama, you might have a bunch of questions. Kraemer & Kraemer can provide you with the answers you need. We’re a Panamanian law firm specializing in immigration law. We’ve assisted countless individuals in obtaining Panama Retiree and Pensioner Visas, and we can help you as well.
We’ll guide you through each stage of the process, from understanding the requirements to submitting your visa application. We’ll also be there for you every step of the way, addressing your queries and offering support.
Reach out (contact us) to us today to learn more about how we can assist you in obtaining a Panama Retirement Visa and turning your retirement dreams into a reality.
Feel free to check our Frequently Asked Questions.