Panama Retiree and Pensioner Visa
Program overview
The Panama Retiree Visa, established in the 1980s, promotes residential tourism. It peaked in the last decade and continues today. This program has contributed to the growth of Panama retirement options.
Panama is a popular destination for retirees and pensioners. Its low cost of living allows them to enjoy a comfortable lifestyle without overspending. The climate is warm and sunny all year round, making it an ideal place to enjoy outdoor activities.
In addition, Panamanians are known for their friendly and welcoming nature. There are many activities and attractions to keep retirees and pensioners busy. If you wish to make this country your new home, the immigration lawyers at Kraemer & Kraemer have extensive experience in the country’s immigration laws, advising foreigners in their retirement process in Panama.
Financial Requirements
Under this pensionado program, the applicant must present either:
- a. Evidence of a monthly and lifetime income of at least US $1,000.00, or its equivalent if in another currency.
- b. Or, monthly retirement or pension income of $750, if acquiring a property in Panama worth at least $100,000.
The referred income must be a pension or retirement. It must come from a government agency, or a regulated private retirement company. With the latter, additional documentation will be required.
Documents Required
The general requirements to apply for the Panama Retiree Visa are:
- Valid passport for at least 6 months from application date.
- 5 passport size photos (2inch x 2inch).
- National Certificate of Criminal Record. It must be recently issued and be apostilled / authenticated by a Panamanian consulate in the issuing country. This document is valid for 6 months.
- Retirement letter stating that you receive at least $1000 per month for life. It must be recently issued and be apostilled/authenticated by a Panamanian consulate in the issuing country. This document is valid for 6 months.
- Good panamanian health certificate.
- Sworn declaration form, fully answered and signed.
- Proof of domicile in Panama, through the utility bill and rental agreement, or letter from a hotel.
The holders of Private Pensions must additionally provide:
- A letter from the pension administrator, trust, joint funds of insurance or banking. Which certifies that the company administers the applicant’s pensions. Likewise, it must be recently issued and be apostilled/authenticated by a Panamanian consulate in the issuing country. This document is valid for 6 months.
- Certification of existence and validity of the pension holder company. Which must be recently issued, apostilled/authenticated by a Panamanian Consulate in the issuing country – valid for 6 months.
- Certificate that the company is legally authorized to offer the pension administration service. Must be recently issued, apostilled/authenticated by a Panamanian Consulate in the issuing country – valid for 6 months.
- Last 3 months of bank statements, showing that pension payments have been paid. Payment proof summary, for the last 3 months is also valid. In both cases, they must be recently issued, apostilled/authenticated by a Panamanian Consulate in the issuing country – valid for 6 months.
Application Process
The application process for the Panama Retiree 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 immigration office, and obtain your temporary residency card.
- Wait for approval. The processing time for a Panama Retiree 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 to Panama Retiree Visa is applying with his or her spouse, is required:
- An additional US $250 in the monthly income: The spouse must also present all requirements above, except the income letter. Joint income is also allowed, in which case both spouses must present their income letters.
- The marriage certificate: Must be recently issued and apostilled / authenticated by a Panamanian consulate in the issuing country – This document is valid for 6 months.
All documents from abroad must be either apostilled or authenticated. Apostilles are done at the Secretary of State Office. Authentications are done at the Panamanian Consulate in your country.
Panama Pensionado Visa Benefits
Panama Pensionado Visa benefits include special retiree discounts on a variety of services and products, such as entertainment, transportation, health and more.
15% Discount
- In fast food restaurants.
- On hospital bills when you do not have insurance.
- On ophthalmic or dental examination.
- In loans in your name.
20% Discount
- In medical consultations.
- In technical services or professionals.
- On prescription medications.
25% Discount
- In restaurants.
- In payments of public services.
- On plane tickets.
30% Discount
- In hotels from Friday to Sunday.
- In transportation, for example, trains, buses and boats.
50% Discount
- In entertainment, for example movies,concerts, sporting events, etc.
- In hotels from Monday to Thursday.
Others Discount
- Single import duty exemption for household items worth USD $10,000.
- Exemption on import duty on a car every two years.
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.
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Visa
Main Applicant Included.
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Total:$1900
FAQ about Panama Retirees and Pensioner Visa
A: Those who hold the Panama retiree visa can invest in the country and own a business. However, they CANNOT be granted a work permit.
A: Yes, Panama is a popular destination for U.S. retirees due to its low cost of living, warm climate and Pensionado Visa benefits. Also, most can receive their Social Security benefits abroad.
A: Costs vary, but include government fees, attorney’s fees and administrative expenses. Get a free quote now.
A: You need a life pension of at least $1,000 per month, granted by a government, private company or recognized entity.
A: Yes, there are no restrictions to travel outside the country, and residency is not lost for prolonged absences.
A: Yes, a spouse may be included with an additional income of $250 per month; children may be included under certain conditions.
A: Yes, from the moment it is approved, the visa grants permanent residence in Panama.
Get your Retirees Visa with Kraemer & Kraemer
If you’re considering retiring in Panama, you might have a bunch of questions. Kraemer & Kraemer is a Panamanian law firm specializing in immigration law. We’ve assisted countless individuals in obtaining Panama Retiree 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 Panama retiree visa application. We’ll also be there for you every step of the way, addressing your queries and offering support.
Reach out 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.