Private Income Retiree Visa
About the Private Income Retiree Visa
Law 9 of June 1987 created the Private Income Retiree Visa. This permit is granted to foreigners who open a Certificate of Deposit (CD) with sufficient resources to generate interest income of USD $850 monthly.
The CD must be opened at Banco Nacional de Panama or Caja de Ahorro (both government-owned banks), and it must be the ONLY source of this interest income. These interests must be net of taxes and must have no liability or mortgage for at least five (5) years.
The requirements for this process include:
- Notarized Power of Attorney and Application.
- Five (5) passport-size photos.
- Notarized photocopy of applicant’s passport.
- Background check.
- Certificate of good health, indicating that the applicant had good physical and mental health, and no contagious diseases. A local Panamanian doctor must issue this certificate.
- Declaration of personal background.
- Bank Certificate from Banco Nacional or Caja de Ahorros, indicating the total CD amount, its interest rate, its duration, and that it has no liabilities attached to it.
- Authenticated copy of the bank’s CD.
- If the application includes dependents:
- Letter of accountability for these dependents.
- Proof of ties between the applicant and each dependent.
- Proof of address – applicant and dependent must live in the same address.
- If the dependent is 18 years old or more, single status and student status certificate.
The applicant and dependents will receive a 5-year permit that can be renewed for five more years. In such case, the applicants must provide the same requirements, except for the background check.
Holders of a Private Income Retiree Visa can also apply to a Special Panamanian Passport immediately. This passport looks like any other Panamanian passport, but indicates the applicant’s original citizenship. For instance, if a German citizen obtains a Special Panamanian Passport, this passport will read Germany as the holder’s nationality. The owner can travel with this passport, but it does NOT grant Panamanian citizenship.
The Immediate Panamanian Passport and the Private Income Retiree Visa will be valid only for the CD duration of five years. The passport and visa will be void if the CD is withdrawn before the five-year term. The CD must have no liabilities for its duration, otherwise the passport and visa will also be void.