Summary: The Panama Private Income Retiree Visa grants foreigners retired investors a Permanent Resident Permit who open a Certificate of Deposit (CD) with sufficient resources to generate interest income of USD $2.000 monthly. It is a direct alternative for anyone whose retirement income comes from savings rather than a retirement plan.
Obtaining a Panama Private Income Retiree Visa involves establishing the required Certificate of Deposit (fixed-term bank deposit), gathering the necessary documentation, and submitting the application to immigration authorities. At Kraemer & Kraemer, our attorneys assist clients with every legal and administrative step involved in the process.
What Is the Rentista Retirado Visa?
The Rentista Retirado Visa, Panama’s formal name for the Private Income Retiree Visa, grants a Permanent Resident permit directly, with no provisional stage, to retired investors who qualify through private income rather than a pension. It is built specifically for people whose retirement income is at least $2,000 per month and comes from interest earned on a Certificate of Deposit in Panama, not an ongoing pension payment.
The fixed-term bank deposit 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 free of any lien, pledge or encumbrance for at least five (5) years.
Golden Visa Fixed Deposit Requirements
To qualify for this program, you must meet the Rentista Retirado Visa requirements. Anything issued outside Panama must be apostilled or authenticated by a Panamanian consulate in the issuing country, and we recommend it be no more than 6 months old when you file.
- 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.
- 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 between 18 and 25 years old, 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.
How Is the Application Process?
Kraemer & Kraemer manages your Panama Private Income Retiree Visa application across these stages:
- Step 1: Engagement: You retain Kraemer & Kraemer and open your qualifying golden visa fixed deposit, the financial foundation the rest of your application builds on.
- Step 2: Document Gathering: We gather and authenticate your personal documents.
- Step 3: Submission: We file your application with Panama’s National Immigration Service.
- Step 4: Biometric and Background Review: You complete your biometric appointment and background check review.
- Step 5: Permanent Resident Permit: Once approved, you receive your 5-year Permanent Resident Permit directly, with no provisional stage first.
What are the Panama Private Income Retiree Visa Benefits?
- A Permanent Resident Permit granted directly, valid for 5 years and renewable for 5 more
- Eligibility to apply immediately for a Special Panamanian Passport
- Access to Panama’s territorial tax system, so income generated abroad isn’t taxed locally
- Eligibility for citizenship by naturalization after 5 years of continuous residence
- The ability to invest in or own a business in Panama, without needing a work permit
What is the Special Panamanian Passport?
Holders of a Private Income Retiree Visa can also apply to a Special Panamanian Passport (or Traveler Passport). 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.
