Panama Pensionado Visa

T

his program allows foreigners to obtain legal residency in Panama under the condition that they are retired or pensioned.

How to obtain the Panama Pensionado Visa

According to the Immigration Department of Panama, there is no minimum or maximum age required to qualify for the Panama Pensionado Visa (you only need to provide the below described requirements / documents).

The applicants’ retirement income (or pension income) must be at least a LIFE TIME US$1,000.00 per month. For each dependent, the retirement income (or pension income) amount must be increased by US$100.

In order to obtain the Panama Pensionado Visa, the applicants’ income must be proven by providing documentation such as a letter from Government Social Security or the institution or company that pays the retirement or pension income.

The Panama Pensionado Visa program offers excellent incentives such as:

•  Import tax exemption for household goods.

•  Import Tax exemption to import a new car every two years.

•  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 for homes used for 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, cultural and sporting events.

•  50% discount at hotels during Monday to Thursday, 30% on weekends.

For more information about the benefits of retiring in Panama, click here.

By the way, you can enjoy Panama’s great Pensionado discounts no matter which residency permit you have. Legal permanent residents of Panama age 60 and over for men and 55 and over for women may ask for the discounts, even if they are not Pensionados. (This does not include tax exemptions for importation of household goods or car, but it does include tax exemption on the local purchase of a car.)

* Note that you can apply for the Pensionado visa even if you have yet to reach the above ages. The government reviews applications on a case-by-case basis, and if you’ve begun receiving your pension early (because of disability or any other valid reason) you are welcome to apply, no matter what your age.

If you need professional advice on the Panama Pensionado Visa program as part of your plan to retire in Bocas del Toro, get in touch now for a free case analysis!

Or either book an appointment here.