Looking for an unconventional retirement in another country? Why not look into retiring in Panama?
All you need is a Panama Pensioned Visa.
There are many benefits to enjoy with a Panama Pensioned Visa, including:
- Tax breaks and exemptions on real estate and household goods
- Discounts on hotel stays, air travel, restaurants, transportation, utility bills, home loans, medical bills, dental care, prescriptions, entertainment and house mortgages.
- Duty tax exemption on importing vehicles
What is a Panama Pension Visa?
If the aforementioned benefits sound appealing, you’ll need to get a Panama Pension Visa. What is a Panama Pension Visa?
A Panama Pension Visa is a type of visa for people who are either retired or who have a life-time, guaranteed, steady monthly income (pension) and who want to stay in Panama for a longer period of time.
Requirements for Obtaining a Panama Pension Visa
While any legal adult (age 18 and older), can apply for a Panama Pension Visa, it is required that the individual has a lifetime monthly income of at least $1,000. Couples can combine their incomes to meet the $1,000 per month minimum.
If one’s lifetime monthly income doesn’t meet the $1,000 minimum, the amount can be reduced to $750 per month if the applicant purchase real estate in Panama.
You’ll need documentation to prove that your income meets the minimum amount and that it is guaranteed for life.
The documents that would suffice for this include:
- A signed and notarized letter or certificate from the company or institution that pays the pension income
- Documentation that validates the existence of the company (if it is a private company)
- Copy of proof of pension payments, which can include bank statements showing the pension deposits and copies of the pension checks.
- An original, official, authentic police record from the country of last 5 years of residency
- An original, official, authentic marriage certificate
- Official, original Panama real estate title (if one purchased a house in Panama to reduce the required minimum payment to $750)
If the applicant is planning on housing a dependent that is over the age of 18, an additional $250 per month will be required. The additional monthly amount will be waived for individuals between 18 and 25 years old who are able to prove they are full-time college students. Dependents, however, are unable to obtain permanent residency under their parents Panama Pension Visa.
How to Get A Panama Pension Visa
The process for obtaining a Panama Pension Visa is the same as for any other kind of Panamanian visa. The basic procedure for any kind of Panamanian visa is as follows:
- Register for a Panama passport with the Panama immigration department
- Present your application for residency along with all the required documents, fees and repatriation deposit (if applicable).
- Obtain a “Provisional Processing Card” and Multiple Entry-Exit Visa from the Panama immigration department while your permanent visa is being processed. These provisional documents are good for 3 months to a year.
- Receive your permanent residency permit (Panama visa) from the Panama immigration department.
For more information on obtaining your Panama Pensioned Visa, contact our attorneys at Mata & Pitti today and we’ll help you along your way towards a rewarding and relaxing retirement in Panama.