The Republic of Panama is one of the top choices for retirement and offers what is considered to be one of the best retirement programs globally.
The Panama Pensionado program is a very convenient Permanent Residency program that is open to all nationalities which grants permanent residency within months. This program allows foreign nationals with obtaining permanent residency in Panama provided that they are retired or a pensioner. There is currently no minimum age limit to be eligible to apply under this visa program.
To be eligible to apply for the Panama Pensionado visa, one must receive a minimum verifiable income of US$1,000 from a private corporation or government program. The government program can be Social Security, or another government retirement funds such as state entity pensions or retirement received from a private corporation.
For a dependent spouse or minor children, the main applicant will need to provide evidence of a higher verifiable income. For each additional dependent the minimum income must be increased by US$250,00 per person per month.
If the person’s lifetime pension income is less than US$1,000 per month, but equals or is more than US$750,00 per month, one is able to purchase real estate property to the minimum value of US$100,000.
Benefits of holding a Panama Pensionado Visa
- Permanent Residency from the beginning
- Panama Identification Document (Cédula)
- Duty tax exemption for household goods up to a total of $10,000.
- Duty exemption for importing a new car every two years.
- 50% off entertainment anywhere in the country (movies, concerts, sports)
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 50% off hotel stays from Monday through Thursday
- 30% off hotel stays from Friday through Sunday
- 25% off at restaurants
- 15% off at fast-food restaurants
- 15% off hospital bills (if no insurance applies)
- 10% off prescription medicines
- 20% off medical consultations
- 15% off dental and eye exams
- 20% off professional and technical services
- 50% reduction in closing costs for home loans
- 25% discounts on utility bills
- 15% off loans made in your name