Retired in Panama
Foreign retirees and pensioners who wish to live in Panama have the option of applying for the Retired and Pensioner Visa. The main requirement for this process is to have a monthly income of USD $1,000.00 for life, or the equivalent in another currency.
The mentioned income must correspond to a pension or retirement from the applicant’s country of origin, and be from a government institution or authorized official retirement entity.
Requirements for the Retired and Pensioner Visa in Panama
To apply for a retired and pensioner visa, you must submit the following documents:
- Valid passport (with a minimum of 6 months before expiration).
- 5 passport size photos (2x2 inches).
- Recent criminal background certificate (apostilled or authenticated by the Panamanian consulate).
- Proof of retirement, pension or retirement, indicating that the applicant receives a monthly income of USD $1,000.00 for life (authenticated or apostilled).
- Certificate of good health (issued in Panama).
- Sworn declaration form (completed and signed).
- Proof of address in Panama (rental contract, public utility bills, letter of lodging in a hotel, etc.).
Application Process for Foreign Pensioner Visa
The application process for foreign pensioners seeking a visa in Panama involves the following steps:
- Requirements: Before beginning the application process, it's essential to ensure that you meet the requirements set by Panamanian authorities. These requirements may include having a minimum monthly pension or retirement income (usually a specified minimum amount) and having no criminal record.
- Documentation: Once the applicant is certain they meet the basic requirements, they must gather the necessary documentation for the visa application. This may include a valid passport, proof of pension or retirement, income statements, criminal background checks, among others.
- Submission of Application: The visa application must be submitted to Panama's National Immigration Directorate. It's important to complete all required forms and attach the corresponding documentation.
- Payment of Fees: To process the application, fees established by immigration authorities must be paid. Since these fees can vary, it is recommended to verify the updated amounts at the time of application.
- Interview and Assessment: After the application is submitted, a personal interview with immigration authorities may be required. During this interview, the application and submitted documentation will be evaluated.
- Approval and Visa Issuance: If the application is approved, the National Immigration Directorate will proceed with the issuance of the pensioner visa. This visa allows the foreigner to reside permanently in Panama and enjoy the corresponding benefits and rights.
Benefits of being a Retiree in Panama
The retired and pensioner visa is very attractive due to the privileges it grants, including the following:
- Tariff exemption for the importation of household and/or personal products and items (once) up to USD 10,000.00.
- Tariff exemption for the importation of personal/family-use motor vehicles (every 2 years).
- Exemption from fees for obtaining the retired and pensioner visa.
- 50% discount on prices for recreational activities (cinemas, sports, theaters, and other public shows).
- 50% discount on airport tax or fee payments.
- 50% discount on expenses or closing commission of financial transactions (personal-commercial loans).
- Discounts on public transportation fares.
- Discounts on hotel and guesthouse prices.
- Various discounts on fast food places, restaurants, etc.
- Discounts on health services (clinics, hospitals, pharmacies, consultations…).
Pensioner Visa with PGS Attorneys
At PGS Attorneys, we specialize in providing legal advice and facilitating the visa application process for foreign pensioners in Panama. Our team of migration experts has extensive experience in these procedures and is known for working closely with clients to ensure the process is as smooth and efficient as possible.
We will review your documents, complete the necessary forms, and submit the application to immigration authorities, following relevant deadlines and protocols. Additionally, we provide personalized guidance at every stage of the process and promptly address any questions or concerns that may arise.
At PGS Attorneys, we understand the significance of this step in your life. Therefore, we offer a service based on quality and trust to help you legally establish yourself in Panama as a foreign pensioner.
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Frequently Asked Questions for Retirees in Panama
Can I work in Panama if I have a Retired and Pensioner Visa?
Yes, the holder of a retired and pensioner visa in Panama can obtain a work permit in 2 ways:
- The first: by applying for it after 10 years of residence in the country (work permit without expiration date).
- The second: a new modality of MITRADEL, which allows permanent residents to obtain a work permit for 3 years, renewable for the same time.
Can I travel outside Panama if I am a pensioner?
After the admission of the migration visa application, the pensioner must remain in the country until obtaining the ID card for their process, which includes a multiple travel visa stamped on the back of the document. After this stage, the pensioner may travel outside Panama using the multiple visa, even if their process is still ongoing.
Can I bring my spouse and children if I have a Retired and Pensioner Visa in Panama?
The residency permit derived from the retirement and pension visa can be extended to both the spouse and children of 25 years or younger, provided they study full-time regularly and remain unmarried. However, please note that including dependent persons will increase the proof of economic solvency, so now the monthly income should be approximately higher than four (4) medium figures.
Does the pensioner visa grant me permanent residence in the country?
The pensioner visa in Panama allows foreigners to reside permanently in the country. Once the visa is approved and issued, the visa holder has the right to stay in Panama without time restrictions.
It’s important to note that the pensioner visa does not grant Panamanian citizenship. However, it provides the opportunity to live and enjoy the benefits of permanent residency in the country, provided that the conditions and requirements established by immigration authorities are met.
