The “Permanent Residence for Retirees” program is an excellent option for those seeking a quiet place to enjoy retirement abroad. Panama is a migrant-friendly country with a low cost of living and multiple benefits for retirees. Furthermore, with the correct application process, lifetime residency can be granted within a maximum of 2 months.
Requirements
The process of obtaining a visa and permanent residence as a retiree is straightforward. If you receive a retirement or pension from a public or private company in your country, you are eligible to apply.
- Your monthly income or pension must be at least $1,000.
- The pension must be granted in a “life annuity” form.
To apply for a visa and permanent residence in Panama as a retiree, you must provide the following documents:
- Apostilled letter from a retiree or pensioner abroad.
- Apostilled criminal records.
- The necessary forms requested by your lawyer in Panama.
Application with Dependents
If the retiree has dependents (minor children, spouse, parents, etc.), they can apply together, but must pay an additional fee of $250 per dependent to the National Migration Service of Panama. If you have adult children, they can also apply, but their permission will be temporary until they turn 25, provided they can prove that they are completing university studies.
Retiring from a Private Company
The retiree can also be a pensioner from a private company in their country, in which case they must provide a “Letter from a Foreign Company” and a “Letter from the Pension Management Company, Trust, Mutual Funds, Insurance, or Banking Company” certifying that the private company has funds to guarantee a lifetime pension for the applicant in Panama.
Option of Combined Retirement Income
Si su cónyuge también recibe una pensión o jubilación, pueden aplicar en conjunto, siempre y cuando lleguen a la misma suma de 1000 mensual.
If your spouse also receives a pension or retirement income, you can apply together as long as you reach a combined monthly income of $1,000.
If you meet the requirements, do not hesitate to contact us!
