October 8th, 2023 at 09:48 am

Retirement Visa for Panama

Due to its low government taxation and discounts for seniors and foreign visitors, Panama has grown in popularity as a retirement destination in recent years. You have the option to spend your golden years in Panama in a picturesque city, a rural setting, or by the beach.

One of the greatest retirement plans in the world is available to international retirees in Panama. Retirees can benefit greatly from the Panama Pensionado program. In order to participate in the retirement program in Panama, foreign nationals must first apply for a retirement visa.

Who Qualifies for the Pensionado Panama Program?

The following conditions must be met in order for you to be qualified for a retirement visa in Panama:

A minimum of $1,000 in documented monthly income is required. This could be retirement from a private company, Social Security, or another government retirement fund (military, state, police, etc.).

You have to be of the required age. In Panama, the retirement age is 57 for women and 62 for men. Even if you are not officially of retirement age, you can still apply for a retirement visa; however, you will not be eligible for all Pensionado program benefits.

Pensionado Retirement Visa Benefits in Panama

One of the greatest retirement programs in the world, the Panama Pensionado Program provides you with great advantages like:

• One of the safest nations in Central America is where you may retire and live.
• Import taxes on domestic goods will not apply to you.
• Every two years, you will be able to import a new car without paying import taxes.
• The following discounts are available for items like energy bills, airline tickets, medical costs, movie theater admission fees, tickets to cultural and athletic events, etc.:

1. A 25% utility bill discount.
2. A reduction of 30% on other modes of transportation and 25% on airline tickets.
3. 15% reduction on loans taken out under your name.
4. 1% reduction in personal residence house mortgage payments.
5. If there is no insurance, a 20% reduction in medical expenditures and a 15% reduction in hospital services.
6. 15% off eye and dental examinations.
7. A 10% medication discount.
8. A 20% reduction in the cost of technical and professional services bills.
9. 50% off movie theater admission as well as tickets to sporting and cultural events.
10. Hotels provide a 50% Monday through Thursday discount and a 30% weekend discount.

How Do I Apply for a Retirement Visa for Panama?

You can apply for a Panama retirement visa at the Panama City Immigration Office if you match the requirements. Here is a detailed rundown of the application procedure:

• Make a trip to Panama. You can arrive without a visa or with a tourist visa, and you can later modify your immigration status.
• Assemble the checklist of documents. All necessary documentation must be enclosed; however, the Immigration Office will let you know if any more are required.
• Complete the registration form for a retirement visa. An application for a retirement visa can be obtained from the Immigration Office. After that, affix it to the remaining documents.
• Deliver the paperwork to Panama City’s Immigration Office. You must go pick up your visa in person once it has been issued.

How to Apply From Outside for a Panama Retirement Visa

You cannot apply for a Panama retirement visa through the consular offices in Panama if you are applying from overseas. Instead, you must do so through an immigration attorney in Panama.

If you are unable to apply for a retirement visa personally, the Panamanian immigration office requires that applications be submitted and verified by an immigration lawyer. This implies that in order for your attorney to submit the application on your behalf, you must send them all the necessary paperwork.

In the event that your application is accepted, you will typically need to pick up your visa in person.

List of Documents Needed for a Retirement Visa in Panama

As you finish your application for a retirement visa to Panama, make sure you have the necessary paperwork:

• A form for registration. The registration form is available at the Panamanian Immigration Office.
• A genuine original passport. Include copies of the pages (cover included) of your passport that have been notarized and verified by the Panamanian Consulate.
• A quartet of images. The images have to be 2 inches by 2 inches on a light backdrop.
• Medical certification from a Panamanian physician. Give a formal document outlining your current condition of health. The certificate must be signed by a licensed professional health specialist or doctor.
• Police histories. For the previous five years, you must have your country of residence’s police records verified by an apostille or the Panamanian Consulate.
• Proof of your pension or income. You must produce a letter issued by a commercial enterprise or public agency that states your condition as a pensioner and the monthly amount you receive. The letter needs to be notarized and original.
• Verification of the received amount, certified by the Panamanian Consulate or with an apostille stamp.
• A sworn declaration about your past experiences. In Panama, this is accomplished via a lawyer.
• A certificate of bachelorhood verified by the Panamanian consulate (useful only if you’re unmarried).

Additionally, you must submit the following documents:

• The marriage certificate is verified at the Panamanian consulate or with an apostille stamp.
• A police record for the last five years, notarized and verified, for every dependent.
• The Panamanian consulate authenticates the birth certificates of the children.
• Copies of passports.
• Four family members’ photos apiece.
• A health certificate from a physician in Panama.
• Sworn declaration regarding one’s past. (Needs to be done via legal counsel.)
• The Panamanian consulate has notarized and authenticated the letter of responsibility.

Note: Before being submitted to your Panamanian attorney, documents that were issued outside of the country must be verified by the Panamanian consulate or an apostille stamp.

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