Panama Friendly Nations Visa
In this post, you will find all the important information about the Panama Friendly Nations Visa. This post outlines information such as who can apply, what is the visa fees and what is the application process.
Panama Pensionado Visa: Benefits To Retiring In Panama
Written By: Armando Du Preez
Fact Checked By: Richard Nathan
Jun 13, 2022
9 min read
Visa Appointments
I can only guess how eager you are to become one of the unique residents of Panama. Imagine enjoying the beautiful sunrise over the Pacific Ocean and sunset on the Atlantic Ocean from the same spot. If you are not someone that wants to sit around and look at sunsets, how about enjoying the rainforest in Panama City?
I know you might be shocked that there is a rainforest in a city, but there are a few things you need to know first. If you want to become a permanent resident of Panama, you can apply for a Panama Retirement Visa. Although you can also apply for the Panama Friendly Nations Visa, this post will focus on the Panama Retirement Visa.
In this post, we’ll cover everything you need to know about the Panama Retirement Visa. I will cover information such as who can apply for the Panama Retirement Visa, the required documents, and the benefits.
Here's what you need to know:
- What Is The Panama Retirement Visa?
- What Do You Need To Know About The Panama Retirement Visa?
- What Are The Benefits Of The Panama Retirement Visa?
- What Are The Panama Retirement Visa Required Documents?
- How To Apply For The Panama Retirement Visa?
What Is The Panama Retirement Visa?
The Panama Retirement Visa, commonly known as the Panama Pensionado Visa or a Panama Pensioners Visa, is for retirees or those with lifetime pensions.
The Panama Pensionado program permits foreigners to seek legal residency in Panama if they have a guaranteed monthly income for the rest of their lives. According to the Panama Immigration Department, you must be 18 years of age to apply. After that, you only need to meet the requirements and submit the relevant documentation.
What Do You Need To Know About The Panama Retirement Visa?
Although you know the Panama Retirement Visa basics, we can dive a bit deeper into the details.
In this section, we’ll cover information such as who can apply for the Panama Retirement Visa program, the minimum monthly income, and the visa fees.
Later in this post I will cover the benefits of the Panama Retirement Visa, the required documents, and the application process. Please feel free to use the links provided if you want to skip ahead.
- Who Can Apply For The Panama Retirement Visa?
- What Is The Minimum Income For The Panama Retirement Visa?
- How Much Does The Panama Retirement Visa Cost?
- How Long Is The Panama Retirement Visa Processing Time?
Who Can Apply For The Panama Retirement Visa?
As I mentioned earlier, any foreign citizen can apply for the Retirement Residency Visa in Panama, as long as you are at least 18 years old and meet the monthly income requirements. There are no restrictions on which countries can apply for the Panama Retirement Visa. In other words, all expats are welcome to retire in
What Is The Minimum Income For The Panama Retirement Visa?
If you are applying for the Panama Retirement Visa, you must prove that you have a minimum monthly pension income of 1,000 USD for the rest of your life. Perhaps your monthly pension amount is less than 1,000 US Dollars, but no less than 750 US Dollars. In that case, you can buy real estate in Panama with a value of at least 100,000 USD to qualify for the Panama Retirement Visa.
It is also important to note that you can combine your pension totals to ensure you have 1,000 US Dollars if you apply with your spouse. If you add a dependent, your monthly income requirement will rise with 250 USD.
How Much Does The Panama Retirement Visa Cost?
As you might have guessed, you must pay a visa fee when applying for the Panama Retirement Visa. Please find below the visa fees for yourself (if you are the main applicant) and for dependents:
- Main applicant: 400 USD Government Fee
- Dependent: 300 USD Government Fee
Please remember that you must do your application through a lawyer in Panama. This means that you will be required to pay additional legal fees.
How Long Is The Panama Retirement Visa Processing Time?
The processing time for the Panama Retirement Visa typically takes about 3 months. However, it is important to note that you must submit your documents in person and collect your documents yourself.
What Are The Benefits Of The Panama Retirement Visa?
One of the many great things about the Panama Retirement Visa is that you can enjoy great incentives. Please find a list below of all the Panama Retirement Visa benefits:
- 50% off entertainment anywhere in the country (movies, concerts, sporting events)
- 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 healthcare 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
- 1% less on home mortgages for homes used for a personal residence
If your Panama Retirement Visa is approved, you also enjoy the following tax exemptions :
- 1-time tax exemption on the importation of household goods up to a value of 10,000 USD
- 100% tax exemption on the importation or purchase of a car every 2 years
What Are The Panama Retirement Visa Required Documents?
Now that you are familiar with the Panama Retirement Visa basics, we can get to the essential information. However, the required documents are very important to complete your visa application process. Therefore, please ensure that you gather the following documents before starting your Panama Retirement Visa application:
- A registration form available in Panama immigration offices
- A notarized letter from a private company, foreign government, or business responsible for providing your monthly pension
- Proof of income and authentication provided by the Panamanian Consulate
- A health certificate certified by a Panamanian doctor
- A police record, apostilled by the Panamanian Consulate
- Four photographs of the applicant
- Photocopy of your valid passport (can be authenticated by a notary in Panama)
- Original passport
- Sworn statement on your personal background, created through the Panamanian lawyer
If you are applying for the Panama Retirement Visa with your spouse or any other dependent, they must submit a list of documents. I know this might seem like many documents, but we're almost at the application process. So here is the list of documents that you must submit:
- Marriage certificate and authentication provided by the Panamanian Consulate
- Power of attorney
- A police record for each person, apostilled by the Panamanian Consulate
- Birth certificates of children, authentication provided by the Panamanian Consulate
- Health certificates, certified by a Panamanian doctor
- Photocopies of dependents' passports
- Four photographs of each dependent
- Sworn statements on personal backgrounds, created through the Panamanian lawyer
Important note: You can use an Annuity issued by a bank, an insurance company, or even a private company to meet the Panama Pension Visa requirements.
How To Apply For The Panama Retirement Visa?
You made it to the final step of your Panama Retirement Visa, the application process. Here are the steps you must follow to complete your Panama Retirement Visa to enjoy your permanent residency:
- Step 1: Register Your Passport
- Step 2: Submit Your Application
- Step 3: Wait For Your Provisional Processing Card To Be Issued
- Step 4: Receive Your Permanent Residency Permit And Retirement Visa
Step 1: Register Your Passport
The first step is to register your passport at the Panama Immigration Office. This means that you must go to Panama. If you are from Canada, Costa Rica, or a US citizen, you do not have to apply for a visa. However, if you are a citizen from a country that requires a Panama Visa, I suggest that you apply for the Panama Tourist Visa.
Step 2: Submit Your Application
After registering your passport, you must submit your required documents to the Panama Immigration Office.
Step 3: Wait For Your Provisional Processing Card To Be Issued
After submitting all your documents, you must wait a few days for your Provisional Processing Card and Multiple Entry-Exit cards. Your Multiple Entry and Exit card will be valid for 3 months to a year and must be used to exit Panama.
Step 4: Receive Your Permanent Residency Permit And Retirement Visa
As I mentioned earlier, after waiting for about 3 months, you will be notified that your Permanent Residency Permit and Retirement Visa have been approved. The last thing you must do is book your flight ticket to Panama and collect your authorized Panama Retirement Visa at the Panama Immigration Office.
Key Points Of The Panama Retirement Visa
You made it through a tiresome application process, but before you forget anything, let's take a look at the key points of the Panama Retirement Visa:
- Any foreign citizen can apply for the Panama Retirement Visa as long as they are older than 18.
- You must prove that you have a minimum of 1,000 USD monthly income for the rest of your life.
- Perhaps you do not have a 1,000 USD monthly income but can provide proof of a 750 USD monthly income. In that case, you can buy real estate with a minimum value of 10,000 USD and still qualify for the Panama Retirement Visa.
- The main applicant must pay a visa fee of 400 USD. If you are applying with your spouse or dependents, you must pay a 300 USD visa fee per person. If you are applying for the Panama Retirement Visa with your spouse, you can add your monthly pensions to ensure you reach 1,000 USD. For any additional dependent, your monthly income requirement raises with 250 USD.
- You enjoy tax exemptions such as importation of household goods to the value of 10,000 USD
Written By: Armando Du Preez
Fact Checked By: Richard Nathan
Frequently Asked Questions
Can You Have Dual Citizenship In Panama?
As a condition of naturalization, Panamanian nationality law requires an oath of renunciation of previous citizenships. However, Panama de facto allows dual citizenship, as renunciation may not be practical unless it is also executed through the relevant authorities of the applicant's current country of nationality.
Can I collect Social Security in Panama?
Retirement benefits are granted to all residents and citizens of Panama who are of a certain age. For example, men can claim these benefits at 62 years of age and women at 57.