Panama Pensionado Visa: Benefits To Retiring In Panama

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