Mundo Law

Obtain The Pensionado Visa

Retirees or persons with โ€œlifetimeโ€ pensions may qualify for the Panama retirement visa, also called the โ€œPanama Pensionado Visaโ€. Mundo Law has a dedicated staff of immigration attorneys with extensive experience in processing the Panama retirement visa.

What do you want to accomplish

The Panama Pensionado Visa allows foreigners to obtain legal residency in Panama under the condition that they have a pension income guaranteed for life. According to the Panama Immigration Department, there is no minimum or maximum age required to qualify, you only need to provide the requirements and documents listed below.

Option1

The applicantsโ€™ retirement income (or pension income) must be for life, and must be a minimum of one thousand US Dollars (US$1,000) per month.

Option 2

A married couple both receive a pension, and their combined pensions equals at least $1,000 they can apply for the Panama Pension Visa.

If your lifetime pension income is less than US$1,000 per month, but equal to or more than US$750 per month, you may purchase any Panama real estate property with a value of at least US$100,000, which reduces the lifetime monthly pension income requirement down to a minimum of US$750.

dependent children

In the case of dependent children, the dependents permit (resident visa) shall be temporary until 25 years of age, as long as they prove that they are full time students, however, they shall not have the right to permanent residency nor the condition of โ€œPensionedโ€. The exception is for dependent children that suffer from a proven profound disability (such as a physical or mental disability). This means that if a dependent child does not attend college full time after the age of 18, then their Panama Pensionado Visa will be cancelled for that dependent. It also means that dependent children cannot use the parents Panama Pensionado Visa to obtain Panama permanent residency. They will have to find another Panama Visa to apply for permanent residency. The law requires the applicantsโ€™ pension amount to be increased by US$250 for each dependent or alternatively this requirement can be solved by providing a Panamanian bank reference letter indicating that the applicant earns at least US$250 per month in interest income from local bank deposits.
The Panama retirement visa applicantsโ€™ pension income must be proven by providing documentation such as a letter from the institution or company that pays the retirement or pension income. This certification must be apostilled or notarized and authenticated in the nearest Panamanian Consulate.

Time Frame

To obtain the permanent residency, the following presence in Panama is required:

Initial Visit

5-10 working days, the duration depends on the specific situation, on what needs to be done. As a result, the applicant can walk-away with the provisional permanent residence card (of course only if all requirements are duly met).

Second visit

2-3 days, after 3 months. As a result, the applicant can walk-away with the definitive permanent residence card.

Third visit
(optional)

2-3 days, after less than a month later. As a result, the applicant can walk-away with the Panama identity card.

Minimum stay in Panama to maintain the permanent residence status

โ€ข It is not necessary to reside in Panama permanently.You need only to visit Panama once every two years to maintain the residency status.
โ€ข However, in order to apply for the Panama citizenship (passport), frequent presence in Panama would be required to show ties with the country.

Panama Retirement Visa Benefits

Here is a summary of the benefits of the Panama retirement visa:

  • One time Duty tax exemption for household goods up to a total of $10,000.
  • Duty exemption for importing a new car every two years.
  • 50% off entertainment anywhere in the country (movies, concerts, sports)
  • 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 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 bill
  • 15% off loans made in your name
  • 1% less on home mortgages for homes used for personal residence

Tax Exemptions

  • A one-time exemption of duties (taxes) on the importation of household goods up to US$10,000 in total value.
  • 100% duty exemption on the importation or purchase of an automobile every 2 years.

Panama Retirement Visa Requirements

IMPORTANT NOTE:

ย If the Pension is from a Private Company: Client must provide a letter on company letterhead from the company that pays the applicantโ€™s retirement or pension income, signed by a representative of the company, with complete contact information for verification purposes, certifying that the person receives a โ€œpension for lifeโ€ (the Pension Letter must use the words โ€œpension for lifeโ€) in the amount of at least US$1,000 per month. This document must โ€˜originalโ€™, โ€˜officialโ€™, โ€˜updatedโ€™ and โ€˜authenticatedโ€™ (please check explanation below of these terms).

Important

– Clients should send in advance all of the required documents by courier before his/her first visit, or they can bring them during his/her first visit.
– All documents that come in a language other than Spanish, must be translated in Panama through an official certified Panamanian translator.
– All Passports validity should not be less than six (6) months prior to processing the Panama immigration application.
– Note that all applicants for visas must be physically present at the Panama immigration office in Panama, at the time of Visa application.

Documents to be delivered

  1. Permanent residence card
  2. Panama identity card

Meaning of terms

  • Original: Original issued documents, not copies.
  • Official: Issued directly by the respective Institution/Company, not internet printing nor other external source.
  • Updated: With a recent date, not more than six (6) months, since the document was issued.
  • Authenticated: Notarized and Authenticated by the Panamanian Consulate nearest you (or Authenticate by Apostil).
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