Obtain The Pensionado Visa
Retirees or persons with “lifetime” pensions may qualify for the Panama retirement visa, also called the “Panama Pensionado Visa”. 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 applicants’ 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 “Pensioned”. 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 applicants’ 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 applicants’ 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
• It is not necessary to reside in Panama permanently.You need only to visit Panama once every two years to maintain the residency status.
• 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
- Police record from the country of last 5 years of residency. This document must be ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms).
- If the applicant has dependents, they must pay an additional application fee in favor of the National Panama Immigration Service, for the sum of Two Hundred Fifty US Dollars (US$250) for each dependent; NOTE: In the case of dependent children, their permission will be temporary until they turn twenty-five (25) years old if they can prove they are full time students. However, they will not have the right to the continuance of the Panama Pensioner Visa, except for those dependent children that suffer a verified physical or mental disability.
- Certification letter of his/her retirement or pension by a foreign government, international agency, or private enterprise, confirming that he/she receives a pension of at least One Thousand US Dollars (US$1,000) monthly or its equivalent in foreign currency and that the pension is for life. IMPORTANT NOTE: If the pension income certification document issued by the Government or by Social Security does not specifically state that the payment is a “PENSION” and it is for “LIFE”, then the applicant must provide a signed Affidavit (Sworn Declaration) stating that the payment is in concept of a “RETIREMENT PENSION” and that it is for “LIFE”. This Affidavit (Sworn Declaration) must be authenticated by a Public Notary & Secretary of State Apostil if issued in the USA, or otherwise, authenticated through the US consulate office in Panama. NOTE: In the case of spouses, the two can be approved if they have a combined sum of at least US$1,000 per month pension income for life.
- If the pension or retirement is from a private enterprise, they must submit the following items:
- Letter from an administration of foreign business of pensions, of trusts, of mutual funds, of insurances, or a bank, that certify that the funds exist to guarantee an annuity of the applicant for life;
- Certification of existence and work of the business that offers the pension and administers the fund;
- Payment proof with a copy of payments or statement from the bank.
- If the Pension Letter is from a private company, then the applicant must also provide a Certification from the Government authority that certifies that the Company that pays the pension is in good standing and duly registered. This document must be ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms). The private company administering the annuity or pension must also provide an original letter certifying that this company is administering said annuity or pension.
IMPORTANT NOTE:
If the Pension is from a Private Company: Client must provide a letter on company letterhead from the company that pays the applicant’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 “pension for life” (the Pension Letter must use the words “pension for life”) in the amount of at least US$1,000 per month. This document must ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms).
- Certificate of Public Registration of the Panama real estate with title in the applicants personal name (if applicable);
- Original Financial Reference Letters: These can be from any bank, brokerage firm, or credit union. They should be on the financial institutions letterhead, signed by a representative of the financial institution, and show the contact information (address, tel, fax, email, etc.) for the reference to be verified.
- Copies of proof of pension payments (copies of pension payment checks, bank statements showing deposits, etc.) from Institution/Company to applicant. This document must be ‘authenticated’ (please check explanation below of these terms).
- Marriage Certificate (for the spouse – if applicable), and/or Birth Certificate (for children under 18 years of age – if applicable). This document must be ‘original’, ‘official’, ‘updated’ and ‘authenticated’ (please check explanation below of these terms).
- Six (6) passport sized photographs of the applicant (and dependents – if applicable).
- Photocopy of valid passport of the applicant (and dependents – if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all other pages (all pages of the passport).
- Second I.D. ideally from applicant’s country of origin (e.g. driver’s license or government issued photo I.D.)
- Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant (and dependents – if applicable) has no contagious diseases and is in good mental and physical condition. THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA.
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
- Permanent residence card
- 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).