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About the Private Income Retiree Visa

What do you want to accomplish

Law 9 of June 1987 created the Private Income Retiree Visa. This permit is granted to foreigners who open a Certificate of Deposit (CD) with sufficient resources to generate interest income of USD $850 monthly. this is approximately USD 300.000 Investment in a Certificate of Deposit.
The CD must be opened at Banco Nacional de Panama or Caja de Ahorro (both government-owned banks), and it must be the ONLY source of this interest income. These interests must be net of taxes and must have no liability or mortgage for at least five (5) years.

visa Requirements

o Letter of accountability for these dependents.
o Proof of ties between the applicant and each dependent.
o Proof of address โ€“ applicant and dependent must live in the same address.
o If the dependent is 18 years old or more, single status and student status certificate.

private income retiree visa

fee for a Single Applicant:

Bank Account opening: USD 1500
Residency Legal Fees: USD 3000
Government fees and Expenses: USD 1500
Panama Special Passport: USD 1500

Passport:

  • Holders of a Private Income Retiree Visa can also apply to a Special Panamanian Passport immediately. This passport looks like any other Panamanian passport, but indicates the applicantโ€™s original citizenship. For instance, if a German citizen obtains a Special Panamanian Passport, this passport will read Germany as the holderโ€™s nationality.
  • The owner can travel with this passport, but it does NOT grant Panamanian citizenship.

considerations

  • The Immediate Panamanian Passport and the Private Income Retiree Visa will be valid only for the CD duration of five years.
  • The passport and visa will be void if the CD is withdrawn before the five-year term.
  • The CD must have no liabilities for its duration, otherwise the passport and visa will also be void.
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