Retiree Residence (pensionado)

By Law No 9 of June 24, 1987, developed through Executive Decree Nº 62 of August 4, 1987, Panama grants residences to people that qualify as Pensioned Tourists.

The program is straight forward and applicant only needs to provide proof of retirement with a monthly pension of $500 from a foreign government, international organization or private entity, plus an additional $100 for each dependent including a spouse.

This qualifies you for a legal residence status which remains valid as long as you continue meeting the pension income requirements.

Under this visa, you may not apply for citizenship.

Please contact us to find out if you qualify.

Benefits:

a.Elimination of tax payment when importing one car every 2 years.
b.Elimination of import tax for furniture, up to US$ 10,000.
c.Elimination of taxes and discounts for services in the Republic of Panama, such as electric power, phone, water, movies, restaurants, hotels, national and international flight tickets, among others.

Any alien who has the quality of retiree or pensioner, residing in the national territory, with fifty five (55) years of age if female and with sixty years (60) of age if male, will enjoy a series of benefits, among which are:
a) A 50% discount on the prices charged as general admission to recreational or entertainment activities such as movies, theaters, sports and various public shows,
b) A 25% discount on air fares from private or public companies
c) A 50% discount in hotels from Monday thru Thursday and 30% from Saturday thru Sunday,
d) A discount of 25% on the individual food consumption value in first and second class restaurants,
e) A discount of 10% on the value of drugs acquired with a doctor’s prescription. Besides the discounts mentioned above, there are discounts for closing

How to Apply

Applicants (and dependents) must provide the following documentation:

• Good Health Medical Certificate from Panama
• Police report from the country where you have lived the last two years
• 2 Complete copies of passport
• 8 Passport-sized photos
• Marriage certificate (for dependent spouse); must be official
• Birth certificate (for dependent children under 18 years of age)

Applicant (only) must also provide the following:

• Letter on company letterhead certifying retiree status and the amount earned per month
• Proof of monthly income, such as copies of checks, bank statements, etc.**
• If the pension is paid by a private entity, certification from a government authority that the Company is in operation and duly registered

** Please note, if the application is approved the amount of the monthly income may be verified periodically to ensure it continues to meet minimum requirements.

Please note:
These documents (except the Health Certificate) should be gathered before arriving in Panama
All official documents must be issued within 3 months of application
No copies of official documents will be accepted (except in the case of the passport)

Certified translations of all non-Spanish documents by a recognized public office translator in Panama are also required

Your passport should be valid for at least six months from the date you apply for residency

Two short visits to the Immigration Department in Panama will be necessary, to register your passport, and to take the picture for your Permanent Resident card once the application is approved; otherwise you need not remain in Panama for the application process.

To leave Panama and re-enter during the application process and after approval, you must apply for a Multiple Reentry Visa**

Our Services

Vertical Realty will provide you with all necessary forms, including:
Power of Attorney, authorizing our law firm to process the immigration applications and documentation
Letter of Responsibility, signed by the applicant taking responsibility for his / her dependents (if applicable)
Immigration Declaration Forms, to be completed and signed by the applicant (and dependents - if applicable)

We will assist you in gathering all the necessary documentation to ensure the process is as smooth and unhindered as possible. Once all the documents are in place, we will review, prepare and submit the application on your behalf with Panama's Department of Immigration.