Retired Annuitants Visa (Rentista)

By Law No 9 of June 24, 1987, developed through Executive Decree Nº 62 of August 4, 1987, Panama grants a passport and residence to people that qualify as retired annuitants or pensioners.

It is geared towards individuals who were self-employed, owned a business, or received a retirement lump sum rather than monthly payments.

To qualify you would need to make a five year term deposit at Panama’s Banco Nacional that would generate $750/month in interest which at current rates is a deposit of approximately $220,000. You and any dependents are provided a temporary residence permit for five years with the option to renew. The interest created from the deposit is transferred into your savings account which you can withdraw at any time.

This visa, unlike the Pensionado Visa, entitles you to receive a limited Panamanian passport for travel purposes that allows you to enter and exit the country as you like and you are not required to reside in Panama. Nonetheless, you cannot apply for citizenship.

Benefits:

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

How to Apply

To make a certificate of deposit, or the five-year term deposit, the applicant must provide the following documents:

Complete photocopy of passports for applicant and dependents

Two (2) 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.

Two (2) commercial reference letters: these can be from any company or professional (a company, attorney, accountant, etc.). They should be on the company or professional's letterhead, signed by a representative of the company (or the professional), and show the contact information (address, tel, fax, email, etc.) for the reference to be verified.

Two (2) personal reference letters: these can be from any person that you know (a friend, family member, doctor, lawyer, etc.). They should be signed by the person, and show the contact information (address, tel, fax, email, etc.) for the reference to be verified.

The applicant (and dependents) must also provide the following for the visa application:

• 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)

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)
• All documents must be notarized and certified by the nearest Panama consulate** in your country
• 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
• If you wish to leave Panama and re-enter during the application process, you must apply for a Multiple Reentry Visa
• 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.

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

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.