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Also regulated by Executive Decree No. 320 of August 8th, 2008, the retiree or “pensionado” residence status requires that applicant demonstrates an income on pension of only US$1,000.00 per month and $250.00 for each dependent.

Once the visa petition is filed before the Immigration and Naturalization Directorate, a permanent residence permit will be granted to the applicant within 4-6 months as of the date of filing of the application.

This type of residence is expedite ant the status is granted for life.

Requirements to Obtain the Retiree Status

• Power of attorney
• Good health medical certificate, HIV Test
• Good standing report from police or municipal authorities
• Complete copy of passport
• Letter certifying applicant condition as a retiree and amount earned per month. If it is a private entity, proof of its existence must be supplied.
• Photographs, carnet size
• Marriage certificate

Note: Except for the retiree certification, the same documents must be supplied by the spouse. All documents must be apostilled or certified before a Panama consulate at the place of issuance.

Panamanian law also grants retirees a very good tax exemption package including:

• Tax exemption to import a car every 2 years
• Import tax exemption for households up to US$10,000
• Multiple tax exemptions and discounts on services in Panama

Visa Program Basic Requirement Benefits   2nd Passport   Open a CD deposit for US$260,000 that produces US$850 interests per month. 2nd passport for travel Residency Tax free import of a car every 2 years One-time tax free import of households up to US$ 10K Discounts on goods and services The CD deposit must be opened at The National Bank of Panama for a minimum period of 5 years. Current Interest rate for  5 years: 4%   Self Sufficient Funds   Option 1: Open a CD deposit of US$300,000 for 3 years in a Panamanian Bank. Permanent residency Right to opt for Panamanian citizenship Option 2: Real Estate investment of US$300,000 (if property value is higher than US$300,000, the applicant is entitled to obtain a mortgage for the remaining amount). Option 3: Mix investment: CD deposit and real estate investment is allowed as long they reach the amount of US$300,000.   Pensionado   Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$1,000 for life, plus $250 for each dependent. Permanent residency for principals Right to opt for Panamanian citizenship Tax free import of a vehicle every 2 years One-time tax free import of households up to US$ 10K Discounts on goods and services If the petitioner purchases a property of US$100,000 or more, the pension could be of US$750. The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$1,000. If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life.   Reforestation   Investment of US$80,000 or more on his name or through a Panamanian corporation in a reforestation project. Permanent residency Right to opt for Panamanian citizenship   Large Investor   Required Investment of US$160,000 through a Panamanian corporation. Permanent residency Right to opt for Panamanian citizenship Type of investment: All investments, excluding activities restricted by Panamanian constitution. Company must be registered at the social security program. 5 Panamanian employees as minimum.

The BusinessPanama Group offers you a Complete Expat Retirement Solution by providing you with the following services:

• All Legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
• Incorporation of the company
• Legal advise regarding property purchase and contracts
• Relocation to Panama, including purchase or lease of real estate
• All necessary contacts and arrangements to identify business opportunities in Panama related to the investment in which you may be interested.

For more information, please click here to contact us.

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