Panama Retired or Pensioned Program (Visa Pensionado)
Benefits and Discounts having a Panama Pension Visa (link)
Best Of Panama Realty
& Law s.a. legal Services provides retirees and persons with pensions with
a Panama Pensioned Visa, also called the Panama Pensionado Visa.
The Panama Retired or
Pensioned Program allows foreigners to obtain legal residency in Panama under
the condition that they are retired or pensioned. According to the Panama
Immigration Department, there is no minimum or maximum age required to qualify
(you only need to provide the requirements / documents below).
The applicants’ retirement income (or pension
income) must be at least a LIFE TIME US$1,000 per month. Another option is to purchase at least
$100,000 in Panama real estate, which reduces the lifetime monthly income to
$750. The applicants’ 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 notarized and authenticated by the
Panamanian Consulate nearest to you.
Here are the Basic
Requirements to qualify for a Panama Pensioned Visa:
Article 201.4.a states
the following:
“Article 201.(4): If the pension or retirement
fund is from a private company, the following is required:
a. Letter from a foreign company that administrates pensions, a trust company,
a mutual fund company, an insurance company or a bank, that certifies that the
funds exist to guarantee a lifetime pension for the applicant.
b. Certification of the existence and validity of the private company that
issued the pension and administrates the funds.
c. Copy of the proof of payment or statement of account from the bank.”
This is important
because now applicants can use an Annuity issued by a bank, an insurance
company, or even a private company to meet the Panama Pension Visa requirement.
Also, in the same
article 201(4) it states in the final Paragraph:
“In the case of
spouses they may opt for proving the sum established ($1,000) in the numeral 1
with the pension of both, in that case they should comply with the requirements
previously established for both pensions.”
What this means is that if a married
couple both receive a pension, and their combined pensions equal at least
$1,000 they can apply for the Panama Pension Visa.
Also, the law states the following regarding dependents:
“Article 202. In the
case of dependent children, their 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. It also means that dependent children can’t
use the parents Panama Pensionado Visa to obtain Panama permanent residency.
They will have to find another Visa to apply for Panama permanent residency.
The law requires an additional
$250 per month for each dependant which can be accomplished by either receiving that amount in the
monthly pension or by providing a licensed local Panama bank reference letter
indicating that amount is in deposit. Also, it’s important to note that the law does
not discriminate based on age, so anyone, regardless of age, that has the pension mentioned
above, can apply for this Panama visa.
Procedures for
Qualifying for Panama Pensioner Visa
Foreigners that
receive retirement or pensions from a foreign government, international agency
or private enterprise, who enter Panama to live and has sufficient economic
means to cover all of their living expenses and their dependents will be able
to request this Panama Pensioner Visa. The income or monthly pension will not
be able to be less than One Thousand dollars ($1,000) and should be granted for
life.
Note: If the applicant can show that they acquired
Panama real estate with personal title worth at least One Hundred Thousand
dollars ($100,000), the monthly life time pension will be able to be for a
minimum of Seven Hundred Fifty dollars ($750). In addition to the basic
requirements of Article 28 of the Decree Law, the applicant must submit the
following documents:
1. 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 dollars ($1,000) monthly or its equivalent in foreign currency
and that it is for life.
Note: In the case of spouses, they can show a
combined sum of at least $1,000 per month for life. They will need to show this
before submitting the required documentation for both pensions.
2. If they have
dependents, they must pay an additional application fee in favor of the
National Service of Immigration in the sum of Two Hundred Fifty dollars ($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.
3. Certificate of Public
Registration of the Panama real estate (if applicable);
4. If the pension or
retirement is from a private enterprise, they must submit the following items:
a. Letter from an administration of foreign
business of pensions, of trusts, of mutual funds, of insurances, or banking,
that certify that the funds exist to guarantee an annuity of the applicant for
life;
b. Certification of existence and work of the business that offers the pension
and administers the fund;
c. Payment proof with a copy of payments or statement from the bank.
5. If the Pension Letter is from a private company, then you
must also provide a Certification from the Government authority that certifies
that the Company who 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.
6. 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).
7. 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).
8. 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).
Procedures for
Applying for Panama Residency:
The procedure for all resident permits (Panama visas) is the
following:
1. Register passport at Panama Immigration.
2. Present application with all required documents to Panama
immigration, with Government fees & Repatriation Deposit (if applicable).
3. Panama immigration department issues applicant 3 month
Temporary Permit (Panama Visa) & Multiple Entry-Exit Visa.
4. Panama immigration department issues applicant 3 month
Temporary Permit (Panama Visa) & Multiple Entry-Exit Visa while the
application for renewal is being processed..
5. Panama immigration department issues applicant Permanent
Residency Permit (Panama Visa).
Passport Registration:
A short visit to Panama is required to register and stamp your
Passport at the Panama immigration Office. NOTE: No shorts, t-shirts or sandals
are permitted in government offices.
The requirements are:
1. Two (2) passport sized photographs of the applicant (and
dependents – if applicable).
2. Complete Panama immigration registration Form (POLS will
provide this to Client, who only needs to complete and sign).
3. Original passport, and one (1) photocopy of passport (the
original passport will be returned to the Client immediately after the
registration of it).
Required Documents
(for Panama Immigration processing):
Documents that Client must provide (for applicant and dependents
– if applicable):
1. Photocopy of complete 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).
This should be provided after the Passport Registration is registered at the
Panama immigration Office. Please note that the passport must be valid for at
least 6 months from the date of the immigration application.
2. Six (6) passport sized photographs of the applicant (and
dependents – if applicable).
3. 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.
Documents that Client must provide (for applicant):
4. Documentation of proof of Pension from either of the
following:
a. If Pension is from a Government Institution or Social
Security: Client must provide certification from the respective Government
institution that pays the applicant’s retirement or pension income, certifying
that the person receives a “pension” in the amount of at least US$1,000 per
month FOR LIFE. This document must be ‘original’, ‘official’, ‘updated’ and
‘authenticated’ (please check explanation of these terms below).
b. 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).
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.
- Clients should download, fill out and complete the Filiations
Form and the Personal Background Info Application, exactly as it shown in our
Website (See Panama Immigration and Panama Visas). Please send these two
application forms by courier before your first visit, or please bring it during
your first visit.
Documents that our law firm will provide to you:
1. Special Power of Attorney, signed by the applicant (and
dependents – if applicable), authorizing our law firm to process the
immigration applications and documentation.
2. Letter of Responsibility, signed by the applicant, whereby
the applicant takes responsibility for his/her dependents (if applicable).
3. Panama immigration Declaration Forms, to be completed and
signed by the applicant (and dependents – if applicable).
* Note: for authenticating documents through the
Panamanian Consulate, please contact us to request the contact information of
the Panamanian Consulate nearest you.
- All documents that come in a language different than Spanish,
have to be translated in Panama through an official certified translator in
Panama.
- All Passports validity should not be less than six (6) months.
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).
- Panama Permanent Residency obtained through the Panama
Pensioned Visa Program provides holder of a Panama Permanent Residency Card for
certain discounts and exonerations of certain taxes.
Panama Immigration will not allow people to visit wearing
shorts, t-shirts, or sandals. Immigration will not accept U.S. currency in
denominations of $50 or $100.
Note that immigration
request that the applicant for any type of visa, be present physically at the
immigration office in Panama, at the time of Visa application. Panama
Immigration will not allow people to visit wearing shorts, t-shirts, or
sandals. Immigration will not accept U.S. currency in denominations of $50 or
$100.
When the immigration visa is approved plan to visit Panama for
two weeks because immigration may hold onto your passport for 5 business days
while they insert the official stamps and information in the passport.
Best Of Panama Realty
& Law s.a. has these Legal Services Fees:
For Primary Applicant:
Legal Fee – Permanent Resident Card: USD $1,000.
Government Fees and Costs: USD $430.
For Dependents:
Legal Fee – Permanent Resident Card: USD $1,000.
Government Fees and Costs: USD $430.
For clients previous
registered at any of Best Of Panama Realty and Law departments a discount can
be obtained, if earlier services have been used.
Discounts: As a qualified Panama “pensionado” (retiree),
you will be entitled to:
- 50% off entertainment anywhere in the
country (movies, theatres, concerts, sporting events, etc.)
- 30% off bus, boat & 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 & eye exams
- 20% off professional & technical services
- 50% off closing costs for home loans
- 25% off residential power up to 600 kw
- 25% off residential phone service charges
- 25% off residential water bills of up to US$30
Tax Exemptions: As a qualified Panama “pensionado” (retiree),
you will be entitled to:
- A one-time exemption of duties 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.
If you are interested in relocating to Panama, or obtaining
legal residency in Panama, please contact us for a personal consultation
Best
Of Panama Realty & Law s.a. Lic. Yarileth Gomez 7309464
info@bestofpanamarealty.com