Retirement or Pensionado Visa
Panama is known worldwide for its business incentives, tax advantages, free zones, and residency programs. This is one of the countries to offer a very wide range of residency options that are, in general, easy to get.
The friendly nations visa, for example, grants permanent residency with a simple process to the citizens of 50 countries that are considered to have friendly relations with Panama. All the citizens from these countries, which include Argentina, Uruguay, the USA, and many European countries, can acquire residency in approximately 3 to 6 months. The main requirements are depositing 5,000USD to a local bank account and proving to have ties to the country (work contract or registering a company).
One of the exciting news that this 2020 brought is the new permanent residency program for qualified investors. Now, citizens from countries that are not under the friendly nations list can acquire permanent residency in approximately 3 months by investing a minimum of 300,000 USD in real estate. It is also possible to apply through other investments such as securities in Panama´s stock market for a minimum amount of 500,000USD, and bank fixed deposits for a minimum of $750,000. For more information about this new program please read our article.
One of the most attractive and peculiar residency programs is the Retirement visa for Panama, or pensionado visa.
Contrary to what its name suggests the retiree visa is open to all ages. All you have to prove is that you have a pension or fixed income from a government or private retirement fund of 1,000 USD per person per month for life.
The retirement or pensionado visa has absolutely no investment requirements, no language requirements, and is rated as the best retirement visa program on earth today. This program offers a permanent residency which allows you to have up to 25% discount on all movie tickets, medical bills, restaurants, and many other services. No wonder it is considered the most requested residency program. If you can prove a steady income for life then wait no more, this program will not last much longer as the government is due to remove or restrict it.
Requirements to acquire the Pensionado Visa
Proof of Panama address, this may be utility bill, rental agreement and / or hotel letter.
The process to apply to this type of visa is as follows:
• Register the passport at the Migration office and obtain a temporary ID (2 – 3 days)
• Obtain multiple entry visa (2-3 days)
• Residence approval process (3-6- months)
• Obtain residence card (1-2 days)
• Obtain residence card (45-60 days)
In our view, the retirement visa for Panama is one of the best residency options a person can have. It is not age restricted (you only need to prove having a steady income for life) and provides a permanent residency in one of the best business centers in the world. Having a Panamanian residency is the first step to acquiring a tax resident status in this country, which is one of the few in the world to offer an exemption on worldwide income tax. To find out more about the benefits of Panamanian tax residency, please read this article.
We have many experts with a wide experience in Panamanian financial and immigration services. Please contact us to get a consultation with our experts.