About Panama Retirement and Pensionado Visa
The retiree program requires that the applicant is able to provide documents that show that he or she receives a monthly pension of at least US$1,000, plus $250 for each dependent that were to apply jointly (spouse and children under the age of 25).It must shown that the pension or allowance is to be for lifetime by a government or private institution. In case a private institution is involved, it is mandatory to include the following documents:
- Letter from entity that administers pensions, trusts, mutual funds, bank, or insurance company that certifies that it is holding or managing assets that belong to the applicant.
- Certification of existence and validity of this entity (incumbency).
- Evidence of payment or account statement.
- Once the application is filed at the Immigration Department, a temporary ID is granted and from this moment all the discounts that people of retirement age in Panama (62 for men, 57 for women) are entitled to. This residency program also allows the applicant to further apply for Panamanian Citizenship after having been approved of permanent residency, per legislation passed in 2008.
Additional highlights:
• It is the cheapest residence program regarding costs.
• Applicants that benefit from early retirement may apply.
• Import tax exemption for a new car every 2 years.
• Import tax exemption for household goods worth up to US$10,000.
• Discounts on goods and services in Panama.
- 50% on entrance for recreation and entertainment activities such as movie theaters, theaters, sporting events and all other shows available to public. If theproceeds of an event, such as a music concert, are to go towards charity or a foundation, the discount does not apply. Concession items such as popcorn orcoffee at the movie theater do not offer the discount since they are nottechnically a restaurant or a fast food franchise.
- 30% on public transportation: buses, trains, boats. Those residents within theretirement age group may request a special access card that applies the discountrate for subway and public buses within Panama City. The discount does notapply to taxi or Uber services.
- 25% air fare, mandatory for local or foreign airlines for tickets purchased inPanama. Reservations must be made through a travel agent or directly with theairline at their branches or pay stations since most websites such as fareaggregators do not give the option to obtain the discount.
- 50% hotel, motel and boardinghouse bookings (Monday – Thursday) 30% (Friday– Sunday). Hotels that offer all inclusive packages, the discount rate is at 20%Monday – Thursday and 12% Friday – Sunday. It does not apply to Airbnbaccommodations.
- 25% on restaurant consumption, including takeout. It does not apply to informalfood providers that do not require a business license to operate. We stronglysuggest you notify the restaurant of your status as a retiree when ordering the billat a restaurant.
- 15% consumption at local or international fast food chains.
- 15% on bill issued from hospitals / clinic for medical attention.
- 20% medication. It does not include supplements and vitamins.
- 20% on the following medical services: doctor visits for general medicine, specialists and surgeons.
- 15% dentist services.
- 15% optometrist.
All insurance companies that offer medical coverage must accordingly take into account and apply these discounts towards insurance premiums.
- 20% on prosthesis and aid accessories.
- 25% on residential electricity bill up to 600kWh; landline telephone and residential water consumption as long it does not pass $30 a month. It does notapply for internet, cable t.v. or mobile phone usage.
- 50% airport taxes.
- 20% for the purchase of coffins / urns and funeral services.
- 1% on mortgage interest rates.
- 15% on maximum interest rates all credit institutions.
