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$850.00 interests per month.
2nd passport for travel
Permanent residency
Tax free import of a car every 2 years
One-time tax free import of households up to US$ 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$ 300,000.00 for 3 years in a Panamanian Bank
Permanent residency
Right to opt for Panamanian citizenship
Option 2: Real Estate investment of US$ 300,000.00 (if property value is higher than 300K, petitioner is entitle 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$300K
Pensionado
Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$ 1,000.00 for life
Permanent residency for principals
Right to opt for Panamanian citizenship
Tax free import of a vehicule every 2 years
one-time tax free import of households up to US$ 10K
Discounts on goods and services
If petitioner purchase a Real estate property of US$ 100,000.00 or more , the pension could be of US 750.00
The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$ 1,000.00
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$ 80,000.00 or more on his name or through a Panamanian corporation in a reforestation field
Permanent residency
Right to opt for Panamanian citizenship
Large Investor
Required Investment of US$ 160,000.00 through a Panamanian corporation
Permanent residency
Right to opt for Panamanian citizenship
Type of investment: all, 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.
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