Special Features: Pensionado or Retiree Residence
By means of Law Decree 3 of 22nd February, 2008 and Executive Decree 320 of August 8th, 2008, the Panamanian government approved new migratory regulations that will be in force as of August 26th, 2008. These regulations modify existent visa programs and create new programs in accordance to existent economic and political situation of Panama.
According to these new regulations, the retiree or “pensionado” residence status requires that the applicant demonstrates an income on pension of only US$1,000.00 as follows:
- Letter from a foreign government entity, private entity stating that the petitioner receives a monthly pension of US$ 1,000.00 for life
- 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 or trust administration stating that the pension are going to be paid for life.
Once the visa petition is filed before the Immigration and Naturalization Directorate, a provisional residence permit, valid for a one-year period will be granted to the applicants. At the end of the one-year period, a petition for permanent residence must be filed. The permanent residence permit, once approved, grant the applicant a Panamanian Identification Card and the right to apply for Panamanian Nationality after 5 years
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 legalized 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$10,000
- Multiple tax exemptions and discounts on services in Panama
| Comparison of Permanent Residence Programs | ||
|---|---|---|
| Visa Program | Basic Requirement |
Benefits |
| 2nd Passport | Open a CD deposit that produce US$ 2,000.00 interests per month. |
|
| 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 |
|
| 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 |
|
| 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 |
|
| Large Investor | Required Investment of US$ 160,000.00 through a Panamanian corporation |
|
| 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 Business Panama 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 fees and more information, please contact us.
