Panama Retiree Residency Visa
Regulated by Executive Decree No. 320 of August 8th, 2008, the retiree or “pensionado” residence status requires that the applicant prove an income or pension of US$1,000 per month and $250 for each dependent.
Once the visa petition is filed before the Immigration Department, a permanent residency permit will be granted. The permanent residency permit grants the applicant an additional foreign resident permanent ID Card and the right to apply for Panamanian Nationality after 5 years.
Retiree residence program highlights:
- It is the most economical residence program
- Applicants must be aware that additional documents will be required if the pension plan is paid by a private institution.
- There are major benefits for applicants, such as:
- Import tax exemption for a new car every 2 years
- Import tax exemption for household goods worth up to US$10,000
- Multiple tax exemptions and discounts on services in Panama, including discounts on prescriptions, restaurants, air travel and entertainment.
Citizens from Asia, Middle East and Africa, kindly note that Panama’s Immigration Office may have your country on a List of Restricted Countries subject to Special Requirements. For more information, please click here.
The BusinessPanama Group provides a convenient One Stop Shop offering you the following services:
- Real estate brokerage to find a home or apartment
- Incorporation of companies, LLCs, trusts and foundations
- Banking & trading accounts
- Multi-family office services
- Wealth management services
- Applying for visas, work and residence permits for expats
- Relocation services
For more information, please contact us.