Panama for Retirees and Pensioners

Panama is very accessible to those who wish to retire there. For pensioners, Panama has the Tourist Pensioner Visa. This Visa allows a retiree to settle indefinitely in Panama without citizenship provided that he annually report to the Panama Immigration Department to prove that he is still receiving pension from the government or a retirement corporation. The monthly pension minimum requirement is $500. And this should be backed by pension statements. The minimum age requirement to be a pensioner in Panama is 55 for women and 60 for men.

When you have a Pensioner Visa, you will have some importation tariff breaks as well as generous discounts. You can have a swinging good time in Panama because you are generally entitled to receive 50% of the recreational and entertainment activities. You will have the means to travel all over Panama because you have public transportation as well as hotel accommodation discounts. Aside from these, you have discounts for medical services and monthly utility bills. This Visa doesn't come with a passport, but it entitles you to get a national identity card to facilitate your financial and official transactions.

Panama is not only for people who expect a monthly pension. Panama also welcomes those retirees who have received a lump sum upon retirement. In this case, retirees who can give proof that they have enough retirement money will be given a Private Income Retiree Visa. Before this type of Visa is approved, money should be deposited with the National bank of Panama and the account returns should give the retiree a minimum monthly income of $750. Unlike the Tourist Pensioner Visa, this type of Visa loses validity every 5 years so a renewal must be undertaken by renewing the bank account deposit. This type of Visa also grants one use of a Panamanian passport though without the benefit of nationality.

As a Private Income Retiree Visa holder, you will get a one-time duty-free exemption privilege when you import household goods. The maximum duty-free import amount is $10,000. And every couple of years, you will have an exemption for importing cars.

One other way by which you can spend the rest of your days in Panama is through the Person of Means Visa which is awarded to people who have a one-year certificate of deposit in any Panama account. The minimum amount of deposit required is $200,000. There is going to be one other renewal on the second year where the deposit also needs to be renewed. Upon the next renewal, the Visa becomes permanent and after five years of being a permanent Person of Means Visa holder, one can apply for nationality.

Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues.

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