The visa program for retiring in Panama allows you to obtain resident status and is one of the fastest, most complete and secure in the world. Any person with a minimum monthly pension of 1,000 American dollars can apply. The members of the program receive multiple benefits, the possibility of obtaining permanent residence in the country among them. With the assistance of a lawyer, expert on legal subjects, the process won’t be complicated.
What advantages are offered by the visas for retirees?
This program is considered the most economic in the world. The people who adhere to the visas for retirees program in Panama can immediately enjoy many advantages. For example, they receive several discounts, from 10% - 50%, for some medical services, as well as for restaurants, entertainment (cinemas, concerts, stadiums) and mobility, with public transportation services.
In addition, they obtain a tax exemption for importing a new car every two years. A single tax exemption for importing household items – up to a total value of 10,000 dollars – is added to this.
Who can apply for the visa program?
According to the National Immigration Service, any person in the world, regardless of minimum or maximum age, can apply for this program. They only need to comply with the requirements.
What documents are needed to apply?
The first requirement is that the person must show that he receives a life-time pension for a minimum total of 1,000 American dollars. Said pension can come from a foreign government, a private business or an international organization.
In each case, delivering a letter, issued by the entity that pays the pension, mentioning the monthly amount and its lifetime character, is essential. This letter must be authenticated by a Panamanian Consulate. Another option would be that the letter be apostilled.
If the applicant makes an investment by purchasing real estate with a minimum value of 100,000 dollars, the minimum monthly pension can be reduced to 750 dollars .
Other documents that must be delivered are your criminal record; a certificate of good health, issued in Panama; as well as your marriage certificate (if applicable) and the birth certificate of your children (if applicable).
If you need help with the documentation or if you don’t comply with the amount required for the pension, contact us and we’ll work together for a solution.
How to include your family in the visas for retirees
The person who requests the visa for retirees can include the family, although by completing particular requirements. For each dependent person that he includes he will have to receive an additional 250 dollars each month. In the case where the pension doesn’t reach this amount, the person can then make a deposit in a bank based in Panama, for the same amount.
If the person includes dependent children, he must know that that condition remains p to 25 years old. Therefore, those children obtain permission of temporary residence up to that age, as long as they are studying. For those who aren’t studying, they will lose the right to remain in the country after they turn 18., as a part of the visas for retirees program.
When referring to a marriage in which both receive a pension, this can be combined to reach 1,000 dollars. This means, for example, that if a man receives 600 dollars monthly and his wife receives 400, then they can both apply for the visas for retirees in Panama.
Steps to follow for requesting the visa for retirees in Panama
The support of a specialized lawyer will be key for facilitating the process. The person must register his/her passport before the National Immigration Service of Panama, in person. Then, he will present the application for the visas for retirees program, to the same Service. The records of the various payments must also be presented there.
Then, the National Immigration Service will deliver the provisional card and the visa for multiple entries. Both will be valid for between three months and a year. Further ahead, he will receive the permanent residence card as a retiree.