How To Retire in Panama
Panama welcomes foreigners and American citizens to retire peacefully. The Panama retirement visa will open new horizons for you in your old age or even if you plan early retirement.
For more information about Panama Retirement visas, help on how to obtain one, and bespoke advice on how to obtain a Retirement visa for the country of your choice, reach out to one of our immigration advisers today for more info. Call us at +1 844 290 6312, or contact us online.
Page Contents
- Overview of Retiring in Panama
- What is the Panama retirement visa?
- Eligibility criteria for how to retire in Panama
- Important documents to retire in Panama
- How to apply for the retirement visa
- Cost of the Panama retirement visa
- Processing time
- Common refusal reasons
- Benefits to retire in Panama
- How Can IAS Help?
- Frequently Asked Questions
Overview Of Retiring To Panama
According to the World Economic Forum, Panama is one of the world’s best retirement destinations. Panama has many options available for US citizens to retire in the country. It is one of the most popular retiree residence programs in the world. Expat retirees can enjoy everything they expect from a tropical getaway, combining metropolitan life and convenience.
How can I incorporate Panama into my retirement plan? Depending on your budget, retiring in Panama is an excellent option.
The American people can live comfortably in Panama at a monthly cost of $2,500. A typical person lives 20 years after their median age, so retiring in Panama will cost you the least you can afford for your retirement.
The best financial advisors can make your retirement plan worthwhile with sound advice.
The US citizens will find Panama to be an adventurous destination coupled with exceptional benefits like top-notch healthcare facilities and tax leniency in many cases.
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What Is The Panama Retirement Visa
The visa is also called the Panama Pensionado Visa or the Panama Pensioners visa. The visa applies to all those who enjoy lifetime pensions.
The Pensionado Visa applies to anyone, including US citizens, if you can prove that you earn $1000 of minimum monthly income for the rest of your life.
If your income is below $1000 but above $750, still, you are eligible for the visa.
You need to be 18 years of age and prove that you will earn $1000 for the rest of your life for the Panama retirement visa application. After meeting these criteria, you will only need to submit a few essential documents.
When you become a retiree in Panama, you can avail of several state discount benefits.
Eligibility Criteria for How To Retire In Panama
Overview
The eligibility criteria for the Panama Pensionado program are very straightforward. Panama welcomes US citizens and other expats in their country. To retire in Panama, you must:
- Earn $750-$1000 or equivalent for the rest of your life.
- Be aged 18 or above.
- Have a clean police record.
- Complete the entire process via a legal attorney.
For advice and preparation for the retirement visa process, contact Immigration Advice Services today and get professional help to spend your golden years in peace.
For US Citizens
US citizens do not require a visa to enter Panama. They only need to have a valid passport and can stay up to three months in Panama (for the application process).
The applicant must process their application through a lawyer. It cannot be done through the embassy of Panama.
The applicant must authenticate all documents from the Consulate U.S. Panama within the US before submitting their papers to a lawyer in Panama.
For Applying The Retirement Visa From Abroad
Submit your Panama retirement visa application through an immigration lawyer in Panama if you are from abroad. The Panamanian consular office does not deal with it.
There are two ways to submit your retirement visa application:
- You can submit all your documents and required papers yourself in Panama.
- Or you can hire a Panamanian immigration lawyer who will submit your documents on your behalf.
However, you will need to receive your retirement visa from Panama yourself.
Important documents to retire in Panama
- Certified Birth certificate – updated certificate issued by the Office of Vital Records of the State you were born in.
- notarized proof of income
- If applying for a spouse visa, present a certified marriage certificate.
- Original Police Record issued by the F.B.I. – stamped and signed.
The Panama Consulate in Washington authenticates each document for $30.
To process your application, you must hire an immigration lawyer in Panama.
The retiree residence status in Panama requires you to earn $750-$1000 per month for the rest of your life and $250 for each added dependent.
The best route is to travel to Panama on a tourist visa and change it to a permanent visa or retirement visa after the procedure is complete.
The IAS immigration lawyers are proficient in Panama laws and regulations and can help you transition from a tourist visa to a permanent visa.
How to Apply For The Retirement Visa
Qualifications
- You must apply in Panama
- You are 18 or above
- Application process through a Panamanian attorney
- Registration form. For this, the applicant must visit the immigration office in Panama City.
A letter of proof from the company or government stating your income is $1000 – original and notarized.
You should present physical evidence that you earn $1000 from a private corporation or a government program.
The document could be a government retirement fund or Social Security, a pension from the police service, military, state retirement, etc., or retirement from a private corporation.
Requirements
- If you wish to bring your family along, an additional $250 per dependent will be added.
- Panamanian law allows you to add your spouse’s income and yours to meet the mandatory $1000.
- You must present proof of $1000 received from your pension. An apostille seal or Panamanian Consulate should duly authenticate it.
- Present a medical certificate that a Panamanian doctor authenticated.
- Police certificate for good conduct at the place of residence. The certificate must certify the excellent conduct of the last five years in your home country, duly authenticated by the Apostille or Panamanian Consulate.
- Bachelorhood certificate from the courthouse if you are single. If that is not available, then a notary can certify you are single in the presence of two witnesses. The Panamanian Consulate should also authenticate this document.
- Your recent four photographs
- A notarized and authenticated photocopy of your passport, including the cover.
- Sworn statement of your background. It is done in Panama in the presence of your lawyer.
- Original passport
- Presence in Panama when the visa is issued.
Additional Requirements for dependents
If the applicant is married and wants to include their spouse or family, they should provide the following:
- Power of attorney
- Marriage certificate duly authenticated by the Panamanian Consulate or Apostille seal.
- Duly authenticated certificate of good conduct of spouse and children above 18 of the last five years.
- Duly authenticated birth certificates of children.
- photocopy of the passport
- four photographs of each dependent
- health certificate issued by a Panamanian doctor
- Sworn statement of the personal background of each dependent. It is done through a lawyer.
- Responsibility letter duly authenticated and notarized by the Panamanian Consulate.
All documents from abroad should be duly authenticated by the Panamanian Consulate or stamped with apostilled before submitting the paperwork to your attorney in Panama.
The Panamanian Consulate in the US will only authenticate the documents and birth certificates issued in the US only.
For other countries, get your documents, birth certificates, marriage certificate, etc., authenticated from the Panamanian Consulate of that country.
Cost Of The Panama Retirement Visa
The cost of the retirement visa for the main applicant is $400. For added applicants, the price reduces to $300 per applicant.
If you apply for a retirement visa with your spouse, you can consolidate your earnings to $1000. For each added dependent, the cost rises to $250 per applicant.
Processing time
The usual processing time for the Panama retirement visa takes up to three months, approx. You are required to be physically present and collect your documents in Panama City.
You can hire an IAS lawyer for smooth retirement visa processing and evidence portfolio preparation. They will help you each step of the way and clear any confusions you will have about the process.
Common Refusal Reasons
The common refusal reasons for your Panama retirement visa can be:
- Failure to provide a police certificate
- Not having lifetime pension plan
- Previous criminal record
- Fake documents or failure to satisfy the Panamanian Consulate
- Wrong documents
To avoid any inconveniences in the retirement visa application and for a smooth process, hire IAS lawyers today. Immigration Advice Services will prepare you for your retirement visa application and help you complete the procedure without any eventualities.
Benefits To Retire In Panama
The Panama Pensionado Program is a top-rated retiree residence program for its following benefits and incentives:
You get a 50% discount on entertainment, concerts, events, hotel stays Mon-Thu), and home loans.
Apart from that, 10% to 30% discount on bus fares, restaurant meals, prescription medicines, hospital bills, etc.
Along with these incentives, you also get
- 1-time tax exemption from import tax when you import household goods up to a value of 10,000 USD
- 100% tax exemption on the importation or purchase of a new car every 2 years
- This is applicable when your retirement visa is approved. Hire an IAS immigration lawyer today to get you started on your retirement visa application.
How Can IAS Help?
We at IAS realize that all this may seem overwhelming, but you don’t need to do it all by yourself. If you plan to retire in Panama, then IAS has helped numerous clients by providing them with smooth retirement services. Our qualified lawyers are proficient in Panamanian immigration law, including retirement law. They can help you get the best possible solutions to retire in peace in Panama.
IAS lawyers have helped several clients successfully complete their retirement visa requirements. When you hire an IAS lawyer, they will also draft a recommendation letter which can significantly enhance your application processing time and approval chances.
Our lawyers will also help you learn Panama’s basic rules and regulations so that you spend your time peacefully and do not violate any laws.
Talk to our lawyers today if you have any questions or confusion regarding how to retire in Panama.
For more information about our services and how we can help you with your Panama Retirement visa or retirement application process, reach out to us at +1 844 290 6312, or contact us online today.
Last modified on February 27th, 2023 at 7:41 am
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Frequently Asked Questions
The world-renowned forum, World Economic Forum, has listed the Central American Country as one of the top retirement destinations. Also, the exceptionally large expat community in Panama speaks highly of the safety of the country.
Due to the significant inflow of expats and US citizens in the Central American country, locals understand the English language. However, there is still a language barrier, and you should learn basic Spanish to function effectively in society.
As commonly believed, Panama is not a tax haven. However, you get a considerable tax reduction when you retire in Panama. But tax reduction depends upon what kind of legal advice you are following.
Retirement benefits such as social security are available for all citizens and residents of a certain age. For example, men can claim social security and other benefits when they are 62. Comparatively, women are eligible for social security and retirement benefits at 57.
The cost of living in Costa Rica and Panama is way better than in any other country. The average person can enjoy low fares in public transportation, social security benefits, and other incentives when they retire in Panama. Healthcare services are also affordable all over the country.