Panama Offshore Legal Services

Panama Retired or Pensioned Program (Visa Pensionado)

- Benefits and Discounts having a Panama Pension Visa (link)

Panama Offshore legal Services provides retirees and persons with pensions with a Panama Pensioned Visa, also called the Panama Pensionado Visa.

The Panama Retired or Pensioned Program allows foreigners to obtain legal residency in Panama under the condition that they are retired or pensioned. According to the Panama Immigration Department, there is no minimum or maximum age required to qualify (you only need to provide the requirements / documents below).

The applicants' retirement income (or pension income) must be at least a LIFE TIME US$1,000 per month. Another option is to purchase at least $100,000 in Panama real estate, which reduces the lifetime monthly income to $750.

The applicants' income must be proven by providing documentation such as a letter from the institution or company that pays the retirement or pension income. This certification must be notarized and authenticated by the Panamanian Consulate nearest you (or by apostile).

Here are the Basic Requirements to qualify for a Panama Pensioned Visa:

Article 201.4.a states the following:

"Article 201.(4): If the pension or retirement fund is from a private company, the following is required:
a. Letter from a foreign company that administrates pensions, a trust company, a mutual fund company, an insurance company or a bank, that certifies that the funds exist to guarantee a lifetime pension for the applicant.
b. Certification of the existence and validity of the private company that issued the pension and administrates the funds.
c. Copy of the proof of payment or statement of account from the bank."

This is important because now applicants can use an Annuity issued by a bank, an insurance company, or even a private company to meet the Panama Pension Visa requirement.

Also, in the same article 201(4) it states in the final Paragraph:

"In the case of spouses they may opt for proving the sum established ($1,000) in the numeral 1 with the pension of both, in that case they should comply with the requirements previously established for both pensions."

What this means is that if a married couple both receive a pension, and their combined pensions equal at least $1,000 they can apply for the Panama Pension Visa.

Also, the law states the following regarding dependents:

"Article 202. In the case of dependent children, their permit (resident visa) shall be temporary until 25 years of age, as long as they prove that they are full time students, however, they shall not have the right to permanent residency nor the condition of "Pensioned". The exception is for dependent children that suffer from a proven profound disability (such as a physical or mental disability)."

This means that if a dependent child does not attend college full time after the age of 18, then their Panama Pensionado Visa will be cancelled. It also means that dependent children can't use the parents Panama Pensionado Visa to obtain Panama permanent residency. They will have to find another Visa to apply for Panama permanent residency.

The law requires an additional $250 per month for each dependant which can be accomplished by either receiving that amount in the monthly pension or by providing a licensed local Panama bank reference letter indicating that amount is in deposit.

Also, its important to note that the law does not discriminate based on age, so anyone, regardless of age, that has the pension mentioned above, can apply for this Panama visa.

Producedures for Qualifying for Panama Pensioner Visa

Foreigners that receive retirement or pensions from a foreign government, international agency or private enterprise, who enter Panama to live and has sufficient economic means to cover all of their living expenses and their dependents will be able to request this Panama Pensioner Visa. The income or monthly pension will not be able to be less than One Thousand dollars ($1,000) and should be granted for life.

Note: If the applicant can show that they acquired Panama real estate with personal title worth at least One Hundred Thousand dollars ($100,000), the monthly life time pension will be able to be for a minimum of Seven Hundred Fifty dollars ($750).

In addition to the basic requirements of Article 28 of the Decree Law, the applicant must submit the following documents:

1. Certification letter of his/her retirement or pension by a foreign government, international agency, or private enterprise, confirming that he/she receives a pension of at least One Thousand dollars ($1,000) monthly or its equivalent in foreign currency and that it is for life.

Note: In the case of spouses, they can show a combined sum of at least $1,000 per month for life. They will need to show this before submitting the required documentation for both pensions.

2. If they have dependents, they must pay an additional application fee in favor of the National Service of Immigration in the sum of Two Hundred Fifty dollars ($250) for each dependent;

Note: In the case of dependent children, their permission will be temporary until they turn twenty-five (25) years old if they can prove they are full time students. However, they will not have the right to the continuance of the Panama Pensioner Visa, except for those dependent children that suffer a verified physical or mental disability.

3. Certificate of Public Registration of the Panama real estate (if applicable);

4. If the pension or retirement is from a private enterprise, they must submit the following items:

a. Letter from an administration of foreign business of pensions, of trusts, of mutual funds, of insurances, or banking, that certify that the funds exist to guarantee an annuity of the applicant for life;
b. Certification of existence and work of the business that offers the pension and administers the fund;
c. Payment proof with a copy of payments or statement from the bank.

5. If the Pension Letter is from a private company, then you must also provide a Certification from the Government authority that certifies that the Company who pays the pension is in good standing and duly registered. This document must be 'original', 'official', 'updated' and 'authenticated' (please check explanation below of these terms). The private company administering the annuity or pension must also provide an original letter certifying that this company is administering said annuity or pension.

6. Copies of proof of pension payments (copies of pension payment checks, bank statements showing deposits, etc.) from Institution/Company to applicant. This document must be 'authenticated' (please check explanation below of these terms).

7. Police record from the country of last 5 years of residency. This document must be 'original', 'official', 'updated' and 'authenticated' (please check explanation below of these terms).

8. Marriage Certificate (for the spouse - if applicable), and/or Birth Certificate (for children under 18 years of age - if applicable). This document must be 'original', 'official', 'updated' and 'authenticated' (please check explanation below of these terms).

Procedures for Applying for Panama Residency:

The procedure for all resident permits (Panama visas) is the following:

1. Register passport at Panama Immigration.

2. Present application with all required documents to Panama immigration, with Government fees & Repatriation Deposit (if applicable).

3. Panama immigration department issues applicant 3 month Temporary Permit (Panama Visa) & Multiple Entry-Exit Visa.

4. Panama immigration department issues applicant 3 month Temporary Permit (Panama Visa) & Multiple Entry-Exit Visa while the application for renewal is being processed..

5. Panama immigration department issues applicant Permanent Residency Permit (Panama Visa).

Passport Registration:

A short visit to Panama is required to register and stamp your Passport at the Panama immigration Office. NOTE: No shorts, t-shirts or sandals are permitted in government offices.

The requirements are:

1. Two (2) passport sized photographs of the applicant (and dependents - if applicable).

2. Complete Panama immigration registration Form (POLS will provide this to Client, who only needs to complete and sign).

3. Original passport, and one (1) photocopy of passport (the original passport will be returned to the Client immediately after the registration of it).

Required Documents (for Panama Immigration processing):

Documents that Client must provide (for applicant and dependents - if applicable):

1. Photocopy of complete valid passport of the applicant (and dependents - if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all other pages (all pages of the passport).
This should be provided after the Passport Registration is registered at the Panama immigration Office. Please note that the passport must be valid for at least 6 months from the date of the immigration application.

2. Six (6) passport sized photographs of the applicant (and dependents - if applicable).

3. Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant (and dependents - if applicable) has no contagious diseases and is in good mental and physical condition. THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA.

Documents that Client must provide (for applicant):

4. Documentation of proof of Pension from either of the following:

a. If Pension is from a Government Institution or Social Security: Client must provide certification from the respective Government institution that pays the applicant's retirement or pension income, certifying that the person receives a "pension" in the amount of at least US$1,000 per month FOR LIFE. This document must be 'original', 'official', 'updated' and 'authenticated' (please check explanation of these terms below).

b. If the Pension is from a Private Company: Client must provide a letter on company letterhead from the company that pays the applicant's retirement or pension income, signed by a representative of the company, with complete contact information for verification purposes, certifying that the person receives a "pension for life" (the Pension Letter must use the words "pension for life") in the amount of at least US$1,000 per month. This document must 'original', 'official', 'updated' and 'authenticated' (please check explanation below of these terms).

IMPORTANT:

- Clients should send in advance all of the required documents by courier before his/her first visit, or they can bring them during his/her first visit.

- Clients should download, fill out and complete the Filiation Form and the Personal Background Info Application, exactly as it shown in our Website (See Panama Immigration and Panama Visas). Please send these two application forms by courier before your first visit, or please bring it during your first visit.

Documents that our law firm will provide to you:

1. Special Power of Attorney, signed by the applicant (and dependents - if applicable), authorizing our law firm to process the immigration applications and documentation.

2. Letter of Responsibility, signed by the applicant, whereby the applicant takes responsibility for his/her dependents (if applicable).

3. Panama immigration Declaration Forms, to be completed and signed by the applicant (and dependents - if applicable).

* Note: for authenticating documents through the Panamanian Consulate, please contact us to request the contact information of the Panamanian Consulate nearest you.

- All documents that come in a language different than Spanish, have to be translated in Panama through an official certified translator in Panama.

- All Passports validity should not be less than six (6) months.

Meaning of terms:

- Original: Original issued documents, not copies.

- Official: Issued directly by the respective Institution/Company, not internet printing nor other external source.

- Updated: With a recent date, not more than six (6) months, since the document was issued.

- Authenticated: Notarized and Authenticated by the Panamanian Consulate nearest you (or Authenticate by Apostil).

- Panama Permanent Residency obtained through the Panama Pensioned Visa Program provides holder of a Panama Permanent Residency Card for certain discounts and exonerations of certain taxes.

Panama Immigration will not allow people to visit wearing shorts, t-shirts, or sandals. Immigration will not accept U.S. currency in denominations of $50 or $100.

Note that immigration request that the applicant for any type of visa, be present physically at the immigration office in Panama, at the time of Visa application.

Panama Immigration will not allow people to visit wearing shorts, t-shirts, or sandals. Immigration will not accept U.S. currency in denominations of $50 or $100.

When the immigration visa is approved plan to visit Panama for two weeks because immigration may hold onto your passport for 5 business days while they insert the official stamps and information in the passport.

Panama Offshore Legal Services Fees:

For Primary Applicant:
Legal Fee - Permanent Resident Card: USD $1,200.
Government Fees and Costs: USD $430.

For Dependents:
Legal Fee - Permanent Resident Card: USD $1,000.
Government Fees and Costs: USD $430.

Discounts: As a qualified Panama "pensionado" (retiree), you will be entitled to:

- 50% off entertainment anywhere in the country (movies, theatres, concerts, sporting events, etc.)
- 30% off bus, boat & train fares
- 25% off airline tickets
- 50% off hotel stays from Monday through Thursday
- 30% off hotel stays from Friday through Sunday
- 25% off at restaurants
- 15% off at fast food restaurants
- 15% off hospital bills (if no insurance applies)
- 10% off prescription medicines
- 20% off medical consultations
- 15% off dental & eye exams
- 20% off professional & technical services
- 50% off closing costs for home loans
- 25% off residential power up to 600 kw
- 25% off residential phone service charges
- 25% off residential water bills of up to US$30

Tax Exemptions: As a qualified Panama "pensionado" (retiree), you will be entitled to:
- A one-time exemption of duties on the importation of household goods up to US$10,000 in total value
- 100% duty exemption on the importation or purchase of an automobile.

If you are interested in relocating to Panama, or obtaining legal residency in Panama, please contact us for a personal consultation with Panama Offshore Legal Services.

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