Panama’s Retirement Visa – What I Know & What I Don’t Know
Panama’s Retirement Visa – What I Know & What I Don’t Know
Panama has one of the world’s best retirement incentive programs. Almost everywhere and almost on everything there is a discount offered to those who have this documentation. I’m currently applying for one.
Sandra Kelly
* A Pensionado Visa is restricted to individuals from foreign countries who have secure retirement incomes, and are intending to live in Panama.
* Individuals receiving private pension funds must be 50 years of age or older.
* The amount paid by the pension must be at least $750 per month for individuals investing a minimum of $100,000.
* Be paid a minimum of $1000 per month if no property is purchased. (Couples are able to pool funds to meet minimum requirements if applying together)
* Offers discounts on goods and services from 10-50% percentage.
* Request must be processed through an attorney in Panama.
* Documentations are required – income, age, criminal record, & health records.
* It also offers a limited duty free shipping of furnishings and a car to Panama.
* It is a lifetime visa.
Here is what I don’t know:
* How long does it take to process — heard everything from 2 to 8 months?
* What is an reasonable attorney fee for an experienced attorney? People have told me they’ve paid as little as $750 and as much as $2000.
* Where can the medical exam required be done? Will my attorney appointment me a doctor?
* Can my police record be faxed?
* Should I use my discounts at Mom-n-Pop shops?
* Can I buy international airline tickets with it?
* Is it really worth it?
Hope that you guys can help me fill in the blanks. Also, any other tips would be helpful. Muchas Gracias.
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Bob on Mon, 19th Dec 2011 8:23 am
Got mine in 2006, requirements may have changed since then…
Three things you need from your home country.
Notarized private pension for life letter apostilled by Sec of State (the state where the company has their HQ).
Notarized birth cert.
Local police report.
All three docs have to be taken to a Panamanian Councels’ office and be stamped for $25.00 each.
Health cert (basically a blood test showing you do not have any STD’s) can be done by any clinic here in Panama.
Good luck…
Evan's Mom on Mon, 19th Dec 2011 1:28 pm
I am able to obtain an official criminal record check from my home town. How to get it here, if I am not in the States? Does anyone know?
Evan's Mom on Mon, 19th Dec 2011 1:51 pm
Somewhere I read this. Individuals receiving private pension funds must be 50 years of age or older.
The amount paid by the pension must be at least $750 per month for individuals investing a minimum of $100,000 in a Panama property, or
Be paid a minimum of $1000 per month if no property is purchased. Does anyone know if this is true?
Bob on Tue, 20th Dec 2011 8:17 am
It kind of sounds like you haven’t talked to a lawyer yet? Since you have to use one get your visa you should visit two or three and get a clear understanding of is needed. Panama changes laws like we change underwear so it is hard to find a lawyer who is up to date.
You can also join the Yahoo Group “Panama_laws_for_expats”, check out their files.