Panama is a popular retirement destination for people from around the world thanks to its amazing weather, affordable cost of living, growing expat population, and stunning scenery.
However, another one of the most popular reasons to retire in Panama is its amazing Pensionado Visa Program and the many advantages it provides. But not only does it offer several amazing benefits, but it’s also relatively easy to get and doesn’t cost much, either.
Keep reading this guide to learn more about the Panama retirement benefits that the visa provides, the process for getting one, what it costs, and more.
What is the Panama Pensionado Visa?
The Panama Pensionado Visa is a program that allows expats to retire in Panama and become permanent residents. The program is relatively easy for most adults to qualify for, and was created back in the 1980s to try and entice people from around the world to retire in Panama. It has worked well as the country enjoys a very healthy population of expats.
While many American retirees take advantage of this program, people from any nation in the world can use it, as there are no restrictions on nationalities. Also, while speaking Spanish may help you live more easily in the country, there are no language requirements or exams as part of the application.
The Panama Pensionado Visa is often seen as one of the best visa programs on the planet, largely for the variety of benefits it provides.
What Panama Retirement Benefits Does the Pensionado Visa Provide?
The Panama retirement benefits you can enjoy as a member of the Pensionado program include:
- Import tax exemption for household goods
- Import tax exemption for a new car every two years
- 25% discount on airlines, and 30% on other types of transportation and travel like trains, buses,
- 25% discount on your utilities
- 1% reduction on home mortgages, as long as the house is used as your personal residence
- 15% off on loans that are in your name
- 15% discount on eye and dental exams
- 20% discount on doctor bills and 15% off on hospital services
- 10% discount on medicine
- 50% off on hotels from Monday to Thursday, 30% on Friday, and both weekend days
- 50% discount on your entry to sports games, movie theaters, and other cultural events
- 20% discount on technical and professional services
- 25% discount on the price of food in restaurants
- 15% discount at fast food restaurants
- 50% discount on closing fees or other expenses related to a financial transaction
As you can see, there are several incredibly useful benefits to retiring in Panama through the Pensionado Visa program. These have the potential to save you thousands of dollars that you would have had to spend if you decided to retire anywhere else but Panama. No matter who you are or what you enjoy, you can likely find a few discounts or benefits on this list that you would use.
Of course, beyond the monetary benefits we outlined here, this Pensionado visa also lets you legally retire in a beautiful place with an amazing climate, which also happens to be full of kind and welcoming people.
The Process for Getting the Panama Pensionado Visa
The first step in the process is making sure you’re qualified. To qualify, you simply need to be at least 18 years old, have a clean criminal record, have a verifiable monthly income of at least $1,000 (potentially more depending on your dependents), and be able to demonstrate that you’re in good health.
Once you ensure you meet the eligibility requirements, the next step is to gather all of the required documents and get them authenticated. Some of the documents you’ll need to collect and provide include:
- Birth certificate
- Proof of income
- Police record check
- Valid passport
- Photos
- Marriage certificate (if you’re married)
If you’re applying with your family, you’ll also need these kinds of documents for them, as well.
Once you’ve collected all of the necessary documents, you’ll have to actually travel to Panama to get the registration form and complete the final few steps of the process. In Panama, you’ll need to find and work with a Panamanian attorney to complete the form and submit your documents.
You’ll also need to provide a sworn statement about your personal background through this lawyer, and also go through a medical exam from a Panamanian doctor, to ensure you’re in good health. This is especially important, as the doctor will give you a health certificate that’s an important part of your application.
Once all of that is done, you can finally submit your application through the Panamanian lawyer you’ve been working with. While the application process is generally quick and easy, it can take around two to four months before your application is approved or denied.
During this wait, you’ll receive a Provisional Processing Card, which is a temporary residence card that lets you legally live in the country while you await the decision.
If your application was successful and you’re approved, you’ll be able to get your permanent resident card and freely live and retire in the country. While this program doesn’t automatically put you on the path to becoming a citizen, once you’ve been a permanent resident of Panama for five years, you can apply for citizenship if you want.
What Does it Cost to Get the Panama Pensionado Visa?
In addition to being a relatively speedy process that’s also simple and streamlined to apply for, the Pensionado visa program is also affordable enough for almost any budget. While the costs vary slightly depending on you and your family situation/circumstances, you’ll generally only have a fee of around $1,000 to $1,500 to apply to be a member of the program. You’ll normally have to pay this fee when you submit your application.
