What are the Panama Retirement Visa Requirements?
The Panama retirement visa requirements are as follows:
- Be at least 18 years old
- Have a clean criminal record
- Be able to demonstrate that you’re in good health
- Have a verifiable monthly income of at least $1,000 (potentially more depending on whether you have any dependents) or a verifiable monthly income of at least $750 and an investment of at least $100,000 into Panamanian real estate
As you can see, the Panama retirement visa requirements for US citizens and others around the globe are relatively simple and straightforward.
What’s the Process for Getting a Panama Retirement Visa?
Now that you know what’s required to qualify you for a Panama retirement visa, let’s go over the steps to take in order to get one.
Step 1: The first step in the process is to gather all necessary documents and get them authenticated. The documents you may need to provide include your passport, photos, proof of your income, birth certificate, police record check, and a marriage certificate (if you’re married). Also, if you’re applying for the visa with the rest of your family, you’ll need these types of documents for them, as well.
Step 2: The next step is to travel to Panama, as you need to physically be in the country in order to get the visa registration form and finish the last few steps of the process.
Step 3: Once you’re in Panama, you’ll need to get the registration form from the Immigration Office in Panama City and find a Panamanian attorney to help you fill out the form and submit your documents. You’ll also provide a sworn statement to an attorney about your personal background, too.
Step 4: In Panama, you’ll also need to meet with a Panamanian doctor and have a medical exam to confirm you’re in good health. You’ll also need a health certificate from this doctor, as it’s a crucial aspect of your application.
Step 5: When all of this is done, you’re able to submit your application through your Panamanian attorney. You’ll also need to pay a fee, which is generally between $1,000 and $1,500.
Step 6: The next step is to wait for your application to be either approved or denied. It may take anywhere from two to four months before you hear back. Thankfully, in the meantime, you get a temporary residence card called a Provisional Processing Card that lets you legally live in Panama while you wait to hear back.
Step 7: If your application is successful, you’ll finally get your permanent residency card and be legally allowed to live and retire in the beautiful country of Panama.
Also, while becoming a permanent resident through this visa program doesn’t automatically mean you’ll become a citizen, once you’ve been a permanent resident for five years, you’re allowed to apply for citizenship.
While the world is full of beautiful retirement destinations, Panama is certainly at or near the top of the list. It has stunning scenery at every turn, beautiful weather, friendly people, and a relatively low cost of living.
Another reason it’s such a hotspot for retirees and expats from around the globe is the incredible retirement visa program it offers. The Panama retirement visa (also called a Pensionado visa) offers several discounts and benefits for retirees and isn’t overly challenging to get.
But what are the Panama retirement visa requirements, and how do you get one? Keep reading our detailed guide to find out.
FAQs
Here are a few common questions about the Panama retirement visa, along with their answers.
What are the benefits of a Panama retirement visa?
This Panama retirement visa offers several benefits like tax exemptions, discounts on utilities, activities, and events, restaurant deals, cheaper doctor/medical bills, and more.
What does it cost to get a Panama retirement visa?
In most cases, you’ll need to pay around $1,000 to $1,500 to apply for a retirement visa in Panama, though the exact amount varies depending on your circumstances.
How much money do you need to retire in Panama?
To qualify for the Panama retirement visa, you need to have a retirement income of at least $1,000 per month (or more if you have dependents) or $750 if you’ve invested at least $100,000 in Panamanian real estate. Of course, the exact cost requirements vary depending on where you live and the things you buy or need.
