Regulated by Panama Executive Decree No. 320 of August 8th, 2008, the retiree or “pensionado” residence status requires that the applicant prove an income or pension of US$1,000 per month and $250 for each dependent. Once the visa petition is filed before the Immigration Department, a permanent residence permit will be granted to the applicant within 4-6 months. This is one of the fastest ways to obtain residence and resident status is granted for life.
Retiree residence program highlights:
- It is the most economical residence program
- Applicants must be aware that additional documents will be required if the pension plan is paid by a private institution.
- There are major benefits for applicants, such as:
- Import tax exemption for a new car every 2 years
- Import tax exemption for household goods worth up to US$10,000
- Multiple tax exemptions and discounts on services in Panama, including discounts on prescriptions, restaurants, air travel and entertainment.
You can request information about this type of visa and which countries apply also for this type of residence. Our company not only works for Panama but other jurisdictions of high reputation.