RESIDENT VISAS

RESIDENT VISA AS A PENSIONED TOURIST

Overview:

  • This program allows foreigners to obtain legal permanent residency in Panama under the condition that they are retired or pensioned.
  • According to the Immigration Department of Panama, there is no minimum age required to qualify.
  • The applicants' retirement income (or pension income) must be at least a lifetime US$1,000 per month plus US$250.00 per additional dependent.
  • If the applicant can provide documentation showing that he or she owns a real estate property in Panama, in their personal name for over US$100,000.00, the minimum pension income required starts from US$750.00 per month. The property must me mortgage free.
  • The law grants, in addition to the indefinite resident visa, tax franchises to import households or personal items once, up to the total amount of Ten Thousand Dollars (US$10,000.00), and an automobile for personal use every two (2) years.

Procedures for Applying:

  1. This visa must be requested to immigration through a lawyer, so obtaining a reliable Panamanian lawyer is the first step.
  2. A short visit to Panama is required for your Passport Registration at the Immigration Office. You will also sign the Special Power of Attorney at your law firm to handle your immigration paperwork to start the processing of the Pensioned Visa.
  3. Provide all required documents.
  4. Your law firm submits your application for your Pensionado Visa.
  5. After the application is submitted, within approximately three (3) months, the Immigration Department will approve your visa and issue your permanent resident card. If you will not stay in Panama, a second short visit to Panama is required for you to personally have your official picture taken at the Immigration office.

Required Documents:

Please note that all Canadian documents intended for use in Panama, must first be taken to a Canadian notary, then to Foreign Affairs Canada for authentication, and finally, to the Panamanian Consulate nearest you. Here in Canada we have offices in Ottawa, Montreal, Toronto, and shortly will be opening one in Vancouver.

  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. This should be provided after the Passport Registration is registered at the Immigration Office in Panama. Please note that the passport must be valid for at least Three (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.
  4. Proof of Pension:
    • If Pension is from a Government Institution or Social Security: Person must provide certification from the respective Government institution that pays the applicants retirement or pension income, certifying that the person receives a "pension" in the amount of at least a lifetime US$1,000 per month.
    • If your Pension is from a Private Corporation: Person must provide a letter on the corporation's letterhead from the corporation that pays the applicant's retirement or pension income, signed by a representative of the corporation, with complete contact information for verification purposes, certifying that the person receives a "pension" in the amount of at least a lifetime US$1,000 per month. This letter can provide by a private retirement company, mutual fund manager, bank, insurance company or Trust.
    • You must also provide a Certification from the appropriate Government authority that certifies that the Corporation pays the pension is in good standing and duly registered.
    • Proof of pension payments (copies of pension payment checks, bank statements showing deposits, etc.) from Institution/Company to applicant.
  5. Police record from the country of your last 5 years of residency. The document has to be presented to the immigration authorities, along with the application, within the six months of its expedition.
  6. Marriage Certificate (for the spouse - if applicable), and/or Birth Certificate (for children under 18 years of age - if applicable).

Benefits of the Pensioned Tourist Visa:

Under Panamanian law certain discounts and benefits apply as follows:

  1. At the age of 55 for women and 60 for men for all residents of Panama, be they Panamanian or of different nationalities.
  2. For all Jubilados and Pensionados (regardless of Age)
  1. Discount of 50% of price charged for entrance to recreation and entertainment activities, such as movies, theatres, sports and other public productions. This discount is not applicable for those events marked as benefits for the youth, homeless or those specially authorized by the competent authorities.
  2. Discounts for the following means of public transportation:
    1. 30% off Inter-Urban buses
    2. 30% off trains
    3. 30% off boats
    4. 25% off public and private national and foreign Airlines
  3. A minimum discount of the regular prices of hotels, motels and pensions.
    • 50% from Monday to Thursday
    • 30% on Friday, Saturday and Sunday
  4. 25% discount of food consumed by the individual in all restaurants except for the "fondas", which do not require license to operate.
  5. 15% discount in fast food establishments.
  6. 15% discount in the total cost for services of hospitals and private clinics.
  7. 10% (6) passport sized photographs of the applicant (and dependents - if applicable).
  8. Discounts in the following medical services:
    • 20% in consultation fees of general medicine doctors and medical and surgical specialists.
    • 15% for dental services.
    • 15% for optometry.
  9. Insurance companies that include in their policies health benefits for illness shall adjust their fees to include the necessary adjustment so that the benefits of these discounts are transferred in the payment of the premiums when the insured is 55 years old if female, and 60 years old if male, as well as to the Pensionados & Jubilados.
  10. 20% discount for technical and professional services.
  11. 20% discount for all prosthetic devices as well as those items and accessories of personal assistance.
  12. 50% discount in the cost of passports.
  13. 25% discount in monthly electrical consumption of private or public entity up to 600KW's. Normal rates will be applied to anything above that amount.
  14. Certain discounts to properties owned by associations of jubilados and pensionados.
  15. 25% discount to the basic phone service charges when:
    • The account is in the name of the individual.
    • It is for a residential phone.
    • Its for one and only one phone. The normal rates will apply for additional phone lines or services.
  16. 25% discount in the water bill as long:
    • The consumption does not exceed $30.00
    • The account is in the name of the individual.
    • The bill is residential and is the primary residence. The normal rates will apply to all other residences.

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