RESIDENT PERMIT UNDER SPECIAL REASONS FOR A RETIREE
The Pension Visa in Panama allows foreigners to obtain a Residence in Panama under the condition of having a guaranteed pension income for life. According to the National Migration Service of Panama, there is no minimum or maximum age to qualify under this modality, only the delivery of a series of documents listed below will be necessary.
The applicant’s lifetime pension income must be a minimum of $ 1,000 (US $ 1,000) per month. If your monthly lifetime income for a pension is less than one thousand (1,000) United States Dollars, but more than Seven hundred and Fifty ($ 750) American Dollars, you may invest in the Real Estate business by purchasing a property of at least One hundred thousand ($ 100,000) American Dollars, which reduces the requirement for monthly lifetime income to a minimum of Seven Hundred Fifty ($ 750) US Dollars.
Benefits of having a Pension Visa in Panama
Here is a summary of some of the benefits of having a Pension Visa in Panama:
Exemption for once of the payment of tax by the purchase of home articles until reaching the figure of $ 10,000 American Dollars.
50% discount in any part of the country in places of entertainment such as: cinemas, concert halls, sports events, etc.
30% discount on bus, boat and train fares.
25% discount on airfare fares.
50% discount on hotel stays from Monday to Thursday.
30% discount on hotel stays from Friday to Sunday.
25% discount on restaurants.
15% off fast food restaurants.
15% discount on hospital bills (in cases where you do not apply insurance)
10% discount on prescription drugs.
20% discount on medical consultations.
15% discount on dental and eye exams.
20% discount on professional and technical services.
50% discount on home loan closures.
25% discount on utility bills.
15% discount on loans made on your behalf.
1% less on mortgages for home use for personal residence.
Tax Exemptions: If you qualify to become a Pensioner Visa, you will be entitled to:
To be exempt from the Tax Payment (one time only) on the import of household goods up to a maximum value of $ 10,000 American Dollars
100% exemption in the payment of import taxes of vehicles every two (2) years.