When people think about retiring, some concerns related in this new phase in life may arise. Fortunately, there are some wonderful countries for retirees from all income levels, Panama is one of them which occupied for many times the first position in the Annual Global Retirement Index of International Living, for many reasons explained below.
The main attraction to retire in Panama, without taking into consideration if people preferred living in the city, mountain or beach, it is the proximity to many of the amenities and services available that provide a better quality experience through the retirement, as well as the medical facilities that Panama has to offer with the same quality of developed countries, the cost of life is just a fraction compared to United States of America and Europe, the foreigners can buy and own properties with the same rights and protection level as nationals, but the key factor to take Panama into consideration as the country for the retirement is that Panama has many communities with several nationalities living together peacefully, offering a great variety of cultures and religions.
Panama has the best incentive system for retirees in the world, since it provides access to multiple discounts and special offers, for example: (i) Tax free importation of all personal and home goods, including vehicles; (ii) 50% discount in expenses related to house loans; (iii) 25% discount in national and international flight tickets; (iv) 50% discount in entertainment, including movie theaters, concerts and theater plays; (v) 25% discount in restaurants and 15% discount in fast food restaurants; (vi) 50% discount in hotel rooms from Monday to Thursday and 30% discounts on weekends; (vii) 30% discount in bus, boat or train fees; (viii) 10% discount in medicine with prescription; (ix) 15% discount in eyes and dental exams; (x) 15% discount in hospital bills, in case the patient does not have an insurance; (xi) 20% discount in doctor appointments and (xii) 20% discount in technical and professional services.
On the other hand, if you are a retiree you are eligible to apply for a permanent residency in Panama, as long as the applicants complies with the following requirements:
- Criminal history background check from the applicant’s country of origin or the country where he has lived consistently for the two (02) past years. The Panama immigration department requires the applicant to provide an authenticated criminal history report issued by a “federal”, “central”, or “national” police force or criminal investigation authority, which must be duly apostille or legalized before the nearest panamanian consulate or embassy.
- Health Certificate issued by a Panamanian doctor.
- Affidavit Form of Personal History.
- Proof of retirement or pension issued by foreign government, international organization or private company establishing a pension not less than ONE THOUSAND DOLLARS ($1,000.00) per month, or equivalent in foreign currency.
If the retirement or pension was granted by a private company, the following documents will be required:
- Letter from the company which administer the pension, trust, mutual funds, insurance or bank transactions, certifying that it is the administrator of such funds for the company or person, duly apostille or legalized in the nearest panamanian consulate or embassy.
- Certificate of Existence of the company or agency administrating and issuing the pension, duly apostille or legalized in the nearest Panamanian consulate or embassy.
- Bank statement or payment slip of the pension.
Exception to the rule:
- The pension could be for the amount of USD$ 750.00, if the applicant has purchased a property with a minimum value of USD$ 100.000,00.
- In case of spouses, is possible to sum both pension in order to meet the minimum amount (USD$ 1,000.00) required by the Panamanian law.
In case of dependents:
- The panamanian law establishes that if the applicant has dependents, the pension must be increased USD$ 250.00 per each dependent included in the immigration process, but if it is not possible, this requirement can be comply through a bank reference establishing that the applicant receives a monthly income of USD$ 250.00 from interest in bank deposits.
- Letter of responsibility.
- Certificate establishing the filiation link between the applicant and the dependent.
Do not hesitate to contact us if you have any additional inquiry, we are the leading law firm in processing permanent residency for retirees in Panama.
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