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The Panamanian government has been trying to woo foreigners to settle in their country and retire to Panama. The government has made available various visa options for retiring to Panama. There are four types of visas namely Pensionado Visa, Private Income Retiree Visa, Tourist Pensioners Visa and Person of Means Visa. Of the four the most important and popular one is the Pensionado Visa.

Any person above 18 years of age is eligible for this visa. The person should have an income of $500 monthly and in case of dependents, the requirement will be another $ 100 per dependent. This income must be monthly in the form of social security, or pension from government service, disability and or from private companies. Those below 18 years of age will qualify as dependents. Application for the pensionado visa has to be made through a lawyer and Panama legal services. All necessary documents need to be authenticated by the notary and the Panamanian consulate in your country or it could also be authenticated by the notary and the Apostille. Marriage and Birth certificates have to be fresh i.e. obtained with in 3 months of the visa application. You need to obtain a health certificate from the Panama government. The pensionado visa does not allow work permits. In addition, there is no chance for obtaining citizenship or passport.

The Pensionado retiree enjoys many benefits, which makes this visa very popular. These include:

• One time exemption of duties for importing house hold goods worth $ 10000
• Exemption of duties every two years if the pensionado retiree wants to import car or purchase it locally
• A rebate of 50 % on entertainment in the form of movies, theatre , concerts, sports events,
• Fifty percent discount on closing costs for home loans
• A rebate of 30% on fare for travel by bus boat or train
• Airline tickets will be 25% cheaper
• Hotel stay will be cheaper depending on which day you want to stay. Friday, Saturday and Sunday is 30% off and Monday to Thursday is 50% off.
• Fifteen percent off at fast food restaurants and 25% off in restaurants
• A rebate of 15 % on hospital bills if it is not insured.10to20 % off on medical consultations and prescription drugs, and eye and dental check ups
• Twenty percent off on Panama legal services.

This retirement visa suits people who opted to take their pension amount completely instead of receiving monthly income. This retirement visa stipulates that a certain amount of money be deposited in the National Bank of Panama so the retiree receives that at an interest of $750 every month. Benefits include a Panama passport but do not hold a promise of nationality .The visa has to be renewed every 5 years.

Granted indefinitely, this visa is suits persons who receive a pension from a foreign government or company ($500for a single person and an additional $100 for two) every month. This retirement visa does not hold promise of Panamanian nationality.

To obtain this visa, the applicant must have a 2- year deposit certificate of at least $200,000 in any local bank. At first this visa is provisionally granted for one year after which it is permanently approved, a cedula or identity card is then granted. Five years after obtaining a permanent visa the retiree becomes eligible for panama nationality.

Thanks to Panama legal services, getting a retirement visa is not only easy to do but the benefits make it worth having.