How to Apply for Panama Retirement Visa
To qualify for a retirement visa or Visa pensionado, you must meet met following requirements:
According to Article 201.4, "If the pension or retirement fund is from a private company, the following is required:
- Letter from a foreign company that administers pensions, a trust company, a mutual fund company, an insurance company or a bank which certifies that the funds exist to guarantee a lifetime pension for the applicant.
- Certification of the existence and validity of the private company that issued the pension and administers the funds.
- Copy of proof of payment or a bank account statement.
It´s important to take note of this information because recently applicants have been using an Annuity issued by an insurance company, a bank or even a private company to meet the requirements of Panama's retirement visa.
Regarding spouses, the final paragraph of the same article 201.4 also states that:
"In the case of spouses they may opt for proving the sum established (US$1,000) in the numeral 1 with the pension of both, then they should comply with the requirements previously established for both pensions."
What this means is that if a married couple both receive a pension and the total of their pensions equals at least US$1,000 they are eligible to apply for the Panama retirement visa.
Additionally, regarding the dependents the law states that:
"Article 202: In the case of dependent children, the dependents permit (resident visa) shall be temporary until 25 years of age as long as they prove that they are full time students. They shall not have the right to permanent residency nor the condition of "Pensioned". The exception is for dependent children that suffer from a proven disability (such as a physical or mental disability)."
In other words, if a dependent child does not attend full-time college after the age of eighteen (18), the Panama Retirement Visa will be terminated for that dependent. It also means that dependent children cannot use their parent´s Panama Retirement Visa to acquire Panama permanent residency. To apply for this, they will have to find another visa.
Panamanian law requires the pension amount of the applicants to be increased by US$250 for each dependent. As an alternative, this requirement can be met by providing a reference letter written by a Panamanian bank indicating that the applicant's earning is at least US$250 per month in interest income from local bank deposits.
Also, please note that the law does not discriminate based on age, so anyone that has the lifetime pension income indicated above, regardless of their age, can apply for Panama Retirement Visa.
Procedures to follow to qualify for a Panama Retirement Visa
The following foreign applicants are able to request the Panama Retirement Visa:
- Foreigners who receive a lifetime retirement or pension from a foreign government, private enterprise or international agency
- Foreigners who are in Panama to live and have sufficient economic means to cover all the living expenses of themselves and their dependents.
The income or monthly pension must be at least US$1,000 and should be granted to the applicant for life. Note that for applicants who are real estate investors in Panama, meaning they obtained Panama real estate with a registered value of at least US$100,000 and with the property title under their name, their monthly pension income may be decreased to a minimum of US$750.
In addition to the basic requirements of Article 28 of the Decree Law, the applicants must submit the following documents:
1. Certification letter of his/her retirement or pension by a foreign government, private enterprise, or international agency, indicating that he/she receives a pension of at least US$1000 on a monthly basis or its equivalent in foreign currency and that the pension will last for life.
Note: in the case of spouses, the two can be approved if they have a combined sum of monthly pension of at least US$1,000 for life.
2. If the applicant has dependents, an additional application fee is required in favor of the National Panama Immigration Service, for the total of US$250 for each dependent.
Note: When it comes to dependent children, their permission will be temporary until they turn twenty-five (25) of age if they can prove they are full-time students. However, they will not be granted the right to resume the Panama Retirement Visa. This rule does not include dependent children who have verified physical or mental challenges.
3. Certificate of Public Registration of the Panama real estate with the applicants name on the title (if applicable)
4. If the pension or retirement is funded by a private enterprise, the applicants must submit the following documents:
- Letter from an administration of foreign company of pensions, of trusts, of mutual funds, of insurances or a bank that confirm that the funds exist to guarantee an income for the applicant for life
- Certification of existence and work of the company that offers the pension and administers the amount
- Proof of payment with a copy of payments or statement from the bank.
5. If the Pension Letter is from a private enterprise, the applicant must also submit a certification from the government authority that certifies that the company that funds the pension is duly registered and in good standing. This document must be original, official, authenticated, and updated*. The private company that administers the annuity must also provide an original letter certifying that this company is responsible for said annuity.
*Note: Original means the issued document must be original and not a copy. Official means the document must be issued directly the respective company/institution and not printed online nor other external source. Authenticated means the document must be notarized and authenticated by the Panamanian Consulate near the applicant or authenticated by Apostil. Updated means the document must be issued no more than 6 months since it was issued. This explanation is applied to the following sections as well.
6. Copies of pension payment proof (for example copies of pension payment checks, bank statements showing deposits) from company/institution to the applicant. This document must be authenticated.
7. Police record from the country of the last 5 years of residency. This document must also be official, original, authenticated, and updated.
8. Marriage Certificate (for the spouse if applicable) and/or birth certificate (for children under 18 years old, if applicable). This document must also be original, official, authenticated, and updated.
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