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Regulated by Executive Decree No.320 of August 8, 2008, the retiree or "pensionado" residency requires the applicant to demonstrate an income or pension of USD $1,000 per month and $250.00 for each dependent. Once the visa application is filed with the Immigration Department, the applicant will be granted a permanent residency permit within 4 to 6 months. This is one of the fastest ways to obtain residency and resident status is granted for life.
Highlights of the Retiree Residency Program:
It is the most economical residency program.
Applicants should be aware that additional documents will be required if the pension plan is paid by a private institution.
There are important benefits for applicants, such as:
Import tax exemption for a new car every 2 years.
Import tax exemption on household goods up to $10,000 USD
Multiple tax exemptions and discounts on services in Panama, including discounts on prescriptions, restaurants, air travel and entertainment.
Citizens of Asia, Middle East and Africa, please note that the Panama Immigration Office may have your country on a list of restricted countries subject to special requirements.
For more information, please contact Lawyer: email@example.com or telephone (507) 250-3463.