Planning to retire in Panama? If you are, then perhaps you should know about the pensioner’s visa, its general requirements and the benefits that it offers retirees. Panama has become a great place for retirement not only because of its natural beauty and low cost of living, but also because of the many benefits of the pensionado visa. Expats are treated well and get to experience some perks that may not be available in their home countries. Here are some things that are required from you should you want to apply for the Panama pensionado visa.
• You need to show a letter of proof confirming that you are a retired pensioner from foreign governments, international companies or private institutions. The letter must state that a monthly allowance of at least $1,000 is received by an individual or $1250 for a couple or their equivalents in other currencies. This allowance must be given for a lifetime for you to qualify for the visa. In the event that the minimum pension requirement is not reached, you can still qualify if you acquire a property valued over $100,000. If so, the required monthly pension may be reduced to $750. If you have dependents, your pension must be able to show an increase of $250 per dependent. If you have acquired a property, show proof by submitting a certified public registry of the property. The key is to show proof that your monthly pension is substantial and legitimate.
• Police clearance (FBI report for USA citizens)
• Health certificate (Panama attorney will help you with this)
• Authenticated marriage certificate
• Authenticated copy of passport (Panama attorney will help you with this)
• Immigration affidavit showing that you have registered at the immigration department (Panama attorney will help with this)
• 5 recent photos – passport size
Acquiring the above documents may be tedious but are necessary to experience the real perks of living in Panama. Getting your visa approved is just little work compared to what you’ll be experiencing when the visa is granted. Below are the benefits of having a pensionado visa.
• Discounts in various establishments like restaurants, airline companies, theaters, sporting events, hotels, drugstores and many more. You are also offered 25% discount on your electricity and utility bills.
• You are not required to pay taxes for earnings made outside of Panama.
• You can bring in some of your things from the US free of taxes.
• You can import a car every two years free of taxes.
• You get the same benefits as local Panamanians when it comes to buying and owning properties.
• You and your rights are protected in the same manner as the locals.
For many retirees, Panama is paradise! Panama offers a life of comfort where you can be able to afford your basic needs and still have extra money for some perks. Life is short, so they say. Start living your life to the fullest. Apply for the Panama pensionado visa and experience a good and comfortable life in Panama.