Incentives for Retirees
Retiree Qualifications/Benefits of the Pensionado Program
Who qualifies as a retiree and what are the benefits?
The Panama Pensionado Program is possibly on of the best in the world. Once you qualify as a Panamanian resident with a pensionado visa, you will receive the following benefits and more.
- Import tax exemption for household goods up to $10,000
- Tax exemption to import a new car every two years 25% discount on airline tickets and 30% on other transportation
- 15% discount on loans made in your name
- 1% reduction on home mortgages for homes used for personal residence
- 20% discount on doctor's bills 15% on hospital services if no insurance applies
- 10% discount on medicines
- 20% discount on bills for professional and technical services
- 50% discount on entrance to movie theaters, cultural and sporting events
- 50% discount at hotels during Monday to Thursday, 30% on weekends
- 25% discounts on utility bills
- 15% off dental and eye exams
To qualify as a retiree, you must demonstrate an income on pension of only US$500.00 per month and $100.00 for each dependent. You must file a petition before the Immigration and Naturalization Directorate to receive a provisional residence permit which is valid for one year. After the one-year period you must file a petition for permanent residence. This permit, once approved, gives the applicant a Panamanian Identification Card and the right to apply for Panamanian Nationality after 5 years.
- Power of attorney
- Good health medical certificate, HIV Test
- Good standing report from police or municipal authorities
- Complete copy of passport
- Letter certifying applicant condition as a retiree and amount earned per month. If it is a private entity, proof of its existence must be supplied.
- Photographs, carnet size
- Marriage certificate
Note: Your spouse must provide all the same documents except for the retiree certification. All documents must be apostilled or certified before a Panama consulate at the place of issuance.