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Obtaining a Pensionado Visa in Panama

Pensionado Visa: Your Guide to Retirement in Panama

By

Panama Equity

Posted in Blog On January 12, 2020

An increasing number of people are choosing to spend their retirement years in Panama. One of the reasons why Panama is such an attractive destination is the government’s pensionado visa. Over the years, this program has gained a reputation as one of the best retiree schemes in the world. The pensionado program offers unique benefits that are hard to find anywhere else. Which means you can spend more time enjoying your retirement.

Best of all, the pensionado program is available to foreigners. By meeting a few simple requirements you may be eligible to apply for a pensionado visa. That means you can retire in Panama at a fraction of the cost of what it would cost to retire in many other countries.

( Watch the video below or read on to learn more)

Why Panama is a Great Place to Retire

Why Panama is a great place to retire. Pensionado visa retirees on bench beside beach

Panama checks all the boxes on a list of what to look for in a great place to retire. And don’t take our word for it. Every year thousands of people from around the world choose to move to Panama for retirement. While many retirees come from North America, Panama is also becoming popular with European and Asian expats as well.

Ease of Living in Panama

Easily the best part about retiring in Panama is the country’s ability to offer the conveniences of a developed country. As well as offering low costs and natural landscapes of a less developed destination. Panama City offers all the amenities that expats could long for. Panama’s capital is as much a modern metropolis as any. And it is often considered an “Americanized” city thanks to the long-term involvement of the United States with the Panama Canal.
 
Shopping and dining options abound at prices that are much lower than what you will find in big cities in the United States. A three-course meal at a nice restaurant can be had for as little as $30-$50. And don’t think you’ll be limited to Panamanian fare. Panama has a long history as a destination for expats. This means that quality Spanish, French, Italian, American, Japanese, and Middle Eastern restaurants are easy to come by.
 
Panama City also boasts modern hospitals and top of the line medical facilities. There are even great options for affordable health care which is hard to come by in the likes of the US. English speaking doctors are very common.
 
In general, Panama has a low language barrier. Many Panamanians speak English, making the transition to living in a new language much less stressful.
 
While Panama City offers all the amenities of a modern capital, there are plenty of other regions of Panama for those who wish to escape city life. Whether beaches, mountains or the city calls your name, Panama has plenty of all three. With a perfect climate all year round, it’s easy to see why so many people choose to spend their golden years in Panama.
 
A final reason why retiring in Panama is so popular? The government offers special benefits for retirees. And through a pensionado visa, one doesn’t even need to be from Panama to take advantage of these great perks.

What is a Pensionado Visa?

What is a pensionado visa. How to obtain a pensionado visa in panam

A pensionado visa is available to anyone looking to move and retire in Panama. But a lifetime pension income of at least US$1,000 is needed per month. While there are no age limitations for receiving a pensionado visa, however, retirees are more likely to have a monthly pension income.
 
There are a few loopholes to getting the visa for individuals who don’t have a lifetime pension of at least $1,000. For example, married couples can combine their monthly pension incomes to meet this requirement. Additionally, if you have a monthly pension of at least $750, but short of $1,000, you can buy real estate in Panama worth at least $100,000 and the monthly minimum drops to $750.

Benefits of a Pensionado Visa

Benefits of a pensionado visa in panama retirees having fun on beach

The benefits of a Pensionado Visa highlight why many expats choose to retire in Panama. To start with, retirees who’ve recently moved to Panama have a one-time tax exemption for up to $10,000 in household goods that they’d like to import. Additionally, there is a duty tax exemption for importing a new car every two years.
 
Below are some of the benefits that Pensionado Visa holders can expect to enjoy during their retirement in Panama:
  • 50% off entertainment anywhere in the country (movies, concerts, sports)
  • 30% off domestic transportation fares (trains, buses, public transportation, boats)
  • 25% off domestic and international flights
  • 50% off midweek hotel stays
  • 30% off weekend hotel stays
  • 25% off at sit-down restaurants
  • 15% off at fast-food restaurants
  • 15% off hospital bills (if no insurance applies)
  • 10% off prescription medicines
  • 20% off doctors visits
  • 15% off dental and eye exams
  • 20% off professional and technical services
  • 50% reduction in closing costs for home loans
  • 25% discounts on utility bills
  • 15% off loans made in your name
  • 1% off home mortgages for homes used for personal residence

As you can see, the savings available are extensive. When you add this to the already low cost of living and high quality of life available in Panama, it makes it clear why the pensionado visa is so popular. For retired individuals, this is a great deal to enjoy the rest of their lives to the fullest at a fraction of the cost. And unlike some countries, Panama will never arbitrarily rescind your pensionado visa. Even if future requirements for the visa change!

Applying for a Pensionado Visa

Applying for a pensionado visa in panama signing

Like most legal processes, obtaining a pensionado visa requires a bit of paperwork. Getting all your documents in order before you start the process can save you a headache down the road. You’ll also want to hire a lawyer to help with the completion and filing of your application.
 
If you know other expats living in Panama with pensionado visas, find out what lawyer they used. If can’t get a personal recommendation, you can find a good lawyer online. Make sure to read reviews or get references when you’re making your choice. Having an organized and experienced lawyer you can trust will make the process easier.

What you will need to apply for the Pensionado Visa

The first and most important document that you’ll need is a certification letter stating the amount of your monthly pension and guaranteeing that the pension is for life. This letter can come from a foreign government or a private company depending on the entity that pays your pension.
 
If the pension is from a private company, you’ll also need to show documentation from a government authority that the company administering and disbursing the pension is registered and in good standing. As well as proof of monthly payments or an account statement from the bank.
 
If you’ve purchased real estate in Panama to meet the pension requirement, you will also need to provide certification of Public Registration of the property with the title in your name. Next, you’ll need a police record from your last 5 years of residency. And pass a medical examination upon arriving in Panama.
 
Your lawyer will be able to walk you through the specifications of each requirement. However, expect that all documents need to be originals, notarized, and either authenticated by your nearest Panamanian Consulate or duly apostilled. Marriage certificates are also required to be originals. Be prepared that apostilling documents will take time and involve some fees. It’s best not to wait until the last minute for this process as delays are common.
 
Once you submit your application, it will take about 6 months for the immigration office to process and approve it. When your application is approved, you’ll need to go to the immigration office in Panama City to obtain your permanent residence card.

Pensionado Visa Application Fees

There are some upfront costs for obtaining your pensionado visa. But the long-term savings are well worth it. The government charges between $300-$400 per applicant to cover administration and processing. This also includes the cost of your temporary and permanent residence card and your passport registration. If possible, come prepared to pay this fee in cash as it will speed up the payment process.
 
Additionally, you’ll need to pay the legal fees that your lawyer charges. These fees will depend on a number of factors. For example, fees may be higher or lower depending on the lawyer. Or factors like whether you’ll need translation services or applying with a spouse. As an estimate, you can expect to pay anywhere from $2,500 to $4,000 in legal fees to obtain your visa.
 
So, there you have it. Panama offers a friendly culture, low costs of living, and a high quality of life. PLUS the opportunity to save money while living your best life? Why would anyone not want to retire in Panama?
 
If you are interested in relocating to Panama and searching for real estate, we are here to help!

 Immigration, Jubilación, Life in Panama, Lifestyle, Panama, Panama City, Pensionado Visa

18 Comments

  1. Jim Park

    on July 16, 2019 at 12:39 pm said  

    I am a retired us citizen and I am interested in getting pensionado Visa to panama.

    Reply
  2. Gray Thomason

    on August 13, 2019 at 9:59 pm said  

    Can I bring in Capital in lieu of the “lifetime pension”

    Reply
    • Kent Davis

      on August 16, 2019 at 4:44 pm said  

      Hi Gary, there are quite a few options in terms of visas here. Would you like me to put you in touch with a Panama immigration attorney?

      Reply
      • John Phillips

        on April 27, 2022 at 2:09 pm said  

        jjohnwinston@yahoo.com/ John W. Phillips. +1 405-422-1828. Looking for an honest, English-speaking attorney. What do you think of David? I don’t mind heat and humidity. How difficult for me to find a landlord who will allow me to have my dog? Going for a Pensionado Visa. Curious about health insurance. I will be 70 in the Fall.

        Reply
    • Rob

      on August 15, 2020 at 12:02 pm said  

      i have the same question.

      Reply
  3. Karl

    on May 1, 2020 at 12:39 pm said  

    My wife and I are both pensioners and South African citizens. We are considering relocating to one of a number of countries we have shortlisted. Where can we obtain more detailed information regarding this Pensionada Visa.

    Reply
  4. Jim

    on March 18, 2021 at 12:48 pm said  

    Can a retiree, who speaks no Spanish, be happy in Panama? Are there expat communities? Learning Spanish possible at age 69? Even if not permanently relocating this is a great Plan B!

    Reply
    • Kent Davis

      on May 19, 2021 at 4:13 pm said  

      Well Jim, the only way to really know is come down for a bit! There are definitely quite a few folks who move down here full time and dont speak any Spanish.

      Reply
  5. Richard

    on September 9, 2021 at 10:54 am said  

    can I own a business (not working) if I have a pensionado visa??

    Reply
  6. Chris

    on January 20, 2022 at 4:34 pm said  

    Hello Kent Davis,
    Would you please put me in touch with a Panama certified immigration attorney? Thanks.

    Chris

    Reply
  7. Deb

    on April 1, 2022 at 9:14 am said  

    I have a question I haven’t seen asked anywhere….I realize you can’t work in Panama on a pensionado visa, but how is “in Panama” defined? If I am receiving commissions or fees from clients in the US that go directly into my US bank account, and I don’t have to report that to Panama for tax purposes, is it legal for me to make that income while living in Panama on a pensionado visa ? My fixed income is rather low and I would like to supplement it for a few years with a little part-time work out of the US. I wouldn’t want to jeopardize my eligibility for the pensionado visa but am wondering if this is legally permissible. Thank you in advance!

    Reply
    • Kent Davis

      on June 29, 2022 at 4:20 pm said  

      Hi Deb, absolutely! Panama is on a territorial tax system, meaning only money you earn inside Panama is taxable. So living in Panama but deriving income, especially if it gets deposited to an account outside of Panama, would be considered tax free for Panama’s purposes.

      Reply
  8. Joel W Stephens

    on August 19, 2022 at 8:38 am said  

    I am a US Citizen that will be applying in 2023 for my pensionado status. What US Govt Authority should I contact to get the document that shows the company administering the pension is in good standing? I wouldnt know where to begin. Is there any formal authentication required on that document or just a signature on a letterhead?

    Reply
    • Kent Davis

      on January 4, 2023 at 9:05 am said  

      Joel your best bet is to connect with a Panama based attorney for this question related to the Pensionado Visa.

      Reply
  9. JOEL W STEPHENS

    on August 19, 2022 at 8:50 am said  

    If my wife is processed as a dependent, does she get the same benefits as me for pensionado status?

    Reply
    • Kent Davis

      on January 4, 2023 at 9:04 am said  

      Hello Joel, yes. She should have the same benefits for pensionado status in Panama that you do if she’s listed as a dependent.

      Reply
  10. Henry

    on October 25, 2022 at 11:35 am said  

    Hi Kent , could you please refer few contact that deal with
    Pensionado Visa .
    I am in the process already but there is no complete clarity
    the exact list of documents legalized needed ?
    so if you have somebody proficient in this area – would be greatly appreciated
    thanks

    Reply
    • Kent Davis

      on January 4, 2023 at 8:59 am said  

      Hi Henry, absolutely! We’ve just introduced you via email to an attorney who can help you get your pensionado visa in Panama.

      Reply

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