What industry leaders have to say about
Panama
Panama
Modern Maturity magazine ranked one region of Panama as the best place for retirement in the Western Hemisphere. Rated as one of the top retirement destinations, the Panamanian government offers the best retirement incentive program in the world. The ‘Pensionado Visa Program’ of the Panamanian government actually encourages retirees to relocate in Panama. To qualify for a retiree visa you must apply through the Ministry of Immigration but in most cases this is a fairly simple process and the major requirements are a pension or other proven monthly retirement income of $500 for a single person or $600 for a couple, a certificate of good health, a valid passport and a police report. (See the box below). PENSIONADO STATUS: It is relatively easy to obtain a permanent Pensionado Visa in Panama. You need to do this while in Panama and through a lawyer, but once you have obtained this visa or ‘cedula’ it is permanent and never has to be renewed. It also entitles you to the benefits outlined below. For most people, who have the pension income qualifications, this process is virtually automatic and takes less than three months from the time you apply. You will need a proof of income statement (translated into Spanish), a valid passport, a certificate of good health (HIV free) and a police report from your current jurisdiction. You must have your income statement certified by the Panamanian consulate in your home country, so it is important to complete the process before you come to Panama. You should also note that all your documentation must be current or not more than six months old. Translation of the income statement into Spanish can be done in Panama and is very inexpensive (under $100). The government fees, translations, photocopies and notary fees are under $400 and the total cost, including the lawyer will be no more than $1,000. Once you have your cedula it is necessary to purchase an exit visa, for travel outside of the country, once every two (2) years for $100. This allows you to make an unlimited number of trips out of the country and is Panama’s way of keeping track of whether their foreign residency holders are inside or out of Panama. THE RETIREE (PENSIONADO) BENEFITS PROGRAMS CONSISTS OF: 50% OFF recreational including movies,concerts, theater, etc. 10% OFF pharmacy prescription medicines 25% OFF restaurants (food purchases only) 15% OFF dentists ands optometrists 15% OFF for franchises (food purchases only) 15% OFF insurance 50% OFF hotel accommodations (Mon. - Thurs.) (all inclusive resorts are exempt) 20% OFF appliances 30% OFF hotel accommodations (Fri. - Sun.) (all inclusive resorts are exempt) 20% OFF plumbers, accountants, etc. 30% OFF bus and boat fares 50% OFF passports 25% OFF airline tickets originating in Panama 25% OFF utilities 15% OFF clinical/hospital 50% OFF closing costs with financial institutions 15% OFF medical services (surgery, treatments) 1% OFF mortgages/home loans A brief word from Ruthie and Jack Having gone through the steps of starting a business, buying property, setting up bank accounts and the immigration process I can tell you that, of all of the places we have lived and worked while in the Caribbean, Panama is the best! Please contact us for additional information. |
updated Dec.3rd. 2006
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