panama retirement


If you are retired in your country, you qualify for a LIFETIME RESIDENCE IN PANAMA with an IDENTIFICATION OF PANAMA and multiple benefits. According to the National Migration Service of Panama, there is no minimum or maximum age to qualify under this modality; it will only be necessary to verify your status as a retiree in your country to obtain all benefits.

The Panamanian immigration law allows you to apply as a retiree or pensioner if you have this status from a public entity in your country. This entity can be a "Social Security Fund" or a "Public Retirement Fund"; as well as public "administrative entities," such as: "Public Universities, Ministries, State Companies or similar," as long as you receive such pension or retirement "for life," monthly.

 

Monthly pension or Retirement Letter

In accordance with the migration regulations for international pensioners, the retiree must demonstrate through a letter that receives approximately $ 1000 per month in pension.  This note must come on the letterhead of the public entity that retires the expatriate.  Also this letter of retirement must be translated into Spanish (this is something that we do in our offices through a public translator). In addition, the letter must be duly legalized or apostilled for international use. Finally, if the monthly retirement amount is expressed in a different currency (US DOLLARS), the change or currency conversion must be made at least one week before.

The Retiree and dependents 

The retired person or pensioner can apply with his WIFE, PARENTS and minor children, but the residence for the children will be issued only until they reach the age of 25; as long as they can prove that they complete university studies in Panama, they will not have the right to stay or the status of the retiree that I apply as principal in the migration department. On the other hand, the law establishes that the applicant retiree, additionally must support income for 250 dollars per month, for each dependent that applies. This can be supported by a bank reference letter issued by a local bank.

LIVING IN PANAMA AS A RETIREE..

Special Discounts

In addition to receiving a special and privileged treatment at various local services, in Panama you will receive special "discounts" by law:

  • 50% In entertainment (Movies, Concerts, Sports Events, etc.)
  • 30% In transport (Buses, Ships and Trains) and 25% In flight tickets.
  • 50% In hotels and 30% Friday to Sunday.
  • 25% In restaurants and 15% in fast food.
  • 15% In hospitals, 10% in prescription and 20% in medical consultations. 15% In dental and eye exams.
  • 50% In loans for housing
  • 25% In Public Services and many more..!

Timeframe of the Application

Please plan to visit Panama at least 2 weeks. The reason for this is that you must request the change of currency of your pension in your retirement letter.  In addition, certain immigration forms must be prepared in our office before applying. You must register at the Immigration Department before the residency application as a retiree, which takes at least 1 day. Our team must also perform certain steps (notaries, stamped, authentications, doctors, etc.) before you can apply.  Finally, once applied, the retiree must leave his passport deposited in migration at least 2 days, in order to obtain the stamp of "multiple exits" of the country; and so, avoid future fines.

 

CONTACT US

Panama lawyer


  • SL55 Tower, 17th floor, 
  • Samuel Lewis Avenue, Panama City Panama
  • +507-391-8878
  • mail@panamags.com   
  • www.PanamaGS.com