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The Visa Pensionado (Pensioner Tourist Visa) leaves no doubt about Panama’s wish to encourage retirees from around the world to settle in Panama. Straightforward to apply for and generous in its economic incentives (see below), this visa is available to foreign nationals (whether retirees or not) who are able to demonstrate a minimal guaranteed income. Nevertheless, consider carefully whether the benefits outweigh the costs before moving forward. Although a fairly straightforward process, applying for a visa will require time, energy, and money. Following is the fee structure for obtaining the visa:
For primary applicant: US$1,200.00
Approximate expenses including government fees: US$200.00
For spouse: US$300.00
Approximate expenses including government fees: US$200.00
Dependents under 18 years old: US$00.00
Approximate expenses including government fees: US$200.00
Dependents over 18 years old: US$100.00 each one
Approximate expenses including government fees: US$200.00
Among the benefits under the Pensionado Program are:
1. Total exoneration of import duties, for one time, of personal belongings up to the amount of US$10,000.00 (customs brokers fees and port charges are not exempted)
2. Exoneration of import duties every two years of a car for personal or family use (customs brokers fees, port charges, 5% sales tax, 5% luxury tax (for cars which CIF value is higher than US$15,000) are not exempted)
3. Discount in airline tickets (both internal and international flights)
4. Discount in medicines
5. Discount in restaurants, utility bills, medical services, public transportation
Documents Required:
1. Power of attorney (our firm provides this document)
2. Letter of Responsibility, signed by the applicant, in which the applicant takes responsibility for his/her dependents (if applicant claims dependents) (our firm provides this document—see below)
3. Sworn declaration filed by the main applicant, spouse, and dependents (our firm provides this document)
4. Photocopy of all pages of valid passport(s) (applicant and dependents if any), duly authenticated by a public notary of Panama
5. Six (6) passport sized photographs (for applicant, spouse, and each dependent)
6. HIV test, issued by a licensed Panamanian laboratory (valid for 6 months). Only required for applicant, spouse, and children over 18 years old
7. Certificate of Good Health, issued by a licensed Panamanian physician (valid for 3 months). Only required for applicant, spouse, and children over 18 years old
8. Document or letter authenticated by the Panamanian Consulate nearest you (or apostilled) certifying: a) The status of retirement or pensioner of the applicant, by a foreign government, international organization, or private entity, and b) A minimum monthly income of US$500.00, plus an additional income of US$100.00 for each dependent.
9. If the pension is from a private entity, the following document must also be submitted: a) Certificate of Good Standing issued by the Secretary of State proving existence of the private entity under the laws of the state in which it was incorporated (this certification must be authenticated by the Panamanian Consulate nearest you (or apostilled), b) Proof of payments of the pension (copies of checks or of bank statements, or original bank letter certifying the deposits of pension to the applicant’s account, or copy of electronic deposits to a bank account) (this document must be notarized by a local public notary and authenticated by the Panamanian Consulate nearest you (or apostilled))
10. Police record for spouse (unless she or he is also filing separately as a pensioner, in which case she or he is exempted from this requirement) and dependents over 18 years old. The main applicant is exempted from presenting this document. This document must come authenticated by the Panamanian Consulate nearest you (or apostilled).
11. An additional set of copies of all documents presented, including the passport(s)
Note: All documents submitted must be duly translated into Spanish by a licensed Panamanian public translator. If the applicant claims dependents, proof of relationship must be submitted (e.g., original marriage or birth certificate, or notarized copy duly authenticated by the Consulate of Panama (or apostilled).
Coming to Panama and obtaining the Pensioners Visa may sound complicated, but it really is not with the guidance of an experienced and involved attorney. Hopefully the above information will prove helpful as you investigate your options in Panama. As is the case anywhere in the world when applying for a visa, things are unlikely to go completely according to plan, but with the right support and attitude, there is an excellent chance that when you are finished you will be surprised by how easy and reliable the process was—and how responsive Panama was to your needs.
General Overview about The Pensioner Tourist Visa
Below please find a general overview of the process, followed by a more detailed strategy:
According to Law 9 of June 24, 1987, and Executive Decree No. 62 of August 4, 1987, persons that are retired or pensioned by foreigner governments, international organizations, or private companies, may establish their residency indefinitely in Panama, with their families, under the Pensionado Visa Program, receiving the benefits established in these laws, with the exception of a Panamanian i.d. (cedula) or passport. The persons that are granted this visa may make investments in the Republic of Panama, but are not allowed to work.
With the visa application, the petitioner must prove an income of US$500.00 per month, plus $100.00 for each dependent. |
