Living in Panama

RETIRED TOURIST VISA

Tired of the hectic pace or the cold weather? Discover the newest retirement destination: the Republic of Panama!

Retiring in panama is relatively easy. A retired tourist visa is granted to foreigners retired or pensioned by foreign governments, international organizations or private corporations, wishing to establish their residence, permanently, with their families and dependents, in the Republic of Panama.

With the application of the visa, the applicant must prove that he/she earns an income sufficient enough to cover for all the expenses in which he/she or his/her dependents may incur in the Republic of Panama. Sufficient income is deemed to be earnings of not less than five to eight hundred dollars (US$ 500.00 to US$ 800.00) monthly or its equivalent in foreign currency, plus one hundred dollars (US$ 100.00) monthly, for each dependant.

Once the visa is granted, the beneficiary must, on an annual basis, inform the Immigration Department that his/her income has been maintained or has increased vis a vis the amount originally declared. If a reduction of the income is evident, it is possible that a cancellation of the respective visa may result.

In addition of permitting the beneficiaries to reside indefinitely in the Republic of Panama, this visa offers significant benefits, such as:

  1. Total exemption of import duties of personal or domestic articles only once, for the amount of ten thousand dollars (US$ 10,000.00).
  2. Total exemption of import duties of one (1) car every two (2) years, if destined for personal or family use.
  3. Total exemption of any tax, deposit or immigration duties in connection with the obtention of this visa.

The retired tourists wishing to work in the Republic of Panama may only do so, in the following cases:

  1. When rendering specialized services not offered by Panamanians to the national government or its autonomous institutions.
  2. When considerable investments have been made in Panamanians corporations, previous authorization by the Ministry of Labor, in accordance with the Labor Code regulations.
  3. When becoming members of the Board of Directors of the corporations in which their investments have been made.

The necessary requisites to obtain this visa, are the following:

  1. Power of Attorney in favor of the attorney presenting the petition.
  2. Proper documentation evidencing your condition as a retired person stating the monthly income derived, which must not be less than five hundred dollars (US$ 500.00) or its equivalent in foreign currency, plus the amount of one hundred dollars (US$ 100.00) for each dependant.
  3. In case of foreigners retired from private corporations, a document certifying that the corporation operates outside the Republic of Panama, duly countersigned by the proper authorities. Payment receipts of the pension must also be provided.
  4. Good health certificate of the applicant and each dependant, including a laboratory test for H.I.V., which must indicate the method used for the test, issued by a Panamanian physician and laboratory.
  5. Police record of the applicant and each dependant over eighteen (18) years old, issued by the authorities of the place of residence for the last two (2) years.
  6. Police record of the applicant and each dependant over eighteen (18) years old, issued by the Police Department of the Republic of Panama (PTJ) (NOTE: FOR THIS PARTICULAR MATTER THE APPLICANT MUST GRANT US A POWER OF ATTORNEY).
  7. Marriage certificate of the applicant and birth certificate of each dependant, or an acceptable equivalent document, IF APPLICABLE, as the case may be.
  8. A letter whereby the applicant assumes responsibility of his dependents, IF APPLICABLE.
  9. Original and two (2) copies of the applicant's passport, duly authenticated by a notary public.
  10. Affidavit of personal data.
  11. Four (4) photographs, passport size (Gentlemen are required to wear tie).
  12. An additional copy of all documentation, including the passport.

IMPORTANT: PLEASE NOTE THAT ALL FOREIGN DOCUMENTS MUST BE AUTHENTICATED BY THE NEAREST AVAILABLE PANAMANIAN CONSULATE ABROAD OR WITH THE APOSTILLE SEAL (Please see THE HAGUE CONVENTION OF OCTOBER 5, 1961)

Fees and expenses in connection with the obtention of this type of visa can vary between US$ 1,200 to $2,000. The reason this visa is a little more expensive than some of the others is because it is granted indefinitely.

After this visa is granted, it is recommend that the applicant obtains a multiple exit and entry permit that will allow you to travel in and out of the country freely, without requesting any authorization to the Panamanian Government. This special permit is granted for a period of one (1) year, renewable for equal periods of time, indefinitely. Expenses and fees in connection with this permit are US$ 200.00. This permit has to be renewed every year.