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:
The retired tourists wishing to work in the Republic of Panama may only do so, in the following cases:
necessary requisites to obtain this visa, are the following:
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)
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.