Panama retirement
for the world's best
retiree benefits

Who qualifies and what
you need to bring when you retire in Panama

Panama retirement? Why not? Panama’s program for retirees is said to be the best in the world. There is no age limit to qualify for the Pensionado Visa Program. You need only to be able to prove a monthly pension or retirement income of $500 from a government or corporation, plus $100 for each dependent.

Before you can apply to retire in Panama, will need sworn documentation showing your pension income, certified and stamped by the Panamanian embassy in your country of origin, plus a valid passport and a clear police record for the past five years.

If you don’t have a pension? You can still qualify for Panama retirement provided you deposit sufficient funds in the National Bank of Panama to generate $750 a month. This amount covers any number of dependents. You must use a Panamanian immigration lawyer, pass a medical on arrival in Panama and be tested free of HIV. Your legal representative will probably accompany you to a doctor’s office. He or she will also shepherd you through the immigration office, once to register various documents and a second time to have your photograph taken and be presented with your identity card (carnet). Carry this card with you at all times. You can be fined for not doing so. Prior to receiving your carnet, carry your passport or a photocopy of it. Legal expenses and fees Panama retirement can vary depending on size of family and complexity, but should be around $1,500 for one person. Let us know where you plan to locate within the country and we will be happy to recommend a good lawyer to help you retire in Panama.

Before you leave

The immigration process must be started before you leave your home country. Once you arrive in Panama as a tourist, you will be able to stay for up to 90 days. This can be extended for a further 90 days if needed. Qualifying for permanent residence for Panama retirement takes from 30 to 60 days, depending on the time of year and the availability of certain key immigration officials. Given all the public holidays, November and December are good months to avoid.

Although not required, it will be helpful for you to obtain letters of good standing from your bank or banks and any other financial institutions. Do not close your bank accounts. You will need at least one, and preferably two, open bank accounts somewhere in the world before you will be able to open an account here.

Also, keep at least some credit cards. Getting credit cards in a new country ranges from difficult to impossible. One bank here, HSBC, offered me a card with $5,000 credit so long as I placed $10,000 on deposit.

Finally, go to your local automobile association and get an international driver’s license. Your own license is good here for 90 days, but there is no limit on an international license. (Expect lots of puzzled looks from local traffic police as they thumb through the multi-page document written in several languages.)

Panama retirement is much easier than in most other sought-after destinations.

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