Retiring in Panama: Visas
Panama has become the number one place in the world for retirees. Retirement in Panama means you're never farther than two and a half hours from Miami; you have great infrastructure; fantastic cost-of-living outlooks; and your children can come visit whenever they'd like to enjoy the beaches and natural beauty of the country.
With all of the wonderful opportunities for adventure and relaxation that living in Panama brings it's no wonder everyone wants to retire there! There are many different types of visas that you can get to retire in Panama but here is a very brief overview.
First, the Turista Pensionado is probably the most popular with retirees. Basically this is for those individuals (or couples) who are receiving a pension from the government or from a private corporation. The pension must be five hundred dollars or more per month for individuals and six hundred dollars or more for couples. This is looked at very carefully so you will need statements from your government or previous employer stating the amount of your pension per month. While this is the most popular it does have a few drawbacks. This type of visa will not allow you to have a Panamanian passport. This is an immediate permanent residency visa for those wishing to retire in Panama. You can bring in up to ten thousand dollars worth of materials into the country with you the first year duty free. Every two years after that you have the opportunity to import things like vehicles duty free.
If you don't have a pension coming in each month, don't worry. You can still live in Panama! You need to put your money into a Certified Deposit or a CD in the National Bank of Panama. The amount of the deposit must be around $170,000. This is because the monthly income for this type of visa is seven hundred and fifty dollars a month for an individual. This is called the Private Income Retiree Visa. This type of visa does allow you to have a Panamanian passport for travel however it does not mean you are a citizen of Panama. You need to renew this visa every five years by renewing the funds in your certified deposit in the national bank.
There are several other types of visas like the reforestation visa, person of means visa, investor visa, and small business visa. However for retirees, the above mentioned documents are what you should be looking for.