to become a Legal Resident of Panama
of the hectic pace or the cold weather? Discover
the newest retirement destination: the Republic
Law 9 of June 1987 and Executive decree 62 of
August 1987 provide a whole slew of benefits,
rights, tax, and customs exemptions for retired
foreigners provided they take up residence in
Panama and prove they have enough income. In
order to obtain said benefits the applicant
has to apply for a Retired Tourist Visa at either
the National Department of Migration or at a
Methods of Obtaining Panamanian Residency
Once in Panama
there are several types of visas you can apply
for depending on the purpose of your stay.
(1) Retiree Visa
- This program is for the foreigner who has
retires from his own private activities and
is able to make a deposit in the National Bank.
People in this category do not meet the monthly
pension requirement for a Retired Tourist Visa,
so a certificate of deposit is required that
generates a minimum income of $750 per month.
Said amount may vary depending on the interest
rate being offered by the National Bank of Panama.
At present, you will need to buy a certificate
of around $100,000 to generate $750 monthly.
Although this amount is higher than the $500
required for the standard pensionado visa, no
additional monies need to be paid for your spouse
and children under eighteen years of age. If
you decide to leave the country permanently,
this deposit will be returned in full.
Visa - You may obtain this type of visa by investing
in a corporation or creating one. This is less
expensive than the prior method of obtaining
residency. What you have to do is set up a business
with a minimum of $10,000. Then you will have
to establish a Panamanian Corporation for your
business. A cash deposit of $10,000 will then
have to be made to your company’s bank account.
The whole process should not take long under
this visa category.