The Pensionado Program in Panama is a generous retiree program offered by the Panamanian government is known to be one of the best in the world, and has made the country a renowned retirement location. The Panama pensionado (retired) visa is one of the most popular ways to acquire residency in Panama.
In Panama, resident pensionados or retirees are entitled to:
- 50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events)
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 25% off monthly energy bills
- 30% to 50% off hotel stays
- 15% off hospital bills
- And more
Exemption of Duties for Pensionado Program in Panama
You can get also get exemption on:
- One-time importation of household goods (up to $10,000)
- tax exemptions every two years on the importation of a car orthe local purchase of a car
Qualification for Pensionado Status
Basic requirements is a pension of at least $1,000 per month. If the pension is received in another currency, it must be equivalent to $1000 USD.
The required monthly pension reduces to $750 USD if the applicant owns property in Panama that is valued at above $100,000 USD.
The applicant’s monthly pension must be received through a private institution, international organization or foreign government.
There is no need to be of pensionable age in your own country or Panama to apply for the Pensionado Program in Panama.
Other things to know:
- There is no need to buy real estate in Panama to qualify
- Foreigners who obtain residency via the Pensionado Program are protected from changes in the law, in effect allowing them to maintain residency in perpetuity.
- Foreigners on Pensionado status are not entitled to apply for Panamanian citizenship or work
- A pensionado visa also permits foreign resident retirees to own and rent property in Panama.
Non Pensionado Visa Discounts
If you have obtained residency other than from the Pensionado program and are over 60 for men and 55 for women (need to check these ages as they may have changed) you will still qualify for the discounts but not the tax exemptions mentioned above
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