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Retirement Visa Program in Panama

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Any foreign citizen who receives a permanent retirement or life pension from a government, international organization, or private company can apply to the Retirement Visa program provided such monthly income or pension is not less than ONE THOUSAND AMERICAN DOLLARS (US$1,000). However, if real estate for a minimum value of ONE HUNDRED THOUSAND US DOLLARS (US$100,000) is purchased, the acceptable income or pension would be SEVEN HUNDRED AND FIFTY DOLLARS (US$750) per month.

This permanent resident visa program, unlike other types of visas, grants the following benefits:

  • 50% discount on entertainment activities such as cinemas, theaters, sports, and shows including artist presentations, museum tickets, plays, and the like

  • 25 to 30% discount on bus, boat, ship, or airplane fares

  • 50% discount on hotel, motel, and hostel rates from Monday through Thursday

  • 30% discount on hotel, motel, and hostel rates on weekends

  • 25% discount at restaurants for an individual meal

  • 15% discount in fast food restaurants

  • 15% discount on hospital services and private clinics

  • 20% discount on medicines at pharmacies

  • 20% discount on outpatient medical and surgical services

  • 15% discount on dental and optometric services

  • Discount on health and hospitalization insurance premiums

  • 20% discount on technical and professional services

  • 20% discount on all prostheses, as well as on all devices and auxiliary accessories

  • 50% discount on the closing fees or commissions on personal and commercial loans

  • Exempt from payment of the Special Fund for Compensation of Interests (FECI) fee on personal and commercial bank loan

  • 15% discount on personal and commercial loans on the maximum interest rate that the law allows financial institutions to charge, such as banks, cooperatives, and credit unions

  • 1% reduction on the interest rate on a personal home mortgage loan

  • Freezing of property tax

  • Exemption from the payment of the property appraisal fee

  • 25% discount on the monthly electric bill up to 600 kWh

  • 50% discount on the airport tax or fee

  • 25% discount on the telephone bill

  • 25% discount on the water bill

  • 100% exemption on the registration fees at the Public Registry of the boards of directors, certifications, and incorporation of new legal entities, of non-profit organizations of retirees, pensioners, and senior citizens

  • 20% discount on the purchase of coffins and urns

  • Import tax exemption on a new car every two (2) years

  • One-time exemption on import taxes for household articles up to TEN THOUSAND DOLLARS (US$10,000)

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