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Panama: Best Retirement Visa in the World
Panama is famous for the Panama Channel and its strategic position in the Americas. The country is a melting pot, a place where many cultures merge to form an unique identity.
So on, Panamanian people are known to be hospitable towards foreigners, offering them competitive conditions for investment, these include low taxes and easy residency visas.
To tell you more, Panama has one of the best options in the market, i.e. the Panama Retirement Visa. Even though this visa was designed for retirees, in fact, anybody with a lifetime pension of at least 1,000 USD per month can qualify for it.
The Panama Retirement Visa is ranked as the best retirees visa in the world. In a nutshell, we will explain some of the benefits of it:
-The minimum monthly income of 1,000 USD is only half of the amount required in Dominican Republic (2,000 USD), a country that has a similar program.
-The Panama Retirement Visa grants you a path towards citizenship.
-Tons of discounts for things like buying medicines, airplane tickets and even when going to the cinema.
-Tax exemptions for household goods and when importing a car.
-It's open to all ages. Anybody who is at least 18 years old can apply.
All You Need to Know About Retirement Visa
Panama has become one of the most requested destinations for expats and retirees in recent years. Their secret is the Retirement Visa. To obtain this visa all you have to prove is that you have a lifetime pension of a fixed income of at least 1000 monthly USD from a public or private fund, i.e. the government, the military, a bank or a trust.
The retirees visa has no investment or language requirements and it's open to anybody who is at least 18 years old. Furthermore, it grants the pensioner permanent residency and great benefits and discounts in movie tickets, restaurants, medicines and even duty exemptions when importing a brand new car.
However, if you buy a real estate property valued at least at 100,000 USD, the minimum amount lowers to 750 monthly USD. For any dependent (spouse or children) the applicant must have to add 250 USD on the lifetime monthly income.
The process must be done in Panama and has to be carried out by a Panamanian attorney.
Why the Panama Retirement Visa?
Panama offers the best rated retirees visa in the world. It grants you a lot of benefits, such as duty exemptions for importing a brand new car (every two years) and for household goods (one time, up to $10,000).
Furthermore, the retiree will have a lot of benefits, such as 30% off on the bus, 25% off in airline tickets, 10% in prescription medicines, 25% off at restaurants, etc.
Five years after obtaining the Retirement Visa, the beneficiary will become eligible for Panamanian citizenship, a process that takes up to two years to complete.
How to Apply for the Panama Retirement Visa
Obtaining the Panama Retirement Visa is a process that takes about 3 months to complete with proper advice. Here we will give you every detail on the application process.
The first step is preliminary and it takes just one day to complete. It consists in the filiation of the following documents to a government office:
-4 passport-size photos.
-Copy of passport generals and last stamp of entry to Panama.
-Copy of the power of attorney.
-Pre-registration form (filled in online.)
The same requirements must be presented in the case of dependents. All documents must have a certified translation into Spanish and be apostilled.
-The second step is about presenting the residency application to the authorities. It requires about two and a half months to collect all the documents. You will need:
-3 passport-size photographs. (and for each dependent)
-Complete copy of the passport.
-Certificate of criminal records of the country of origin, apostille. Moreover, it must be presented for each legal dependent on legal age.
-Health certificate issued by a qualified doctor in Panama
-Fill in a sworn declaration form of personal background.
-Certification of your status as a retiree or pensioner by any public or private fund, proving that you receive a lifetime pension of at least 1,000 USD per month.
If the lifetime pension comes from a private institution you must provide the following additional documents:
-Letter from the private institution (trust, fund, insurance, bank) certifying the administration of funds for the company of the applicant.
-Certification of the existence of the company.
-A copy of a proof of payment or a bank statement
Note: The minimum pension is reduced to 750 USD if the pensioner has acquired a real estate property valued at least on 100,000 USD. In the case of dependent children, the permission will be temporary, valid until they turn 25 years old as long as they keep completing their studies. This doesn’t apply for dependents who suffer a proven profound disability.
While the application for the residence is processed, it's vital for us to grant you multiple entry and exit visas, so you can travel abroad and return anytime. This step requires about 58 hours to complete and you must submit the following documentation:
-Passport (original and a copy)
-Migration Card (original and a copy)
-Two (2) passport-size photos.
This part of the process consists in getting the Panamanian ID Card. You must go to the Panamanian Electoral Court with your lawyer to submit the documents, two weeks after the permanent residency card is issued. This is the last step and takes up to two weeks to complete.
What Can We Do for You?
In Mundo we are on a permanent pursuit of financial freedom. Along with our partners in NTL Wealth, we have developed a wide network of experts that are always looking for new ways of investment and tax optimization in many offshore destinations on the planet.
Regarding residency options for retirees, we are sure to tell you that Panama offers the best program of this type in the world. It grants you a path towards citizenship, discounts and is open to all ages. We can advise you in the whole process so you can get this Visa without problems.
Our experts are ready to help you get the Panama Retirement Visa. Contact us now!
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