This resident permit allows foreigners to obtain permanent residence status in Panama under the condition of being a pensioner or retiree. In accordance to the Department of Immigration of the republic of Panama, there is no minimum or maximum age required in order to qualify. The pension of the applicant must be life-long, with a minimum amount of $1,000 U.S. dollars per month (plus $250 for each dependent). Another option is the acquisition of real estate for an amount higher than $100,000, which reduces the monthly pension to $750. The pension must be proven by submitting relevant documentation, like a letter from the institution or company paying your retiree income or pension. In case of a married couples where both receive a pension, it is possible to combine both pensions in order to prove the necessary monthly amount.
How can a freelancer qualify for Panama’s retirement visa program?
I want to apply for Panama’s retirement visa program. I have some savings obtained through my freelance job in my home country. I might keep working on some freelance assignments once I relocate to Panama. Do I qualify for this program?
Please note that to apply for a Panama retirement visa program you must prove a lifetime income. Therefore, you must provide a certification as a retired person or pensioner by a foreign government, international organization or private company, in which it is established that you receive a pension of no less than $1,000 U.S. dollars per month. If the retirement or pension is from a private company, it must be provided, in addition to the above, the following: a letter from a foreign company that manages pension, trust, mutual funds, insurance or banking, certifying that is authorized to manages funds for the company or the applicant; certification of existence and good standing of the company, which provides and manages the pension fund; copy of paystub or bank statement. If you don't fullfill the requirements, there are other types of visas.
In order to qualify for the retirement program you’ll need to confirm that you are receiving a lifetime retirement pension from either a government entity or a private retirement fund, and for no less than $1,000 U.S. dollars per month. Unfortunately, savings are not enough.
The Panama retirement visa has no restrictions on age, occupation or nationality. All it takes is for the applicant to receive a lifetime pension or retirement for the equivalent amount of $1,000 U.S. dollars monthly from a government or nonprofit organization, or from a regulated entity such as a bank, insurance, pension management, mutual fund or trust.