In relation to your concerns, please note that the permanent resident visa, as a retired person, applies for those individuals with a foreign pension or retirement benefits received by a foreign government, an international organization or a private company, and have sufficient funds to cover all living expenses in the country. The monthly pension shall not be less than $1,000 U.S. dollars and must be granted for a lifetime. There are no Panama government-approved trusts/accounts that you can remit your savings into to qualify for the program. My suggestion is to apply for other type of visa. You might apply to a Friendly Nations visa, investment visa or permanent resident visa as a retired rentier.
How can a freelance foreigner with savings apply for Panama’s Retirement Program?
I have been a freelancer for a long time and am reaching retirement age. I have enough in my bank accounts that would support me to the age of 100 with a monthly expense of $1,000. Will this be acceptable for the program? If not, are there any Panama government-approved trusts/accounts that I can remit my savings into to qualify for the program?
To be eligible for the retirees and pensioner visa, you must receive your retirement income from a government retirement agency or from a regulated private entity, such as banks, insurances or annuity companies. If you will be funding your retirement from your own personal savings and bank accounts, we recommend that you consider the Friendly Nations visa, the private income retiree visa or the self-solvency visa. If you are a citizen of one of the 50 member nations, we recommend you obtain the Friendly Nations visa, as it will be the fastest and most cost-effective residency route. The self-solvency visa requires a minimum investment of $300,000 USD in Panamanian real estate, certificate of deposits (CDs) in local banks, or a combination of the two. The private income retiree visa requires that you open a CD at one of the national banks with sufficient resources to generate interest income $850 per month, or approximately $365,000. This visa though gives the option to obtain a special passport automatically, for travelling purposes.
Having funds in a bank account won’t be sufficient to apply as a retiree. However, there are three other alternatives to consider. There is permanent residency as a self-solvency investment. The applicant should either invest in real estate, or a three-year fixed term deposit account, or a mix of these two, that adds up to $300,000 U.S. dollars. The applicant will first obtain a two-year residency permit, then later obtain a permanent one. There is also temporary residency as a retired rentier. The applicant should set up a five-year fixed term deposit in a state bank for an amount that pays a monthly interest not lower than $850. This grants the applicant a five-year residency permit, together with a Panamanian passport. At the end of the fifth year, the applicant may renew it, yet keep the fixed term deposit for an additional five years. There is also the Friendly Nations Residency program. If the applicant holds a passport from any of the 50 approved nationalities for this program, he/she will obtain a permanent residency by simply setting up a regular savings account with at least $5,000.