The applicant should request a certificate or document granted by the equivalent to their social security government entity certifying the amount they’re receiving in concept of a retirement pension. This amount may be detailed per month or annually, as long as the monthly amount is equivalent to $1000 USD or more, it’ll work. In some occasions, this certificate mentions that the retirement pension is granted for their lifetime. When it doesn’t, we include in the application an apostilled copy of the act or law stating that retirement pensions are granted for the lifetime of the beneficiaries. Yes, the amount received should be equal to $1,000 USD after taxes, and no, the amount won’t be taxed again if the money is remitted to Panama.
How could I prove a $1,000 monthly pension for Panama’s Retirement Program?
I am planning for my retirement and Panama’s Retirement Program sounds tempting to me. The requirements seem simple, but I am not sure what to expect in the application. How do I prove the monthly pension amount and the fact that the pension is “guaranteed for life”? What documents do I need? Does the amount have to be after-tax? Do I have to pay tax again for the pension I receive if I have the money remitted to Panama?
Please note you can prove a $1,000 monthly pension for Panama’s Retirement Program with a certification letter of your retirement or pension by a foreign government, international agency, or private enterprise, confirming that you receive a pension of at least one thousand US dollars (US$1,000) monthly or its equivalent in foreign currency and that the pension is for life. If the pension or retirement fund is from a private company, the following is required: a) Letter from a foreign company that administrates pensions, a trust company, a mutual fund company, an insurance company or a bank, that certifies that the funds exist to guarantee a lifetime pension for the applicant. b) Certification of the existence and validity of the private company that issued the pension and administrates the funds. c) Copy of the proof of payment or statement of account from the bank. Also, please note: 1) the amount has to be after-tax; 2) you do not need to pay tax again for the pension you receive if you have the money remitted to Panama.
To prove your monthly pension for Panama's Retirement Program, you will need to obtain a letter from the entity which issues it. For this visa, the pension can be from any government retirement plan or from regulated private annuities. Your letter should state the amount of the pension and that the pension is guaranteed for life, or contain verbiage to that effect. This document will need to be authenticated or apostilled. When applying for Panama's Retirement Program, you will also need to bring your criminal background check (authenticated or apostilled), your passport, a second form of identification, and five small photos (driver's license size). Your pension must be a minimum of USD $1,000 after deductions. For any dependents, you will need an additional USD $250 per month in retirement income. Pensions below USD $1,000 and above USD $750 are also eligible for this visa, if USD $100,000 is invested in a property with no liens. Panama will not tax you a second time for any remitted funds.