Panama’s Attractive Retiree Benefits
1. Retiree visa (Pensionado Visa)
Although it is called a retiree visa, you don't have to be retired to get it.
What is required to get a retirement visa:
- Be a minimum of 18 years of age
- A clean criminal record from where you currently reside
- A health certificate from a Panamanian doctor
- Income proof shows a minimum monthly of $1000 on your part and $250 each on any dependents'.
The retiree visa comes with a multitude of benefits and discounts, which is explained in the next sections.
2. Panama's incentives for foreign retirees
- One-time import duty exemption on all your personal and household items up to $10,000.
- Import duty exemption of a car duty free every 2 years period (Other tax duties do apply)
- 100% property tax exemption for sole residence
- Discounts ranging from 15% to 50% are offered on hotels, restaurants, movies, various professional services, and so on.
- Requirements for retirement visa are minimal
3. Panama's incentives for both foreign and national retirees
- 50% discount on closing costs for mortgages
- 10% discount on prescription medicines
- 15% discount on dentistry
- 30% discount on bus, boat, and train tickets
- 25% discount on domestic and international airline tickets
- 25% off restaurants bills
- 15% discount on fast food restaurants' bills
- 25% discount on monthly energy, phone, and water bills
- 50% discount on hotels from Monday to Thursday and 30% during weekends
- All Panamanian banks offer special express lines for retirees, which is mandated by law
Looking for a retirement home? Check out these real estate listings.
For more information, please contact us.
