Retirement Incentives for Panama

Panama offers an attractive incentive program for retirees, and because of the lower cost of living, great climate, lower crime rate and tax advantages, Panama compares with many European choice of retirement destinations.

Some benefits for the retiree that move to Panama under a Retirement Visa:

• Household goods can be brought in to Panama free of taxes.
• No property taxes for 20 years.
• No income tax on incomes earned outside Panama.
• New cars can be brought in duty free every two years.
• Discounts between 15% and 50% are offered on hotels, restaurants, movies, many professional services etc.
• Panama is a safe country.
• Panama City has a modern, American style infrastructure due to the near 100 year presence of the Americans in Panama.
• High-band Internet connectivity, cellular phone networks and ADSL in-home phone capability are readily accessible throughout most of Panama. Full-service satellite and cable TV are also very common.
• Panama's cost of living is a fraction (approximately 1/5th) of the United States.
• Panama has an ideal climate.
• Panama has medical facilities on a par with the United States.
• Panama is close to the United States with direct flights to Panama from 5 major US cities.
• Retirement visa requirements are minimal.
• Foreigners can buy and own property in Panama enjoying the same rights and protections as Panamanians.
• English is the second language in Panama and is widely spoken.

The Pensionado Visa has an income requirement established by the Panamanian Government of US$500 per month and US$100 additional for each dependant. It is issued to those who receive a monthly income from retirement sources such as Social Security, Government or Private Companies.

The Private Income Retiree Visa has an income requirement established by the Panamanian Government of US$750 per month earned from a CD deposited at the National Bank of Panama. At current rates, the deposit could be around US$200,000 (keep in mind this amount may fluctuate). The deposit should be renewed every 5 years to maintain the status.

The Person of Means Visa has three options:

1. Purchasing a property of US$200,000

2. Having a CD deposited in a Panamanian bank for 2 years in the amount of US$200,000 (Does not need to be renewed)

3. A combination of the two options above, purchasing a property of US$80,000 AND having a CD deposit of US$120,000.

Issuing of visas takes between 30-60 days.

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