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Pensionado Visa - Requirements and the Law

I consulted with a Panama lawyer as far as the requirements for the Pensionado Visa and the FBI report requirements among others:

As far as the FBI report goes, it is an absolute requirement. If you are in Panama as a tourist, then you have no Immigration status, therefore when you apply for your Pensionado Visa, you must provide an FBI report no older than 3 months. Note: if your lawyer tells you it can be done with a Panama police records, no matter  how long you have resided in Panama, if done as a tourist, then it must be done with the FBI record or the record of the country in which you resided permanently for the last 5 years before being in Panama. Some lawyers do it, but it is not 100% adherent to the law and could be the subject of future problems if the person ever has a legal issue in Panama. 

So to be on the safe side, have our FBI report. There is a link that costs $18 and you can do it online. Also these are the requirements and documentation needed to apply for a Pensionado Visa. Note: There are no age requirements for this visa, anyone who receives any type of lifetime pension can apply. I am not a lawyer, and I am not the author of this article. Any discrepancies with your particular situation, may be a legal question which will be asked to the lawyer.

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Retirees or those who receive lifetime pensions (disability, annuities, etc.) may qualify for a Pensionado Visa in Panama.  This via allows foreigners to obtain Residency in Panama under the condition of having a guaranteed income through then pension payments. According to the National Immigration Service of Panama, there is NO minimum age and no maximum age to qualify under this criteria, you only to provide the required documentation as listed below.

The lifetime income of the applicant shall exceed $1000 US per month, however, if the income is below $1000 per month but higher than $750 US per month, the applicant may invest in Real Estate through the purchase of a property of no less than $100K US, which will then reduce the monthly requirement to $750 US per month. The applicant must be able to prove their pension funds and must provide an original letter  issued by the institution, government branch or private company that pays this pension or fund. This letter must be notarized and authenticated by the Panamanian Consulate closer to the applicant and it must be apostilled.

Benefits of having a Pensionado Visa in Panama:

There are many benefits in having this visa, which include:

  • Duty tax exemption in all home furnishings and household items up to $10,000 US
  • 50% discount anywhere in the country in all entertainment options such as movie theaters, concert halls, sporting events, etc.
  • 30% discount in all bus, boat and train fares
  • 25% discount in airfare
  • 50% discount in hotel stays Monday through Thursday
  • 30% discount in hotel stays Friday through Sunday
  • 25% discount in restaurants
  • 15% discount in hospital/medical bills (where insurance does not apply)
  • 10% discount in all  prescription drugs
  • 15% discount in fast food restaurants
  • 20% discount in doctor visits
  • 15% discount in eye and dental exams
  • 20% discount in doctor’s visits
  • 50% discount in loan closings for home purchases
  • 25% discount in public services/utilities
  • 20% discount in professional/technical services
  • 15% discount in loans under your name
  • 1% discount on mortgage rates for your homestead property

 

If you qualify as a Pensionado Visa holder, you are also eligible for

 

  • Tax exemption (only 1 time) of household goods for domestic use with a maximum value of up to $10,000 US
  • 100% tax exempt on vehicle import duty fees every 2 years

 

These are the basic  requirements for the Pensionado Visa

 

Article 201.4 states the following “if it refers to pension or retirement from a private company, you should also provide, aside from the basic requirements, the following:

 

  • Letter from a foreign company/entity who administers the pensions, trust, annuities, mutual funds or banking that certifies it’s the administrator for the entity or applicant

 

  • Certification of the existence and active status of the company issuing the pension and administrating the funds
  • Copy of payment stub or account statement from the bank

 

To request this permit, a married couple may opt to credit the established sums in this article to the total of both their pensions”

 

What this means is that if in a marriage, both partners receive a pension that when added up total $1000 US, both may apply for a Pensionado Visa in Panama. This is important because appliances may use the annuities issued by the Bank, the insurance company or even a private company to satisfy the income requirement for the Pensionado Visa in Panama.

 

The law also establishes the following guidelines for dependents:

 

“Article 202, referring to dependent children, the permit will be temporary until they turn 25 years of age, as long as they can prove they are full time students, nonetheless they will not have the right to permanent residency or pensionado status, with the exception of those dependent children who suffer from a proven disability”

 

This means that if your dependent child is not enrolled full time in a Univeristy after the age of 18, his Pensionado Visa will be cancelled. This also means dependent children may not use the Pensionado Visa to obtain permanent residency. They should apply under another option to obtain their residency.

 

Also the law establishes that the applicant should receive an additional $250 US per month for each additional dependent, which could be satisfied by proving the monthly amount of your pension/retirement income, or through a letter of reference issued by a Panamanian bank where the monthly income is proven by means of a monthly deposit.

 

It is important to point out that the law does not discriminate against age, so any person no matter the age, that receives a payment as a lifetime pension, complying with all requirements as detailed, may apply for a Pensionado Visa in Panama.

 

Steps to apply for a Pensionado Visa in Panama.

 

Foreigners who receive any type of retirement payment or pension/disability payment from any foreign government, agency or private entity who enters Panama with the idea of establishing residency and that is able to demonstrate that has the financial means and resources to cover their expenses and those of their dependents, is in the capacity to apply for a Pensionado Visa. The income may not be less than $1000 US per month and must be lifetime guaranteed, however, if the applicant can demonstrate that he has acquired Real Estate in Panama, titled to their name, and with a value of no less than $100,000 US, the monthly income may be lowered to $750 US per month.

 

In addition to the basic requirements established, the applicant must furnished the following documents:

 

1)     Certification Letter issued by the foreign government, agency or company confirming the person receives a monthly pension of no less than $1000 US, or its equivalent in foreign currency and that the pension is guaranteed for life.  In case of a married couple, if both are pensioned, both may apply under the Pensionado visa as long as their combined income reaches $1000 or its equivalent in foreign currency and guaranteed for life.

 

2)     If the applicant has dependents, should pay an additional charge of $250 for each dependent to the Immigration Service. In case the dependents are children, their residency permit will only be valid until they reach age 25, as long as they can prove they are unmarried full time students. However, they will not be entitled to the continuity of the Pensionado Visa, except those dependent children who suffer from a mental or physical proven disability.

 

3)     Certificate of the Public Registry over any assets acquired under personal name of the applicant for the Pensionado Veisa

 

4)     If the pension corresponds to a private company, the applicant must provide the following documents:

A)    Letter from the company in charge of the administration of the pension, be it a trust, mutual fund, insurance, annuity or bank certifying the funds exist and are guaranteed to be paid for lifetime of the applicant.

B)     Certification of the existence and operations of the entity who issues the pension payment and administers the funds

C)     Prove of payment of the pension, could be stubs of bank statements

 

5)     If the letter comes from a private company, then the applicant must also provide a certification from a government entity in which is assured that the company issuing the payment has a good reputation and is duly registered. This document must be original, official, new and authenticated. The Company in charge of the administration of the pension, should also issue a letter certifying they are assigned to provide the administration of the pension funds and monthly payment

 

6)     Proof of payments received, in this case all payments received or bank statements where the payments are reflected. This document must be authenticated.

 

7)     Criminal Record/Police record or background checks issued by the authorities of the country in which you resided for the last 5 years. This document must be original, official, current and authenticated

 

8)     Marriage certificate (if applicable for married couples), and/or birth certificate of all minor or disabled children (if applicable). These documents must be original, official, current and authenticated

 

Any person who wishes to establish residency in Panama, no matter under which criteria must

 

1)     Register their passport with Immigration Services

2)     Present their application for Residency with all backup documentation as required by Immigration Services with proof of payment of all Immigration fees

3)     Immigration Services will issue a temporary card and a multi-entry visa with a validity of 3 to 12 months

4)     Immigration Services will issue a Temporary Residency and a Pensionado Residency card after all requirements have been fulfilled

 

Passports must be registered in Panama and sealed by the Immigration Services office

 

Applicants may not visit any government office wearing shorts, t-shirts or sandals.

 

You will also need

 

1)     6 passport photos for each appliance and applicable dependents

2)     Completed application form by Immigration (a lawyer must do that)

3)     Original plus 1 copy of the passport of applicant and all dependents (all pages), after the passport has been registered at the Immigration Office in Panama.

4)     Passport must not expired within the next six months of application

5)     Certificate of good health by a Panamanian hospital or clinic, signed by a Panamanian Doctor which shall confirm that neither the applicant or the dependents have any contagious diseases and are in good mental and physical conditional

6)     All immigration forms must be correctly filled out by the appliacant

 

Your lawyer will also issue a Special Power of Attorney so they have authorization to process your documentation

If you have dependents, a letter of responsibility by which you assume full responsibility for your dependents

 

Los clientes deberán descargar, llenar y completar el formulario de “Filiación” del Servicio Nacional de Migración, y la “Aplicación de Información de Antecedentes”, (Nuestra firma de Abogados podrá proveerle éstos formatos). Por favor sírvase enviarnos vía fax o email éstos dos formatos previo a su visita para realizar la revisión respectiva.

All original documents that are in a language other than Spanish must be translated in Panama by an authorized/certified Panamanian translator

All payments to Immigration must be made in US dollars with bills no larger than $20

If you hire a lawyer expect to pay around $1200 - $1500 for the paperwork and about $400-$500 for fees and taxes, If you have dependents add another $1200-$1500 

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Replies

  • Where is the link to get FBI report at?

  • There is one stumbling block with the FBI report. You are required to submit fingerprints. We went to 3 different law enforcement agencies in the states and 2 here to get the fingerprints taken. If they are taken with ink, they will be illegible. It takes several weeks between finding out that they fail. So it's time consuming. We found that the newest digital fingerprints are the only ones that work. Usually that is your state police department or federal agencies.
    • You can get them done in David 

    • County Sheriff's Departments.
  • I do hear from a lot of folks and restaurant owners, that they hope we do not ask for it at  restaurants as it affects their ability to remain profitable and stay in business. The margins are very tight today. So we should reconsider in taking that discount.  Agreed?

  • Where is the link for online FBI report for $18?

  •  Probono lawyer...that does not exit in Panama.

    • Julio please clarify the income question below. Thanks

  • What if only the husband or wife has a pension, not both. Would $1000 cover them both?

This reply was deleted.

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