Panama's Pensionado Program - Better Living In Paradise

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Panama Pensionado Program is a fairly unique method of getting a lifetime visa for retired persons. Not only is this a lifetime visa for yourself and dependents, but it comes with numerous discounts and benefits.

Panama Pensionado Minimum Age Requirement – There is no minimum age requirement as their would be for a Jubilado. A Jubilado can best be though of as a Panamanian who worked here their whole life and reached retirement age. A Pensionado is a foreigner on a pension for life retiring or residing in Panama.

Panama Pensionado Relevant Law Citations - Law No. 6 of 16 of June 1987, modified by subsequent changes in the law by Law 18 of 1989, Law 15 of 1992, Law 37 of 2001 and Law 14 of 2003.

Panama Pensionado Requirements – One must be receiving a pension for life of at least $500 per month. This goes up by $100 per month for each dependent brought in under the program. The pension should be from a reputable source like a publicly traded major corporation pension fund or from a government agency. Usually a letter from the pension granting fund is required and a few bank statements showing the deposit can be helpful. If one is receiving these retirement benefits early in life say as the result of military disability this is fine. Pensions from non-public, small corporations will be difficult to prove and this is not going to be successful.

Panama Pensionado Documents Required – In addition to documentation of the pension, the following is required:

• Birth certificates for everyone coming in under the program.
• Marriage Certificate if married and bring in a spouse
• Police records check for all coming in over 18 years old.

The above three documents need to be certified by the nearest Panama Consulate or Embassy. We can explain this more fully to you.

You will need a passport valid for at least six months as well. The health certificate is done in Panama. All applications must be in person. Plan on being in Panama for at least four days to apply. In approximately 60 days you will need to return to pick up the Pensionado. Plan on another four days. You can stay in Panama during the application process or leave and return.

Panama Pensionado Benefits

1. Discounts of 50% off the ticket price charged for movies, theaters and Panama sporting events like soccer, boxing, baseball etc. Charitable events would not offer this discount to the Pensionado.
2. 30% Discount for City Buses, Panama Trains and Boats (not cruise boats).
3. 25% on airfare if flight is in country or if ticket purchased with COPA airlines in Panama.

Hotels discount 50% from Monday to Thursday and 30% on Friday, Saturday and Sunday.

1. 25% discount of food eaten in a sit down inside restaurant.
2. 15% discount in fast food establishments.
3. 15% discount services in hospitals and private clinics.
4. 10% discount in for prescription medicines in pharmacies.

Discounts in the following medical services:

1. 20% discount fees for medical doctors
2. 15% for dentist fees.
3. 15% for optometric examinations.

Health Insurance shall adjust fees for Pensionados & Jubilados.

1. 20% discount on any professional services utilized in Panama.
2. 20% discount for all prosthetic devices.
3. 50% discount on the price of a Panama passport.
4. 25% discount on your electric bill up to 600KW's and then the discount is gone if the usage is over this figure.
5. 25% discount to the basic residential phone service charges when the phone (one phone only)is registered in the name of the Pensionado
6. 25% discount on primary residential water bill if the bill is in the name of the Pensionado and the monthly bill does not exceed $30.00
7. A Pensionado can buy a car every two years free of import duty.
8. A Pensionado can bring in $10,000 worth of personal goods one time with no import duty.

General Pensionado Requirements

• Only a Panama attorney can file a visa application.
• The minimum age is 18, those under 18 can only be dependents of an applicant.
• Documents are valid for 90 days.
• Passports must have six months or longer left on them. Brand new passports are fine.
• Applicant must be able to get a visa to come to Panama top apply.