Panama has put together the most attractive and popular residence program for retirees in the world.
The Retiree and Pensioner residence (typically known as the “Pensionado Visa”) is considered the best retiring program, because it offers great incentives for those foreigners who are willing to retire in Panama.
It’s important to notice that the processing time for this permit is approximately 6 months once the application form has been submitted.
In Panama, resident pensionados or retirees are entitled to:
- Total customs duties exemption for the import of household or personal use items for one time only, up to the amount of ten thousand dollars (US$10,000.00), and every two (2) years for the import of a motor vehicle for personal or family use.
- Payment exemption of any deposit, encumbrance, or immigration fee related to obtaining the Retiree and Pensioner’s Permit.
There are also multiple benefits granted by law to nationals and foreign retirees or pensioners, such as:
- 50% off entertainment anywhere in the country such as movies, concerts, and sporting events.
- 50% off hotel stays from Monday through Thursday and 30% off from Friday to Sunday.
- 30% off in public transportation fee such as buses, boats, or trains and 25% in air tickets of national and foreign public or private companies
- 25% off at restaurants (individual food consumption) and 15% off at fast-food restaurants.
- 15% off hospital bills and 10% off in prescription medicines.
- 25% discounts on utility bills
Because of these reasons and many other more, MUDATE A PANAMA.