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Rank #72
Panama

Panama

LocationCentral America • UTC-5 • America/Panama
Monthly Cost
$1,374
-37% vs USA
Internet
43 Mbps
Mobile Avg

Pensionado Visa

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An attractive visa for retirees with a guaranteed lifetime pension, offering permanent residency and various discounts on services in Panama.

Min. Income

$1,000/month (Pension)

Guaranteed Lifetime

Min. Income

Processing

2–4 Months

Average Time

Processing

Validity

Indefinite

Permanent Residency

Validity

Citizenship

5 Years

Years to Apply

Citizenship
Info

Eligibility & Required Docs

Eligibility Requirements

  • CheckmarkProof of a lifetime pension or annuity of at least $1,000 USD per month
  • CheckmarkIf purchasing property in Panama worth at least $100,000, the pension requirement is reduced to $750 USD per month
  • CheckmarkClean criminal record
  • CheckmarkValid passport

Required Documents

  • CheckmarkPassport copy (notarized)
  • CheckmarkCriminal record certificate (apostilled)
  • CheckmarkOfficial letter from government or private company certifying lifetime pension
  • CheckmarkBank statements showing pension deposits
  • CheckmarkMarriage certificate (if applicable)
  • CheckmarkBirth certificates for dependents (if applicable)
  • Checkmark8 passport-sized photos
Info

Residency Rules

Taxation

Pensionado visa holders benefit from Panama's territorial tax system. Their foreign-sourced pension income is not taxed in Panama. Any income earned from Panamanian sources would be subject to local tax.

Physical Presence

The Pensionado Visa grants permanent residency, which does not require a specific minimum number of days per year in Panama to maintain. However, applicants must be present for the initial application process.

Info

Advantages

  • Direct path to permanent residency
  • Lifetime visa with no renewal hassles
  • Significant discounts on various services (e.g., flights, hotels, medical)
  • No age restriction for applicants
  • Foreign pension income is not taxed in Panama
Info

Disadvantages

  • Requires a guaranteed lifetime pension, not just savings
  • Initial legal and government fees can be high
  • Bureaucracy can be slow

Compare with

Costa RicaPensionado Visa
MexicoRetirement Visa
EcuadorRetirement Visa