Retired or Pensioned
This permit is reserved for all those foreigners who receive a retirement or pension from a foreign government, international organization or private company, who enter the national territory to settle there and have sufficient economic means to cover all their living expenses and those of their dependents in the country. The monthly income or pension may not be less than one thousand balboas (B/.1,000.00) or its equivalent in foreign currency and must be granted for life.
Exceptions to the rule
The certification that proves the condition of retired or pensioned may be of seven hundred and fifty balboas (B/.750.00) or its equivalent in foreign currency in cases where the applicant has acquired a property for personal use in the national territory for a sum exceeding one hundred thousand balboas (B/.100,000.00) or its equivalent in foreign currency.
Other exceptions to be taken into consideration:
1. In the cases of spouses, it is possible to choose to credit the sums of both to meet the minimum pension established, which is one thousand balboas (B/.1,000.00) or its equivalent.
2. In the cases of dependent children, their permission will be temporary until they reach twenty-five (25) years of age, as long as they prove that they are in full education, however, they will not be entitled to stay or to the condition of pensioner. With the exception of those dependent children who suffer a proven profound disability.
Requirements for applying for a Permanent Resident Permit as a Retired Person or Pensioned Person
The requirements for applying for this permit are as follows:
1. Power of Attorney and Application (notarized and by a suitable Panamanian lawyer)
2. Three (3) passport size photographs.
3. Duly collated copy of the passport (Notary’s office).
4. Certificate of Criminal Record (or affidavit before a Notary Public if there is no such certificate in the applicant’s country of origin).
5. Health Certificate by a suitable Panamanian doctor.
6. Personal History Affidavit Form.
7. Certification of your condition of retired or pensioned by foreign government, international organizations or private companies, in which it is accredited that you receive
8. a lifetime pension of not less than one thousand balboas (B/. 1,000.00) per month or its equivalent in foreign currency:
8.1. Letter from a foreign pension management, trust, mutual fund, insurance or banking company, certifying that it manages funds for the company or the applicant.
8.2. Certification of existence and validity of the company, granting the
pension and manages the fund.
8.3. Copy of proof of payment or bank statement
Fixed costs to be paid by the applicant
(This amount does not include: Certified Check for USD$250.00 in favor of the National Treasury and Certified Check for USD$800.00 in favor of the National Immigration Service).
The Multiple Visa has an additional cost of USD$150.00, the same is not a requirement for the process but if they leave the country without it there is a fine of USD$2,000.00).
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