Panama Information
Panama is now positioning itself as the "New Costa
Rica." The country has put together the most appealing
program of special benefits for foreign residents and
retirees you'll find anywhere in the world today,
starting with the Pensionado or Pensioner Visa Program.
In Panama, qualified pensionados or retirees are
entitled to
- 50% off entertainment anywhere in the country (movies,
theaters, concerts, sporting events)
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 50% off hotel stays from Monday through Thursday
- 30% off hotels stays from Friday through Sunday
- 25% off at restaurants
- 15% off at fast-food restaurants
- 15% off hospital bills (if no insurance applies)
- 10% off prescription medicines
- 20% off medical consultations
- 15% off dental and eye exams
- 20% off professional and technical services
- 50% closing costs for home loans and more…
In the past the government of Panama has allowed any
adult who could show proof of a monthly pension of any
kind …from the age of 18 upward…to qualify for a
pensionado (retiree) visa. As in the past, if you are
receiving a pension from a government entity or a well-known
international company, age is not an issue. You must
simply provide proof of adequate income ($500 a month
per person or $600 a month per couple). However, if you
are on a private pension, the Pensionado Visa is
available to you if you are of retirement age (50 years
of age or older). The age of your spouse (if applying as
dependent) will not be considered on the age limitation.
In addition you are entitled to a one-time exemption of
duties on the importation of household goods (up to
$10,000) and an exemption every two years of duties for
the importation or local purchase of a car.
Plus Panama's pensionado law stipulates that anyone
entering the country as a qualified pensioner today is
guaranteed that status as long as he chooses to stay in
the country. That means that, even if the government
decides to change the requisites for applying-say, by
raising the age to 65 years-you maintain your pensionado
status…even if you're only 52.
The general rules:
- All visa applications must be made through a
Panamanian lawyer.
- Youngsters under 18 will qualify for a visa as
dependents of their parents.
- All overseas documents to be presented to the
authorities in Panama must be authenticated by a Notary
and by the Panamanian consulate nearest you, or by a
notary and Apostille. The Apostille (as per The Hague
Convention of 1961) is a faster way of authenticating
documents and in the U.S. can be obtained through the
Secretary of State in your home state, in the UK this
can be done through the Foreign Office (in Britain). In
Canada, please check with the Panamanian embassy/
consulate nearest you*.
- All documents must be valid (within two months of visa
application) and passports must be valid for at least
another year from time of application.
- Dependents: Bring a marriage certificate. However,
original marriage certificates are not acceptable for
the visa application if over two months old, so you'll
probably need to request a copy. If you have children
under 18 that you'll be including on your application as
dependents, you'll need to bring valid birth certificate
copies (not originals).
- None of the visa programs mentioned here include work
permits.
- All visa applications require that you obtain a health
certificate in Panama.
- All visas require a clean police record from your last
place of residence.
- All visas require six to nine passport-size photos (gentlemen
in suit and tie; ladies in blouses or dresses with
sleeves).
Person of Means Visa (Solvencia Económica Propia)
Designed for those who wish be in Panama and live off
their own means, without the need to work or start a
business. Applicants must either: 1) open a two-year
fixed term deposit account with a local bank for at
least $200,000, or 2) purchase real estates in the
amount of $200,000 or 3) purchase real estate worth a
minimum of $80,000 and open a two-year fixed term
deposit account for at least $120,000. The accounts and
the real estate must be in your personal name, fully
funded (or titled) and free of mortgages or encumbrances.
The visa is granted in two steps: first a one year
provisional visa is granted, and then the process is
repeated and the visa is approved permanently, with the
right to a cedula (national identity card). Five years
after obtaining the permanent visa, holders will be
eligible to apply for Panamanian nationality.
Investor Visa (Inversionista)
Designed for those who wish to establish a business in
Panama (excepting certain retail businesses and
professions reserved to Panamanians). There must be a
minimum investment of $150,000 and minimum of three,
permanent Panamanian employees hired. The investor visa
is granted provisionally for one year, after which
renewal is granted permanently with the right to be
issued a national identification, or cedula. Five years
after obtaining the permanent visa, holders will be
eligible to apply for Panamanian nationality.
Forestry Investor Visa (Inversionista Forestal)
The Forestry Investor Visa encourages the production and
preservation of teak. Basically, the program consists of
two options, dubbed the Small Forestry Investor and the
Large Forestry Investor Visas. The Small Forestry
Investor Visa requires a minimum investment of $40,000,
whereas the Large Forestry Investor Visa requires a
minimum investment of $80,000. Small forestry investors
can apply for permanent residency on their fifth year
(prior to this, these investors may stay in Panama via
one-year renewable immigrant visas). A large forestry
investor, however, must apply for permanent residency
immediately after his or her first immigrant visa card
expires. Both small and large investors are eligible to
apply for citizenship just five years after their
initial application.
Small Business Investor Visa (Inversionista de Pequeña
Empresa)
Designed for those who wish to establish a small
business in Panama (note that retail businesses and some
professions are reserved to Panamanians). There must be
a minimum investment of $40,00 and minimum of three
permanent Panamanian employees hired. The visa is
granted provisionally for one year, and needs to be
renewed three more times before it is granted
permanently with the right to a national identification
card, or cedula. Five years after obtaining the
permanent visa, holders will be eligible to obtain
Panamanian nationality.
Important new information about the Forestry Investor
Visa: You can now use your IRA funds to invest in
forestry projects in Panama and qualify for the Forestry
Investor Visas. (You can also use IRA funds to invest in
other types of Panama real estate, but this will not
qualify you for a resident visa, as when you buy with an
IRA the property must be owned by a corporation or
foundation owned by the IRA and not in your personal
name.)
If you have a different type of investment in mind, note
that Panama offers many different visa alternatives;
those listed above represent just a few of the more
popular options.
For information about using your IRA to invest in a
forestry project or in Panama real estate, contact us
Panamanian agencies in
the U.S. and Canada:
- Embassy of Panama, Washington, D.C.: 2862 McGill
Terrace N.W., Washington, DC 20008; tel. (202)483-1407;
fax (202)434-8413.
- Embassy of Panama, Ottawa: 130 Albert Street Suite
300, Ottawa, Ontario, K1P 5G4; tel: (613) 236-7177.
- Panamanian Consulate, New York: 1212 Avenue of the
Americas, 10th Floor, New York, N.Y. 10036; tel.
(212)840-2450; fax (212)840-2469.
- Panamanian Consulate, Houston: 24 Greenway Plaza,
Suite 1307, Houston, Texas 77046; tel: 713-622-4451.
- Panamanian Consulate, San Francisc 870 Market Street,
Suite 551, San Francisco, CA 94102; tel: 415 391 4268.
- Panamanian Consulate, Philadelphia: 124-Chestnut
Street Suite 1 Philadelfia, P.A. 19106l; tel: (215)
574-2994.
- Panamanian Consulate, Miami: 2801 Ponce De Leon Blvd.
Suite 1050 Coral Gables, Florida 33134; tel: (305)
447-3700.
- Panamanian Consulate, Tampa: 2211 East 3rd Avenue,
Tampa.Florida 33605; tel: (813) 242-0310.
- Panamanian Consulate, New Orleans: 2424 World Trade
Center # 2 Canal St. New Orleans, Lousiana 70130; tel:
(504) 525-3458.
- Panamanian Consulate, Honolulu: Bill Brophy A. C/D ZI
Si Century Century Ughting 1325 SO.a St Beretania St,
Honolulu Hawaii; tel: (808) 521-5043.
- Panamanian Consulate, Montreal: 1425 Reone Levesque O,
Bureau Suite 504 Montreal, Quebec H3GIT 7, Canadá; tel:
(514) 874-1929.
- Panamanian Consulate, Toront 881 St. Calir Ave. West
2º Floor Toronto, Ontario, Canada M6C 1C4; tel (416)
651-2350.
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