Live & Retire in Panama
Panama is one of the very few countries in the world where your foreign business is tax-free and that do not require you to keep accounts. This is because Panama 's tax system is based on the territorial principle, according to which local natural or legal persons do not have to pay taxes on income derived from foreign sources.
Several VISA options are offered for you to consider once you decide to Relocate to Panama. The Country has one of the best Retirement Laws in the World, which will provide you and your family a residents VISA for you to reside indefinitely and several additional benefits. Even though you could legally stay in the country with a Tourist Card (restrictions apply) during your visits we do recommend to consider acquiring a Pensioner's VISA on the long term.
Who can apply for a Pensioner's VISA?
All foreigners that are retired or pensioned by international governments, organizations or private enterprises and their dependent family members.
Which are some of the Benefits (restrictions apply)?
- Reside indefinitely in Panama .
- Right of Special Passport of personal use, wife and dependents under (18) years of age.
- Tax Import exemption of personal goods of up to $10,000.00
- Tax Import exemption of cars for personal and family use, one every two years
- Movie Theaters, Sports Events and Entertainment Activities 50% Discount
- Public Transportation Discount, 30% in Buses, Trains and Boats and 25% on Airlines
- Hotels Discount, 50% Monday through Thursday and 30% Friday to Sunday
- Restaurants 25% Discount
- Fast Food Restaurants 15% Discount
- Services of Hospitals and Clinics 15% Discount
- Medicines purchased with a Medical Prescription 10% Discount
- Discount in Medical Services & Consultations
- Prosthesis, Apparatuses and Accessories of Aid 20% Discount
- 1% Adjustment in Mortgage Rate on Residence of Personal Use
- Electric Bill up to 600k Wh 25% Discount
- Phone Bill Fix Fee 25% Discount
Summary of Requirements:
- Power of Attorney and Form of Request through Panamanian Lawyer
- Medical Certificate of Good Health
- HIV Test
- Good conduct certificate issued by Police
- Copy of Passport authenticated by Notary
- (4) Photographs ID Size
- Certification of complete names and nationalities of the applicant
- Original Passport with a minimum issued date of six months
- Document that credits your condition of retire or pensioned by a international government, organization or private enterprise
- That the applicant receives a monthly income or pension above $500. If the applicant has dependents, an additional $100 for each dependent
- If the applicant is a retiree of a private enterprise he or she should present documents that show that the company is operating and proof of payment of pension
This information is for your reference; please contact our salespersons for additional details or our Lawyers for further information of the benefits and requirements.
