How to Become a Caribbean Retiree: The Panamanian Retirement Visa - February 2023
Watching the sunrise over the Pacific whilst sipping some of the best coffee in the world or, admiring the sun set into the Caribbean Sea whilst enjoying a delicious piña colada on the beach - all of this at a stable 24 degrees Celsius weather - are just some of the reasons why Panama is such a popular retirement destination.
Panama is also one of the safest countries in Central America, with low government taxes and discounts on utility bills, loans, medical fees, medicines, and entertainment fees for foreign guests and retirees.
Moreover, obtaining a permanent residence permit in Panama is very simple and you can be granted immigration status as soon as your application is made. All it takes is being able to prove that you have a pension or a retirement payment granted for life, no matter your age, for a minimum amount of USD 1,000 per month. If the application is going to be presented by a couple, an additional amount of USD 250 per month is required. Additional dependents, such as under 18-year-old children and under 25-year-old if students, can be included too for an additional USD 250 per month per dependent.
Our experienced team of lawyers will be on hand to assist you collect and prepare all the documents required for an application, which include:
- Copy of your passport;
- Criminal record check;
- Good health certificate issued in Panama;
- Marriage certificate (if applying with spouse).
All documents issued abroad need to be apostilled and if they are in a language different than Spanish, a translated version is needed.
Holders of the retirement visa are allowed to stay and retire in Panama for as long as they want to and after living in Panama for a period of between 3 to 5 years (depending on nationality), they are also eligible to apply for the Panamanian citizenship.
Furthermore, you will be able to obtain a tax residency certificate if you spend a minimum of 183 days in Panama per year, or if you can demonstrate a strong connection to the country, by showing that you:
- Have a permanent residence in Panama; or
- Have your center of economic interests within the territory of Panama; or
- Have your center of family interest within the territory of Panama.
Complete these simple steps and you will be ready to enjoy the wonders that Panama has to offer and start living your golden years there. If you are interested in relocating to Panama or obtaining legal residency in Panama, please contact our team to discuss your specific requirements and circumstances.