Visa Description

This visa is for persons who despite not receiving a monthly pension, are no longer working and have a lump sum which may be deposited on a 5-year Certificate of Deposit with the National Bank of Panama, yielding at least $750 a month (at current rates approximately $225,000).

The visa is renewable every five years, so long as the Certificate of Deposit keeps being renewed.

The Private Income Retiree Visa includes such benefits as a travelling Panamanian passport (does NOT grant nationality); a one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car. The passport needs to be renewed every five years.

General Rules

• All visa applications must be made through a Panamanian lawyer.
  
  
• All documents from overseas must be authenticated, please see below “Documents required from Home”.
  
  
• There is no age limit or maximum required for applying for any of these visas, save for the minimum legal age of 18 years. Youngsters under 18, will qualify for a visa as dependents of their parents.
  
  
• None of these visas grant work permits.

Documents Required from Home

Document Specifications

• All documents must be authenticated by a Notary and by the Panamanian Consulate nearest you, or by a Notary and the Apostille. The Apostille (The Hague Convention of 1961) is a faster way of authenticating documents and is normally obtained through the Secretary of State Department in your home state (in the USA) or through the Foreign Office (in UK and Canada).

• All documents must be fresh (within 2 months of visa application) and passports must have at least 1 year to run.

• Dependents: If your spouse will be covered by your visa, you need to bring Marriage Certificate. However, original marriage certificates are not acceptable if over 2 months old, you need to request fresh ones. If your children (under 18), are to be covered by your visa, you need to bring fresh Birth Certificates (not the original ones).

Documents Required

• Valid Passport.
• 6 passport-size photos (gentlemen in suit and tie; ladies in blouses or dresses with sleeves)
• Police Record of your place(s) of residence for the past five years.
• Marriage Certificate (if your spouse is to be included as dependent in your visa).
• Enough funds to establish a Certificate of Deposit with the National Bank of Panama for 5 years, with a monthly yield of $750.00 (at present rates, approx. $225,000).

Documents to be Obtained in Panama

There will be a number of documents which must be obtained or issued in Panama, for example, Health Certificate, HIV test, Applications, etc.

We will assist you with all documentation to be obtained in Panama.

If you are interested in relocating to Panama, or obtaining legal residency in Panama, please contact us for a personal consultation.