Benefits of the Retiree and Pensioner Residence Permit
The Retiree and Pensioner residence permit (formerly also known as Tourist Pensioner), is an immigration category that grants permanent residence in Panama to those foreigners who have a retirement or pension, received from either a foreign government, an international organization, or a private company. The main requirement to apply for this category is to have a certification proving the condition of retiree or pensioner, issued by the corresponding government, agency, or company. It must be evidenced that the interested party receives a retirement of not less than one thousand dollars (US$1,000.00) monthly and for life, implying that the retirement or pension must be received for his/her lifetime. The foreigner who wishes to apply for this residence may also include his/her dependents (parents, spouse, and children), proving additional economic solvency of two hundred and fifty dollars (US$250.00) monthly for each of the dependents, which can be evidenced either through the pension or through a local bank reference letter issued in favor of the main applicant. It is important to note that the amount of one thousand dollars (US$1,000.00) required under this category can also be the product of the sum of the pensions of the spouses. The law also contemplates the possibility of the applicant foreigner purchasing a property under personal title in the national territory. In that case, if the same is for an amount greater than one hundred thousand dollars (US$100,000.00), the certification that evidences the condition of retiree or pensioner may be for a minimum of seven hundred and fifty dollars (US$750.00). The permanent residence as a Retiree and Pensioner has the particularity that the costs related to the payment of immigration fees are low in comparison with other categories of residence and does not require an additional investment to obtain the approval of the Permanent Residence. On the other hand, we must emphasize that there are specific benefits that the Law grants to those foreigners who have this approved Retiree and Pensioner Residence Permit, which are listed below: It is important to point out that in Panama there are also multiple benefits granted by law to nationals and foreign retirees or pensioners who are residents of Panama, that is, for those women who are fifty-five (55) years of age or older and men of sixty (60) years of age or older. We have summarized below some of the benefits that we consider of greater relevance: If you are interested in applying for this type of residence and you meet the requirements mentioned above, here is a list of brief steps so that you can begin your immigration formalities. The time that the National Immigration Service takes to review each application form will depend largely on the volume of applications that the institution has; however, a good point of reference is the temporary card which is issued to the foreigner and dependents once the application form has been submitted, which is valid for six (6) months. This is the approximate time that permanent residence formalities currently take.By: Ayleen Quintero – Associate
Does this permit grant any additional benefits aside from obtaining permanent residence in Panama?
What should I do if I want to apply for this Residence Permit?
How long do I have to wait to be approved for residence?