How does the custody of bearer shares work in Panama?
25/10/2023
Panama leaves the FATF gray list
29/10/2023
The specialized press has hailed Panama as the #1 destination for pensioners. But what makes this paradise the ideal place to spend retirement?
The magic of Panama’s #1 destination for pensioners lies not only in its dreamy landscapes, rich culture and vibrant history.
One of the primary reasons is the retired visa program. According to the law firm Caporaso & Partners, anyone in the world, regardless of age, can access this program. Not only does it facilitate residency, but it also comes with a long list of discounts and benefits designed to improve the quality of life of retirees.
These discounts, established in Law No. 6 of 1987, cover a wide range of needs and desires. From 50% off recreational activities such as cinemas, theaters and sports, to discounts on public transportation fares and hotel rates. In addition, the gastronomic world becomes more accessible, with discounts of 25% in restaurants and 15% in fast food franchises. It is essential to mention that in order to validate these discounts, pensioners only have to present their personal identity card or migration card that proves their residence in Panama.
Health is a priority for pensioners, and Panama does not lag behind in this aspect. Significant discounts on medicines, medical services and hospitals ensure that medical care is available to all. And it doesn’t stop there. Insurance companies must pass on the benefit of health discounts to the insured, which reduces health policy premiums.
Even in the more practical aspects of life, such as utilities, Panama offers relief. Pensioners benefit from discounts on electricity, water and telephone services, and enjoy exemptions on fees and taxes related to real estate and public records.
Benefits and Discounts for Pensioners in Panama
The list of benefits is extensive, ranging from discounts on technical and professional fees, to benefits on mortgages and personal loans, to freezes on real estate taxes and exemptions on Public Registry fees.
Panama’s program for pensioners is one of the most generous in the world. Its wide range of benefits seeks to ensure that retirees not only reside in Panama, but also enjoy a high standard of living.
The following are the discounts and benefits established in Law No. 6 of 1987:
- Recreation and Entertainment: 50% discount in cinemas, theaters, sports and other public shows, including artist presentations, museum tickets, shows, plays and the like.
- Transportation: Discounts on public transportation fares, whether by bus, boat, boat or plane.
- Lodging: Discounts in hotels, motels and guesthouses, varying according to the daily rate.
- Gastronomy: 25% discount in restaurants (except fondas) and 15% in national and international fast food franchises.
- Health: 15% discount on services in hospitals and private clinics; 20% discount on medicines in pharmacies; discounts on medical services such as consultations, dentistry and optometry.
- Insurance: Discount on health insurance premiums, since insurance companies must pass on to the insured the discounts on health services.
- Technical and Professional Services: 20% discount on fees.
- Prostheses and Aids: 20% discount on prostheses, appliances, and auxiliary aids.
- Loans: 50% discount on closing costs or commissions on personal and commercial loans; 15% discount on interest rate on personal and commercial loans; 1% discount on interest rate on home mortgage loans.
Reduced Taxes
- Taxes and Fees: in addition to not paying taxes on foreign source income, pensioners enjoy a freeze on real estate taxes; exemption from the valorization tax; 50% discount on the value of passports; 50% discount on airport taxes.
- Public Services: 25% discount on monthly electric energy consumption; 25% discount on telephone service; 25% discount on water rates of public or private entities.
- Public Registry: 100% exoneration on registration fees of boards of directors, certifications and registration of new legal entities of non-profit organizations of retirees, pensioners and senior citizens.
- Others: 20% discount on the purchase of caskets and urns. The properties of associations and federations of retirees enjoy discounts on the valuation tax and real estate tax, among other benefits granted to non-profit associations.
Panamá paraíso tropical
Beyond these tangible benefits, however, it is the essence of Panama, its welcoming people and relaxed pace of life that captures the hearts of many. The security, modern infrastructure and promise of daily adventures make this country a place where retirement life is lived to the fullest.
Pensioners who choose Panama find not only a place to relax, but a home where life is celebrated every day. With such a comprehensive legal framework and such a welcoming country, it is no wonder everyone hails Panama as the #1 destination for Pensioners.
These benefits demonstrate Panama’s commitment to pensioners. By choosing Panama as a retirement destination, pensioners not only find a tropical paradise, but also a legal structure that supports their well-being and quality of life.
Panama’s commitment to pensioners has not gone unnoticed internationally. The AARP (American Association of Retired Persons) has highlighted Panama as one of the four best places in the world to live outside the United States. This affirmation is supported by International Living, which has also pointed out Panama as the #1 destination for Pensioners.
Panama Retiree Visa Requirements for Panama
If you are considering moving to Panama, the #1 destination for Pensioners, the requirements for the retiree visa are simple.
Here are the steps and documents you need:
- Power of Attorney and Application: These documents, which must be notarized, are essential to start the process. We will take care of their preparation.
- Photographs: You will need to provide three passport-sized photographs.
- Passport Copy: A certified copy of your passport is required. This copy must be certified by a notary. We will take care of its preparation.
- Criminal Record Certificate: This document must be recent and apostilled. If it is in another language, it must be translated. We do the translation in Panama.
- Health Certificate: this is an essential requirement and we take care of its preparation.
- Module for the Affidavit of Personal History: We prepare it.
- Certification of Your Pension Status: This certification can come from foreign governments, international organizations or private companies. It must show that you receive a life pension of not less than USD 1,000.00 per month or its equivalent in foreign currency. If you buy an apartment in Panama valued in at least USD 100,000.00, the minimum pension required is reduced to USD 750.00.
If your pension comes from a private company, you must also submit:
- A letter from the entity that manages your pensions, investment funds, insurance or banks.
- Certificate of existence and validity of the company granting the pension.
- Copy of the payment receipt or recent account statement
Make sure your passport has at least 6 months of validity before its expiration. If it is less than one year old, it is advisable to renew it.
If you have an identity card from your country of origin, it must be translated. We perform the translation in Panama.
Visa Requirements for Spouses and Children
Spouses: If you come accompanied by your spouse, it is possible to add the pensions of both of you to reach the minimum required figure of one thousand dollars.
Children: If you have children under 25 years of age, they may obtain a temporary license, provided they are studying. However, they will not be able to become permanent residents with the status of retirees, unless they have a proven severe disability.
The law firm Caporaso & Partners is waiting for you in Panama, the #1 destination for Pensioners! If you have any doubts, please contact us.
