If you’re looking for an affordable place to retire with sun-kissed beaches, tropical rainforests, close to home, and all of the amenities that a big city has to offer, then you may want to consider Panama. In recent years it has become a popular destination for American and Canadian retirees due to its low cost of living and its Pensionado Visa or Retirement Visa.
To qualify for a Pensionado Visa the qualifications are pretty simple. Anyone over 18 years of age with a lifetime pension or annuity paying a minimum of $1,000 USD per month qualifies. The annuity or pension can be paid by a private company, military, government agencies, corporations, a bank, an insurance company, or a Trust.
If you are a couple you can combine your monthly pensions to make up the $1,000.00 a month if your individual pensions are less than that. If your pension is less than $1,000.00 per month but higher than $750.00 per month, you can make up the difference by purchasing a Panamanian property worth $100,000 USD.
The Pensionado Visa will give your Permanent Residence in Panama plus discounts on many goods and services including :
• 25% discount on airline tickets
• 20% discount on professional and technical services
• 50% discount on movies or concerts
• 100 % exemption on import taxes for vehicles every two years
• 100% tax emption on your pension or annuity
• Discounts at restaurants and hotels
The application process takes about 3 months and you will have to travel to Panama to meet in person with Immigration Officials.
You also have the option to apply for a Certificate of Tax Residence of the Republic of Panama which you may need to prove to Canada Revenue Agency that you are not a resident of Canada.
After five years you can apply to become a citizen of Panama.
So if you are looking to retire to an affordable tropical climate, check out Panama.
If you are interested in applying for the Panama Pensionado Visa click here