The Panama retirement visa, officially known as the Permanent Resident Permit as a Retiree or Pensioner, is designed for foreigners who receive a lifetime retirement income and want to live in Panama.
The main requirement is proving a monthly pension or retirement income of at least US$1,000 from a foreign government, international organization, or private company. The pension must generally be granted for life.
Applicants must usually provide documents such as a notarized power of attorney and application, passport copy, criminal background check, health certificate, personal background declaration form, passport-style photos, and official proof of pension income.
If the applicant includes dependents, Panama requires an additional US$250 per month per dependent, which may be proven through additional pension income or a local bank reference.
There is also a reduced pension threshold in some cases: if the applicant has personally purchased property in Panama valued at more than US$100,000, the monthly pension requirement may be reduced to US$750.
Once approved, this permit is indefinite and does not require extensions. Pensionado residents may also access retiree benefits and discounts under Panama’s retiree benefit laws, including discounts in restaurants, hotels, entertainment, transportation, medical services, and other categories.