What requirements do I need to fulfill if I want to apply for a Private Retiree Visa

Answers

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  Marcos Kraemer

  Kraemer & Kraemer

  December 08, 2018

  In Panama there are two retiree visa types, both created by Law 9 of 1987, and further regulated by Executive Decree 320 of 2008. They are as follows: pensioners and retirees visa, for which the main requirement is to receive a minimum of $1,000 U.S. dollars per month in a government retirement or pension, or from private companies such as banks, insurance or fund management; private income retiree visa, for which the main requirement is to receive a minimum of $850 per month in interest from a certificate of deposit (CD) in the national banks Caja de Ahorros or Panama National Bank, for a minimum term of five years, which under current local bank rates, has an approximate deposit value for $370,000. Both residences have as important general requirements a valid passport and a nationwide police clearence certificate, properly apostilled or authenticated at the consulate of Panama in the applicant's home country. The application must be filed in person in Panama, and necessarily has to be done assisted by an attorney or law firm.

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  Emilio Cornejo Vernaza

  Panama Global Solutions

  December 08, 2018

  In order to apply as a retiree for permanent residency in Panama, the applicant must provide an official document confirming he or she is currently receiving a lifetime retirement pension equivalent to $1,000 or higher. If such pension is paid by a public institution, the letter will suffice to comply with this requirement; however, if the retirement pension is managed and paid by a private company, you’ll need to add the following documents: a certificate of incumbency or certificate of existence of the company from which you retired; a letter from the foreign company (bank, fund or insurance company) that manages the retirement fund for that company; the last three balance sheets from a personal bank account where you receive your retirement payments. On top of all of the above, you should also obtain and provide criminal records, not older than six months, validated by the apostille or legalized by the nearest Panamanian consulate.

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  Natalia Mulford

  Mulford Abogados

  December 10, 2018

  Please note that they are two different visas. The permanent retiree visa applies for those individuals with foreign pension or retirement benefits, received by a foreign government, an international organization or a private company, and have sufficient funds to cover all living expenses in the country. The monthly pension shall not be less than $1,000 and must be granted for a lifetime. Second is the private income retiree visa, which applies for those individuals who don't receive a life pension but have private incomes. The investor has a lump sum which may be deposited on a five-year certificate of deposit with a Panamanian state bank, yielding at least $850 a month (at current rates approximately $350,000). 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 Panamanian passport, 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.