Is it necessary for foreign retirees to get pension from a government institution in their home country in order to qualify for visas targeted towards foreign retirees? What if I just want to rely on my lifelong savings?
Answers
There is the Jubilado/Pensionado retirees visa, which is a special application that offers retirees discounts in the country.
The retirees pension can be either from the government or from private institutions. One cannot rely on lifelong savings; that is just for making an investment in Panama.
Permanent resident retiree visa applies to 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 one thousand dollars (US$1,000.00) and must be granted for a lifetime. If you want to rely on your lifelong savings, then you can apply for an investor visa. There are several options, from 100k to 300k investment.
Panama offers several residency options, the most popular being the Retiree Visa, the Self Solvency Visa or the Forestry Visa. A new option for wealthy applicants is the Qualified Investor Visa, which can be approved within 30 days from the application, and is considered a red carpet visa.
A foreigner retiree may apply and achieve permanent residence in Panama, so long as he or she can provide proof of a lifetime retirement pension equivalent to US$1000 or above. This retirement pension may be granted either by a government institution or from a private company; rules and requirements may vary depending on the type of retirement.
