Accordiing to Act No. 6 of 16 June 1987 (Official Gazette 20,827 of 22 June 1987), Panamanians or foreigners residing in the national territory who are fifty-five [55] years of age or older, if they are women; or sixty [60] years of age or older, if they are men; and all retirees and pensioners of any gender shall be entitled to the following benefits:
- A 50% discount on prices charged for admission to recreational and entertainment activities, such as cinemas, theaters, sports, and other public shows. This discount does not apply to charitable activities whose proceeds are intended for children, victims, and programs duly authorized by the competent authority.
- Discount on public transportation fares according to the following classification: a. Intercity buses, 30%; b. Trains, 30%; c. Boats and ships, 30%; and d. 25% on airfares from national and foreign public or private companies.
- A minimum discount on regular prices of hotels, motels, and pensions as follows: a. 50% from Monday to Thursday; b. 30% on Fridays, Saturdays, and Sundays.
- 25% discount on the value of individual food consumption in any restaurant, except those considered as “fondas” that do not require a commercial license to operate.
- A 15% discount in establishments selling fast food with national and international franchises.
- 15% discount on the total bill for services in private hospitals and clinics.
- A 10% discount at pharmacies on the value of prescription medications.
- Discounts on the following medical services: a. 20% on fees for general medical consultations and in medical and surgical specialties; b. 15% for dental services; and c. 15% for optometry services.
- Insurance companies that include the risk of illness in their policies will make the necessary adjustments for these discounts to be transferred to the insured in the payment of their premiums, at the age of fifty-five [55] or older for women, and sixty [60] or older for men, retirees, and pensioners.
- 20% discount on fees for technical and professional services.
- 20% discount on the price of all prosthetics, as well as all appliances and accessories for assistance.
- 50% discount on expenses or closing commissions in personal and commercial loan transactions carried out in their name in banks, financial institutions, and credit institutions. No public or private entity may charge any amount for discount services, either to the beneficiaries of this Law or to the banks, financial institutions, cooperatives, and credit institutions in personal and commercial loan transactions carried out in their name.
- Transactions of personal and commercial loans carried out in their name in banks, financial institutions, cooperatives, and credit institutions shall be exempt from the surcharge or levy stipulated in the Special Fund for Interest Compensation (FECI).
- 15% discount on the maximum interest rate that the law allows banks, financial institutions, cooperatives, and credit institutions to charge in personal and commercial loans in their name.
- 1% discount on the interest rate on mortgage loans for their own housing use when the person reaches fifty-five [55] years of age if female, or sixty [60] years of age if male, or if they are retirees and pensioners. This provision does not apply to mortgage loans at preferential rates decreed by law.
- Freezing of property tax, provided that the housing is in their name and is their only property. This tax will be reduced if the value of the real estate is decreased, in accordance with the law.
- Exemption from the payment of the appreciation tax on their property, provided that it is unique and constitutes their residence. From the transfer of the property, it may be subject to the appreciation tax for works carried out during or after said transfer.
- 50% discount on passport fees.
- 25% discount on the billing of the monthly consumption of electricity, from a public or private entity, up to six hundred kilowatt-hours [600 kWh]. The normal rate will be applied to the excess of this amount.
- Properties of Associations, Federations, Confederations of Retirees and Pensioners, constituted in accordance with the Law, will enjoy the discounts granted to retirees and pensioners, namely: electricity, water, telephone, postal address, appreciation tax, property tax, and any other benefit granted to non-profit associations, as provided by the laws of the Republic.
- 25% discount on the fixed charge for telephone service when: a. The telephone service account is in their name; b. The account is residential; c. The charge is for a single phone. The normal rate will be applied to the excess of this amount.
- 25% discount on the water consumption rate, from a public or private entity, provided that: a. Consumption does not exceed thirty US dollars [US$30.00]; b. The account is in their name; c. The account is residential and constitutes their residence. The normal rate will be applied to the excess of this amount.
It is worth pointing out that permanent resident aliens in Panama need to present their permanent resident cards, issued by the Panama Tribunal Electoral, in order to get their discounts. If you need a certified translator to apply for a permanent resident card at the Tribunal Electoral of Panama, please call us ar +507 6290-3468 or email us at info@certifiedtranslatorpanama.com