Foreign nationals receiving a pension or retirement income from foreign governments, international organizations, or private companies may apply for this permit to enter Panamanian territory for residency purposes, provided they have sufficient financial means to cover all living expenses for themselves and their dependents in the country. The monthly income or pension must not be less than one thousand U.S. dollars (US$1,000.00) or its equivalent in foreign currency and must be granted for life.
Power of Attorney and Application: The power of attorney must be authenticated by a Panamanian notary public and include the names and nationalities of the applicant’s parents.
- Three (3) photographs.
- Certified copy of the passport, authenticated by a Panamanian notary public.
- Certificate of Criminal Record: Applicants and their dependents must have a clean record.
- Certificate of Good Health, issued and stamped by a licensed Panamanian physician or clinic.
- Personal Background Affidavit Form, duly completed.
- Certification of retirement or pension issued by foreign governments, international organizations, or private companies, accrediting receipt of a lifelong pension of no less than one thousand U.S. dollars (US$1,000.00) monthly or its equivalent in foreign currency.
- Additional financial solvency of two hundred fifty U.S. dollars (US$250.00) per dependent per month, justified by an additional pension or a local bank reference.
- Certificate from the Public Registry of Panama showing ownership of real estate property (if applicable).
If the pension or retirement comes from a private company, in addition to the above requirements, the following must also be submitted:
- Letter from a foreign pension administration company, trust, mutual fund, insurance company, or banking institution certifying that it manages funds for the company or the applicant.
- Certification of the existence and validity of the company granting the pension and managing the funds.
- Copy of bank payment receipts or a bank statement.
EXCEPTIONS TO THE RULE:
- If the applicant has personally acquired real estate in Panamanian territory for an amount exceeding one hundred thousand U.S. dollars (US$100,000.00), the minimum required pension will be seven hundred fifty U.S. dollars (US$750.00).
- Spouses may combine both incomes to meet the minimum pension requirement of one thousand U.S. dollars (US$1,000.00).
- Dependent children may be granted temporary permits until they reach twenty-five (25) years of age, provided they are full-time students. However, they will not be eligible for permanent residency or pensioner status, except for dependent children with proven profound disabilities.
This permit is indefinite and does not require renewal.
LEGAL BASIS: Political Constitution of the Republic of Panama, Law 9 of June 24, 1987, Executive Decree 3 of February 22, 2008, Executive Decree No. 320 of August 8, 2008, Articles 200, 201, 202, and 203, as amended by Executive Decree No. 26 of March 2, 2009, and Law 38 of 2000.
If you wish to apply for this type of migration permit to obtain permanent residency in Panama, please contact us at +507 6290-3468 or email us at info@lawyerinpanama.com.