Anyone over 18 years of age can qualify for the Panama Pensionado (Retired) Visa by proving the he or she is receiving a lifetime minimum $1,000 USD per month payment. An exception to this minimum amount is when the applicant purchases Panama real estate valued at least $100,000 where the minimum monthly amount is reduced to $750 USD.
The pension or annuity must be proven with documentation from the government agency or company which makes the payments and the certification must be notarized and authenticated by the nearest Panama Consul or by Apostille.
Requirements to Obtain a Panama Pensionado Visa:
1. A letter from the foreign government agency or company administrating the pension, or a mutual fund company, or a trust company, or a bank, or an insurance company certifying the funds exist and guaranteeing the payments are for the applicant’s lifetime.
2. Proof of the existence of the private company issuing the payments.
3. Copies proving the payments are being made or a bank account statement showing the deposits.
Note: Panama allows both spouses who are receiving pensions or annuities to combine them to meet the minimum $1,000 USD amount.
Dependents: Panama requires and additional monthly receipt of $250 USD per month for each dependent. Dependents are defined as children up to age of 18 or up to 25 years of age if they are full time college students. Children 18 years of age or older who are not full time college students will lose their Pensionado Visa status. They will have to find another Panama immigration visa to qualify for.