With its international airport and stable economy, Panama offers a beneficial retirement location. Mata & Pitti is a Panama law firm offering offshore legal services to an international clientele. We provide legal counsel for clients relocating to Panama. Here are the answers to three frequently asked questions about retiring in Panama:
1. What Are the Benefits of Retiring in Panama?
Retiring in Panama offers several beaches on the Pacific and Atlantic oceans, rainforests, and highlands. Retirees can travel to one of the islands, shop in the cities, and enjoy the thriving nightlife. Panama is also accessible with direct flights to American cities, such as Los Angeles, and international locations. The U.S. dollar is accepted as legal currency. Retirees also have access to modern healthcare centers throughout Panama.
2. What Residency Programs Are Available?
Several residency programs and visas are available for temporary, permanent, and eventual citizenship in Panama. Some visas even provide retirees with import tax exemptions on household goods. Mata & Pitti can walk you through the available residency programs and the requirements for each.
Qualified Investor Visa Program
The Qualified Investor Visa allows you to receive a visa within 30 days. To maintain this visa status, you are required to visit every two years. You can apply for citizenship in five years.
To qualify for this visa, retirees need to invest in the Panama real estate, stock market, or banking sector. As of October 15, 2024, a minimum investment of $500,000 is required for the real estate market. Minimum investments for the stock and real estate markets are $500,000 and $750,000 respectively. Investors are required to keep their real estate or stock market holdings or continue banking in Panama for five years to qualify for permanent residency. Mata & Pitti can advise you on the real estate market and qualified banks for investment.
Panama Friendly Nations Visa Program
The Panama Friendly Nations Visa program is open to citizens from over 50 nations who have professional or economic connections to Panama. Qualifying nations include the U.S., Canada, and the U.K. Owning a property or a business is a possible option to qualify for this visa.
Pension Visa
With the Pension Visa, qualifying adult retirees obtain residence and reduced living expenses. Retirees can receive discounts on health care and dental services. Discounts are also available for travel and food services, such as airfare, lodging, and restaurants. A Panamanian lawyer, such as the lawyers at Mata & Pitti, is required to apply for a Pension Visa.
3. What Do I Need for My Application?
Panama has due diligence requirements. For retirees interested in applying for a visa, a background check and authenticated documentation are required. The documents may vary according to the type of visa you are applying for. Possible requirements include bank statements, proof of identity, medical certification, or proof of pension or income.
Mata & Pitti can assist you with each step in the application process. We help you navigate the legal requirements and gather the necessary documentation. We also work to help you avoid problems such as processing delays.
Retirement in Panama
Our firm is located in Panama City’s banking district. We respond to inquiries within 24 hours. Our team assists clients with real estate transactions, maritime litigation, Panama IBCs, and more. To learn more about retiring in Panama, contact Mata & Pitti by filling out our online form or emailing us today.