Panama is consistently ranked among the top retirement destinations in Latin America. Mata & Pitti, a Panamanian law firm, provides legal and financial counsel to people retiring in Panama. Here’s more information about the benefits the country offers:
Multiple Residency Options
The Panamanian government incentivizes immigration by offering diverse paths to residency. Mata & Pittifacilitates visa applications to expedite approval. We utilize financial experts and real estate experience to navigate income-based programs.
Qualified Investor Visa
The Qualified Investor Visa offers residency to high-quality retirees who build Panama’s economy. Foreigners qualify after investing US $500,000 into the country’s real estate or banking markets. This method requires submitting financial records and agreeing to retain your investments in the country. Investor visa applicants enjoy an expedited processing time because a dedicated government office handles the paperwork. They can be approved in as little as one month and may be submitted by our lawyers while you’re out of the country.
Pension Visa
A Pension Visa, also called the Pensionado program, is designed for adult retirees of any age. Successful applicants gain residency and enjoy reduced prices on living expenses, including public transportation, hospital services, dental and optometry care, and utilities, including electricity, phone services, and water. The visa also qualifies you for discounts on entertainment, including restaurants, movies, sporting events, and hotels. The application involves providing proof of income, notarized documentation of relationships like marriage certificates, and a clean criminal background check. This visa requires a Panamanian lawyer to apply.
Financial Stability
The average cost of living in Panama is substantially lower than in many countries in North America and Europe, so retiring here can make retirement savings last longer. Panama’s financial and banking systems are also among the best-rated in the region. The banking sector recognizes US dollars as legal currency, which can simplify international transactions.
Property taxes in Panama are low, and in some cases, new residents aren’t required to pay them for the first few years they enter the country. Income tax is only collected on businesses and operations performed in the country, which is helpful for people with international interests. Some visas also give retirees exemptions on import taxes for household goods and cars.
Developed Infrastructure
Panama features a modern healthcare system that offers care at affordable costs. Panama was one of the region’s first countries to vaccinate the majority of the population against COVID-19. Some visas qualify residents for discounts on medical services.
Travel and Culture
Its central location makes Panama a hub for international travel. Major American cities are only hours away by plane, and many European and Asian flights use Panama as a hub. For experiences inside the country, Panama offers beaches facing two oceans, secluded rain forests, and a tradition of Latin American food and music.
Finding a Home and Retiring in Panama
Mata & Pitti pairs legal experience with real estate expertise to support immigrants through retiring in Panama. Our team includes professional realtors who buy and sell properties with foreign investors. We can help you find, purchase, and move into a home that suits your needs. Contact us today to begin the visa process and transition into retirement.