So you already know you want to permanently relocate to Panama. You will evaluate many factors. The primary and most important element aspect to consider when deciding to relocate to Panama is to define your legal status. In short, how will you be able to stay in the country for the long term without breaking the countrys immigration laws?
The simplest and probably most used method of achieving this is by applying for what is called the “pensionado” visa program. All foreigners who receive a steady retirement pension or income from a government, development organization or private company and wish to reside in Panama, qualify for the program. The only basic requirements are as follows: 1. Minimum monthly retirement income of at least $1,000 per month for the rest of the applicants life; or 2. Minimum $750 monthly retirement income, if the applicant purchases a property in Panama valued at over $100,000.
The the steps include submission of the following documentation: - Certification of retirement and verification of pension amount. If this amount is perceived from a foreign company then further documentation is required. This includes a certification to be provided by the private company which proves the availability of funds for the remainder of the applicants life, a copy of the pension check, receipt or statement, and contact of the pension funds administrator of the company. - Should you have dependents, proof of income of up to $250 per dependant; Documentation or certification of the property purchased by the applicant from the Public Registry. Should a spouse also wish to move with you, then the income needs to be verified by both parties and as such the documentation must be provided for both applicants. There are several firms in the country that can help you find the perfect Panama Real Estate proposition for your needs and will walk you through this process.
Having a pensioners visa in Panama also has several tax benefits, for example, you may import a car every two years free of tax, the right to import household goods for your residence free of tax up to $10,000 and discounts at major food chains and services granted to senior citizens in Panama as per Law 6 of 1987.
This visa scheme is beneficial to retirees who wish to reside in Panama as it provides several benefits to the applicants. The entire process is quite straightforward and may take between two to three months to complete. It is one of the most economical ways to move to Panama. Typically, and depending on the complexity of the case, the legal costs will be about $2,500 for this service.
Moving to Panama has an immediate return on investment.
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