Panama has for several years been rated one of the top places to retire in the world by AARP, International Living, Expat World, and others!

Panama is the best place to retire if you are looking for a place with a low crime rate (highest rating by Pinkerton Intelligence Agency), a low cost of living (less than half of Miami) where the currency is the $US, low medical and drug costs, bargain real estate prices, a country rich in culture and recreation, unparalleled natural surroundings (miles of pristine beaches and mountains within one to two hours from Panama City), excellent infrastructure, a near perfect climate, accessibility to the world (hundreds of flights serve Panama from Europe, North America, Central America and South America) and privacy with the best and most secure banking in the hemisphere.

Panama City has world-class restaurants, five-star hotels, international banks, hundreds of multinational businesses, a Manhattan-type skyline, practical as well as luxurious condominiums and residences and every imaginable luxury.

Panama’s “interior” has luxuriant mountains covered with flowers, exotic tropical vegetation and coffee. Beautiful rivers and waterfalls abound. Magnificent endless beaches, some with great surfing but most tranquil enough for the novice swimmer are found all along the Pacific coast and many parts of the Caribbean. Many of the towns and villages in the interior are reminiscent of by-gone days with period architecture and the locals practicing customs rich in their heritage. Fishing in the inland lakes and rivers as well as off both coasts is among the best in the world.

There are six types of Residency/Visa Programs available to foreigners in Panama:

Retired Visa:
Who can request this permit?  Those who are pensioners of a government or foreign private company for a minimum income of B/500.00 per month can opt for this indefinite residence permit.  If dependents are involved an additional B/100.00 per month per dependent must be added to the monthly income.  The law offers him besides the indefinite residence, tax exception to import domestic or personal articles once, with a value up to B/10.000.00 (ten thousand Balboas) and every other year a car for personal or family use.  (Only permanent permit)

Benefits of a Retired Visa

• 50 % off entertainment anywhere in the country (movies, theaters,
  concerts, sporting events, etc.)
• 30 % off bus, boat and train fares
• 25 % off airline tickets
• 50 % off hotel accommodation (Monday through Thursday)
• 30 % off hotels (Friday through Sunday)
• 25 % off restaurants * 15 % off fast food restaurants
• 15 % off hospital bills (if no insurance applies)
• 10 % off prescription medicines
• 20 % off doctor's consultations
• 15 % off dental and eye exams
• 20 % off professional and technical services
• 50 % off closing costs for home loans
• 15 % off interest rate on personal loans

Retired Temporary Visa:
Who can request temporary residence retired permit? 
Those foreigners who receive a minimum income of B/750.00 per month that is originated exclusively from long term deposits in National Bank of Panama, for a minimum term of five years.  The applicant can bring his dependants. (Such as parents, spouses or children under age of 18 or those less than 25 years as long as they study in an Educational Center recognized by the Department of Education of the Republic of Panama that are single and without children).  The permit is granted for five years renewable and includes a special Panamanian passport, for the same term.  The retired person will be able to invest money in the country, subject to fulfillment of the requirements of law but will not be able to work. 
 (RENEWAL EVERY 5 YEARS)

Own Economic Resources:
 Who can request this visa?  The members of a family that wish to make of The Republic of Panama their permanent residence.  The family needs to prove that they possess enough own economic resources, to cover the family expenses such as housing, food, education, health, transportation and others.  Can only apply for this visa a family formed by: a) both spouses (formally married and whose marriage has been registered in the Republic of Panama), b) the parents of the main applicant c) Children under age; c) children over 18 years but less than 25 years, single, College students or Upper centers of education.  All other family members excluded. 

To request this visa the applicant can choose: 

1.  A Long term account (Certificate of deposit) for at least (2) two years, in a local bank, for the minimum amount of Two Hundred Thousand Balboas (B/200,000.00).  The CD must be free of liabilities.  To verify the existence of the CD a letter from the bank must be issued specifying the term and amount, also a copy of the contract or certificate. 

2.  Purchase a property for the minimum amount of Two Hundred Thousand Balboas (B/.200, 000.00) as proof, a certificate of the Public Registry of Panama that shows the name of the owner will be requested among with the source of income. The property must have no liabilities. 

3.  To purchase a property for the minimum sum of Eighty Thousand Balboas (B/80,000.00) and have a CD in a local bank, for the term of (2) two years and the minimum amount of One Hundred Twenty Thousand Balboas (B/120,000.00).  As proof, immigration will require a Certificate of the Public Registry that states the name of the owner of the property, as well as a letter issued by the bank detailing the term and amount of the CD and a copy of the CD certificate or contract. 
(VISA VALID FOR A YEAR TO BE RENEWED AS PERMANENT)

Macro Business
The person that desires to immigrate and reside in the Republic of Panama as macro-business investor should invest his own capital for a minimum amount of B/150,000.01 (one hundred fifty thousand Balboas with 01/100).  The applicant will have to prove to the National Direction of Immigration and Naturalization the source of income, the investment itself and proof of payment thru documents such as bank statements that show that the capital comes from outside of Panama.

The applicant must be director and member of the BOD of the business in which he has invested his capital.  He / she must be the only share holder, however he / she can include Panamanian associates as long as the capital of the business surpasses the minimum required (B/. 150,000.01) for the difference. The business can be of industrial or commercial type meaning the commercial license will be type "A" or Industrial. 

The business must have a payroll (dully registered in Social Security) with at least 3 Panamanian employees, full time, salary no lower than the minimum salary established by law depending of the region and occupation.

Once the application is approved a 1 year provisional permit will be issued. For either the provisional permit as for the permanent one, the existence of the business, the investment and the payroll with the minimum amount of employees must be proved. The company also has to prove that it has fulfilled its obligations towards the Panamanian Government, Social Security and employees.  
(VISA VALID FOR A YEAR TO BE RENEWED AS PERMANENT)

Micro Business:
Any person that wishes to set his residence in the Republic of Panama as a micro-business investor must invest directly in the business a minimum of Forty Thousand Balboas (B/ 40,000.00) to a maximum of Hundred Fifty Thousand Balboas (150,000.00). 

The applicant must be director, member of the BOD and only shareholder of the business with a payroll (dully registered in Social Security) of at least 3 Panamanian employees, full time, salary no lower than the minimum salary established by law depending of the region and occupation. The applicant must take into account when applying for a renovation that once the provisional permit expires the foreigner has to prove that it has fulfilled its obligations towards the Panamanian Government, Social Security and employees.

Once the application is approved, the person is granted a one year provisional permit that has to be renewed 3 consecutive times (3 years, once a year) until the applicant can finally request a permanent permit and a Panamanian ID (cédula), for the total of 5 applications in 5 consecutive years. This is valid only for one foreigner and his dependants per business. The company must have a commercial license that states clearly the type of business.
(PROVISIONAL PERMIT IN ONE YEAR, 3 CONSECUTIVE RENEWALS AND THE FINAL RESIDENCY CARD AT THE END OF THE 5th YEAR)

Macro Business - Reforestation:
Macro-Business Forest investor: You can apply for this Visa if you invest in reforestation, whether as natural person or through a legal entity, a minimum amount of B/80.000.00 (eighty thousand Balboas). 
The applicant has to prove to the National Direction of Migration the source of income that has been invested in the plantation of forest species, whether for tourist, environmental, commercial or other purposes.  Once the application is approved, the foreigner is granted a one year permit, that once expired will be renewed in the form of a permanent permit.  Only one foreigner and his dependants per investment can apply.
(VISA VALID FOR A YEAR TO BE RENEWED AS PERMANENT)

Micro Business - Reforestation:
Micro-Business Forest investor: You can apply for this Visa if you invest in reforestation, whether as natural person or through a legal entity, a minimum amount of B/ 40.000.00 (forty thousand Balboas). 

The applicant has to prove to the National Direction of Migration the source of income that has been invested in the plantation of forest species, whether for tourist, environmental, commercial end or other purposes.  Once the application is approved, the person is granted a one year provisional permit that has to be renewed 3 consecutive times until the applicant can finally request a permanent permit and a Panamanian ID (cédula), for the total of 5 applications in 5 consecutive years. This is valid only for one applicant and his dependants per investment.
(PROVISIONAL PERMIT IN ONE YEAR, 3 CONSECUTIVE RENEWALS AND THE FINAL RESIDENCY CARD AT THE END OF THE 5th YEAR)

Italy-Panama Agreement:
This type of Visa is exclusively for Italian citizens that want to make of Panama their new permanent residence, thanks to the bilateral agreement between Panama and Italy, which allows the Italians and his dependants to reside and to work in Panama.  In reciprocity, the Panamanians can set their residence in Italy under the same conditions than the Italians in Panama.  Once the application is approved, an Indefinite Residence permit is granted. This Visa is valid as long as the Italian Government continues to honor the agreement and grants the same advantages to the Panamanians citizens, however it does not grant possibility for naturalization.