Background and Legal Considerations
In order to apply for a residence permit under the Pensionado Programme it is necessary to prove that the applicant receives a life pension of a minimum amount of US$ 500 per month, from a foreign governmental institution, a private company, insurance or private fund established outside Panama.
After the approval of the Pensionado Residence Permit the Immigration Department may verify the declared pension from time to time. Should the monthly pension payment fall below US$500, then the Pensionado Residence Permit will be cancelled.
The Pensionado Residence Permit confers the right of permanent residence in Panama so long as the residence permit holder continues to receive the declared pension. The duty-free importation of personal household effects as well as a car are allowed. Furthermore, a Pensionado Residence Permit holder has the right to invest and carry out business in Panama, as long as the residence permit holder complies with the Panamanian laws and regulations.
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A Pensionado
Residence Permit holder even acquires the right to work in Panama
under the following conditions: |
However, only by means of the Retiree Residence Permit it will be possible to obtain a limited Panamanian Passport good for travel (but which does not confer the Panamanian nationality or any Panamanian citizenship rights). By contrast, under the Pensionado Residence Programme, no such passport will be issued.
It is important to note that those who obtain the Pensionado Residence Status will never be entitled to apply for Panamanian citizenship since this is a privilege reserved to the holders of Immigrant Status (for example Investor Immigrants).
Further Information
Through its office in Panama City, Henley & Partners provide a complete range of services, including advice and assistance regarding the different residence programmes and the acquisition of real estate. Please contact us for more information.
