Monday, 12 November 2018

Moving to Panama with $1000

Panama is one of the most popular retirement destinations because of its Retirement Visa (Visa Pensionado) program. 

If you are retired and receive at least $1000 (US) monthly in pension from your employer (employers can be private companies, government, insurers, bank or other income sources) you can obtain Panama residency. The $1000 can be lowered to $750 US if you buy a house in Panama that is $100,000 or up.

Once you are approved you receive a retirement card (pensionado card) that offers you discounts on almost everything, for example 50% off all hotels. All businesses within Panama must give these discounts. There are no exceptions. 

This card, among the lower cost of living, excellent healthcare, great infrastructure, safety and growing economy are what make retirement so popular in Panama. 

Here is a summary of the benefits of the Panama retirement visa:

  • One time Duty tax exemption for household goods up to a total of $10,000.
  • Duty exemption for importing a new car every two years.
  • 50% off entertainment anywhere in the country (movies, concerts, sports)
  • 30% off bus, boat, and train fares
  • 25% off airline tickets
  • 50% off hotel stays from Monday through Thursday
  • 30% off hotel stays from Friday through Sunday
  • 25% off at restaurants
  • 15% off at fast-food restaurants
  • 15% off hospital bills (if no insurance applies)
  • 10% off prescription medicines
  • 20% off medical consultations
  • 15% off dental and eye exams
  • 20% off professional and technical services
  • 50% reduction in closing costs for home loans
  • 25% discounts on utility bills
  • 15% off loans made in your name
  • 1% less on home mortgages for homes used for personal residence
There is no age limit in Panama to be considered a retiree.

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