Jay P. Says:
I see a lot of coverage of Panama as a retirement destination for people with pensions (pensionados). I’m not going to retire anytime soon but would still like to spend time there. What are my options?
IL Panama Editor Jessica Ramesch Writes:
Hi Jay,
Panama isn’t just for retirees, and you don’t need a pension to move here.
You’re probably seeing coverage of the Pensionado Program—created to ensure that retired Panamanians could continue to live active, socially-integrated lives—as it’s one of the best retirement programs on the IL beat.
But if you don’t have a pension, there’s no need to worry.
The Friendly Nations Visa, for example, was created for professionals and entrepreneurs from countries that “maintain friendly, professional, economic, and investment relationships” with Panama.
Thankfully, Panama is “friends” with dozens of countries, including the US and Canada. You can qualify for this program by investing $200,000 in real estate, opening a three-year fixed-term deposit account in a bank in Panama, or showing evidence that you require permanent residency for work purposes.
Finally, if you’d simply like to test-drive life in Panama, you have two options:
No Visa Visit: If you are from the US or Canada, you don’t need a visa to spend up to six months in Panama. Though the law here stipulates 90 day visits, immigration officials have long been granting 180-day stays. If during that time you decide you’d like to apply for permanent residence, you can file and stay in-country while your application is being processed (usually about six months). Just make sure to bring the required documents with you. If you think you’ll want to apply while here, contact a Panama attorney six months before you travel, as some documents must be obtained within a certain timeframe.
Temporary Test-Drive: Panama’s Temporary Telework Visa targets digital nomads or remote workers. You can stay in Panama on this temporary visa for nine months or extend it once for a total of 18 months. The main requirements include proof of medical insurance and proof of income from a foreign source—at minimum $3,000 a month for a single applicant, or $4,000 a month for families.
Read more about visas and residency in Panama on the IL website.
Got a Question?
Send your thoughts to mailbag@internationalliving.com. We’ll post and respond to as many of your emails as we can right here in the e-letter.