Make The Most Out Of Your Retiree Savings: Save Money Through The Pensionado Status In Panama

At what age should we start thinking about retirement planning? It's important to start from an early age, as the sooner we start, the higher the chances of making smart decisions.

Moreover, in Panama, retirement may be closer than you think through the Pensionado Visa. Today we explore this status, whom it can help, and why it could represent an optimal use of retiree savings through visa discounts.

Panama Pensionado Visa: Optimal Use Of Your Retiree Savings

What Entails The Retirement Visa In Panama

The retirement visa in Panama is called the Pensionado Visa, which means “visa for pensioners” in Spanish. This is exactly what it offers: all applicants need to do is prove they have a lifetime pension of only $1000 a month, something not that hard to achieve for European or US citizens.

Thus, the applicant has the right to permanent residency with the opportunity of adding a spouse and dependent children. The latter can be included in the application and residency until they turn 25, but only if they are full-time students at a university. After the said period, the applicants will lose the visa and will have to apply through any other process as any foreigner would do. 

Reducing The Minimum Income

Under certain conditions, the minimum monthly income can be less than $1000. If you're applying with your spouse, the one thousand dollars can be combined, which means $500 each, or 600 and 400, as long as it's a lifetime pension. Application is also possible with a combined income of $750 if you purchase real estate for USD100,000.

This sum is not at all bad for real estate, especially in Panama, where you can acquire high-end properties at surprisingly convenient prices. 

Panama, Ideal For Retirement Planning Thanks To Visa Discounts For Retirees

Why Consider Panama In Your Retirement Planning

With an outstanding lifestyle at the same level as you can find in any high-class capital in the world, Panama has lower prices. When compared to Paris, New York, Miami, or Sydney, the living costs are considerably lower. 

After years of hard work, it will be nice to live in a place where your retiree savings have higher yields than in your home country. 

To be fair, the only drawback that you may have in Panama is a serious traffic issue during peak hours. Even though there are several new infrastructure works in progress to solve this, the basic structure of the city is very old, and it doesn't have a grid layout, or much space for expansions. So far, the projects are focused on creating better passages to and from the outskirts of the city through the fourth line of the metro, a fourth bridge over the Pacific, and enhancing the Panamericana in Panama Pacifico. 

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There are a few exceptions, like Costa del Este, a modern neighborhood, or Casco Viejo, which is the colonial city built after the very first settlement was destroyed. This second city was built on the Spanish crown's new urbanization rules at the time; hence, it shows well-defined squares with clearly delineated sidewalks for pedestrians to enjoy. Next to the colonial houses and churches, there are several modern complexes available for rent or sale.

Visa Discounts For Retirees

On top of this, retirees have access to special discounts, and some of them are exclusive to Pensionado Visa holders. When it comes to healthcare, they enjoy 20% off medical consultations, 10% off prescriptions, 15% off dental and eye exams, and 15% off hospital bills, if they don't have insurance.

Enjoying life is also important, and your retirement planning should consider this. If you want to travel, you will have the following discounts for retirees: 20% off airline tickets, 30% off bus, train, and boat fares, and 50% off in hotels on weekdays. 

Another excellent advantage is the possibility to bring your goods, up to $10,000, from abroad without paying duty tax. Also, every two years, you can import a new car tax-free. Some of these are visa discounts, that is, exclusively for Pensionado Visa holders, while others are available in general for all retirees in the country.

Discounts for Retirees to Acquire Property

In Panama, there are several units available in different areas: in front of the beach, in the heart of the city, in Punta Pacifica, or Costa del Este. Some units are already built and ready to inhabit, while others are yet to be constructed. Either way, all of them offer supreme living standards, and most of them come with short rental licenses.

There are payment plans and developers’ financing available on some projects, especially those on the pre-sale stage. Nevertheless, one of the benefits for retirees is that they can access home mortgages with a discount of 1%, that is, only if the property is used as a personal residence. 

Retirement Planning At An Early Stage: Your Golden Years May Be Closer Than You Imagine

The name “Pensionado Visa” may lead us to think that the program has an age restriction, but it doesn't. It caters to those who have a lifetime pension no matter their age. It can be a pension for disability, for military service, or any other kind. 

This constitutes an excellent option for those who qualify and want permanent residency in another country. Finally, Panama has recently sweetened the deal when it granted the right to apply for a job permit through Pensionado, an option that didn't exist before.

Disclaimer: the conditions and requirements described here, when it comes to the Pensionado Visa, may not be 100% accurate or may be outdated at the time of reading. The discounts described here may not be accurate or may be subject to change; therefore, they should be confirmed. This article doesn't constitute migration advice. Before applying for the Pensionado Visa or any other visa, please consult with certified professionals. 

Exclusive Visa Discounts For Pensioners Of Any Age In Panama

After reading this article, it becomes clear why the Panama pensionado program can be ideal for optimal retirement planning and for making the best out of your retiree savings. In a country with a booming economy, a cosmopolitan lifestyle, a modern real estate offer, and a neutral political environment, retirees may find the right place to settle down. 

If you don't qualify for Pensionado, please go ahead and ask us about other options, whether Friendly Nations, Qualified Investor, or Forestry Visa; we’ll be there to guide you throughout the process. See you then! 

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