The Pensionado Residency Program is the most popular of all the options for potential expats as it entitles retirees to a host of money-saving discounts as well as residency. As a qualified retiree in Panama, you will be entitled to discounts on entertainment, public transport, airline tickets, hotel stays, restaurants, health care and closing costs of home loans.
In addition, foreign pensionados are entitled to a one-time exemption from duties on the importation of household goods (up to $10,000) and an exemption every two years from luxury tax when importing or buying a car locally.
Anyone entering the country as a qualified pensioner has the status for as long as they choose to reside in the Panama, so any future changes will not affect existing pensionados. To become a member of the pensionado elite you must draw a pension of at least $1,000 per month. However you can apply with a lower pension of at least $750 if you have invested at least $100,000 in property in Panama.
The many discounts include a 50% discount on entertainment, 30% off public transport and 25% off restaurants mean that you can save even more in the already low-cost, high-value lifestyle of Panama. In addition many of these discounts are available to you no matter which residency permit you have as long as you are over 60 for men and over 55 for women.
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
Tax Exemptions: As a qualified “Panama pensionado visa” holder, you will be entitled to:
- A one-time exemption of duties (taxes) on the importation of household goods up to US$10,000 in total value.
- 100% duty exemption on the importation or purchase of an automobile every 2 years.