Living In Panama With A Residency Visa

Panama has seen much growth as of late, both in tourism and residency

. With a low cost of living, many find themselves in search of Panama real estate -mostly retirees. What better way to spend the latter half of your days than living a life of luxury in a beautiful tropical country? What seems like a small amount of money here in the States can go quite a long way in Panama. So to accommodate an influx of foreigners seeking Panama residency, the government has updated its immigration and visa laws. There are several kinds that allow you to reside, so long as you meet all the requirements.

The first type is the Pensioned Retirement Visa, also known as the Pensionado Visa. The visa allows foreigners to obtain a legal residency if they are retired and have a monthly pension. Unlike the US, which often has age restrictions on retirement, there is no minimum age to qualify. You only need to provide proper documentation that you are in fact retired. The monthly income, however, must be at least $1,000. But if you purchase Panama real estate with a value of at least $100,000, the requirement for monthly income is reduced to $750. This visa offers numerous benefits, such as discounts on products and services. How does 50% off a movie ticket sound? Or 25% off certain restaurants? You are even able to receive a one-time duty-free importation of household goods. It's quite a great deal if you're able to meet the requirements!

But if you cannot, do not fret. Another visa you may be eligible for is the Private Income Retiree Visa. The visa is for people who are not employed and do not have a monthly pension. However, you do need a lump sum of $750 per month when deposited into a 5-year Certificate of Deposit in a Panamanian bank. You will need about $200,000 to be eligible.

Lastly, there is the Self-Economic Solvency Visa. It is a 2-year program for people who are not employed or planning on starting a business. It may sound like the easiest visa to receive but it does involve a $200,000 investment in the country. You can do this by opening up a 1-year certificate at a local bank, purchasing property valued at $200,000 or more, or using a combination of the two that adds up to $200,000. After the second year the visa will be granted permanently.

Living in Panama has so many benefits and with multiple visas within your grasp, you too can become a permanent resident.

by: Mark Etinger

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