Does Panama have a retirement program?
Judith Tovar - Easy Travel Panama
Yes, Panama has some wonderful special retirement benefits. I would suggest you request a definite answer from your lawyer in Panama who will be the one who has to get you the "Pensionado Visa" so that you can get the retirement benefits I will talk to you about below.
If you are already retired elsewhere..and can prove you receive at least $1,000 monthly from your retirement...a Panamanian lawyer can work with you to get you what we call a...
Yes, Panama has some wonderful special retirement benefits. I would suggest you request a definite answer from your lawyer in Panama who will be the one who has to get you the "Pensionado Visa" so that you can get the retirement benefits I will talk to you about below.
If you are already retired elsewhere..and can prove you receive at least $1,000 monthly from your retirement...a Panamanian lawyer can work with you to get you what we call a "Pensionado Visa". Once you have this you can get the same discounts that a Panamanian gets in Panama when he or she retires...which is discounts in:
- Food at restaurants..not drinks
- Medicines
- Doctors
- Airplane tickets you buy in Panama
- Electrical, water, telephone bills
- Movies, etc.
It is a wonderful program and you do "not" have to live in Panama the whole year for you to benefit from this program.
Ask a Panamanian lawyer so that he or she can explain how you can obtain the "Pensionado Visa" so that you can get all these special retirement benefits!
Posted April 10, 2013
Roy Cannon - Gestoria Cocle - main office in Penoneme
Many people know about the discounts that are available to Pensionados in Panama. There is no difference between a Panamanian and a foreigner in this aspect, the sole requirement is that you be of "jubilado age" = 57 for women, 60 for men, and have a resident visa (temporary visas and tourist visas do not qualify).
One discount that is specified in the law that many people (Panamanians and foreigners) are not aware of is for "service...
Many people know about the discounts that are available to Pensionados in Panama. There is no difference between a Panamanian and a foreigner in this aspect, the sole requirement is that you be of "jubilado age" = 57 for women, 60 for men, and have a resident visa (temporary visas and tourist visas do not qualify).
One discount that is specified in the law that many people (Panamanians and foreigners) are not aware of is for "service fees" The law number 6 of the 16th of July 1987, as modified in Article 10 states that a qualified resident is entitled to a 20% discount on fees charged for professional and technical services. This includes car mechanics, contractors and lawyers, any one who is billing you for services rendered, but not the parts. For example, when you have your car repaired, you should claim the discount on the labor portion of the bill.
Another, often overlooked benefit i(Article 16) s the freezing of your property tax at its current level, as long as the property is in your personal name and is your sole residence in Panama.
If you go to the ACODECO office you can obtain a booklet in Spanish that explains all of the discounts available to resident "jubilados" of any nationality. Their web site is www.acodeco.gob.pa
Posted April 10, 2013
Bill Hamilton - Bill Hamilton
There are many programs for obtaining a residency in Panama. The simplest is the Jubilado residence (retired). You must prove that you have the required income from a permanent lifelong pension and produce all of the required additional paperwork such as police report, etc. Your lawyer will give full details of the documents needed. There is an investor's visa also and if you are offered employment here then another form is required .
The process is not...
There are many programs for obtaining a residency in Panama. The simplest is the Jubilado residence (retired). You must prove that you have the required income from a permanent lifelong pension and produce all of the required additional paperwork such as police report, etc. Your lawyer will give full details of the documents needed. There is an investor's visa also and if you are offered employment here then another form is required .
The process is not difficult and can be done quite quickly with a good lawyer.
Posted April 10, 2013
Jade Wills - Maya Moon Marketing
Does Panama have a retirement program? Yes! Panama’s program for retirees is said to be the best in the world. There's no age limit to qualify for the Pensionado Visa Program. You need only to be able to prove a monthly pension or retirement income of $1,000 from a government or corporation, plus $250 for each dependent. Many terrific benefits come along with this plan as well like discounts and more!
Does Panama have a retirement program? Yes! Panama’s program for retirees is said to be the best in the world. There's no age limit to qualify for the Pensionado Visa Program. You need only to be able to prove a monthly pension or retirement income of $1,000 from a government or corporation, plus $250 for each dependent. Many terrific benefits come along with this plan as well like discounts and more!
Posted April 18, 2013
Judith Tovar - Easy Travel Panama
Panama has a wonderful retirement program. If you are retired elsewhere and can prove that you get at least $1,000.00 monthly in retirement already...the lawyers in Panama will get you a "Pensionado Visa". With this Visa you are entitled to get the same discounts retired Panamanians get. You get a discount for food at restaurants, medicine, doctors, airplane tickets that you purchase in Panama, electricity bills, movie theaters, etc.
The...
Panama has a wonderful retirement program. If you are retired elsewhere and can prove that you get at least $1,000.00 monthly in retirement already...the lawyers in Panama will get you a "Pensionado Visa". With this Visa you are entitled to get the same discounts retired Panamanians get. You get a discount for food at restaurants, medicine, doctors, airplane tickets that you purchase in Panama, electricity bills, movie theaters, etc.
The program is excellent.
Posted May 8, 2013
Lourdes Townshend
Panama has GREAT benefits for retirees. The retirement benefits are one of the biggest things that retirees takes in consideration when moving to Panama, among other things.
In addition to an exemption on housing taxes for 15 years, both men and women enjoy 25% off on all restaurants, and different discounts on movies, airline tickets, medical doctors, hospitals and pharmacies, and many others.
Panama has GREAT benefits for retirees. The retirement benefits are one of the biggest things that retirees takes in consideration when moving to Panama, among other things.
In addition to an exemption on housing taxes for 15 years, both men and women enjoy 25% off on all restaurants, and different discounts on movies, airline tickets, medical doctors, hospitals and pharmacies, and many others.
Posted July 17, 2013
JS Fry
Roy's answer regarding the Pensionado visa that: "There is no difference between a Panamanian and a foreigner in this aspect, the sole requirement is that you be of "jubilado age" = 57 for women, 60 for men" is incorrect. There is no age requirement or limitation for obtaining the Pensionado visa and its myriad benefits. I obtained mine at age 41. My neighbors from Germany each have one (they're in their 30's) as does their 5 year old son. Other than...
Roy's answer regarding the Pensionado visa that: "There is no difference between a Panamanian and a foreigner in this aspect, the sole requirement is that you be of "jubilado age" = 57 for women, 60 for men" is incorrect. There is no age requirement or limitation for obtaining the Pensionado visa and its myriad benefits. I obtained mine at age 41. My neighbors from Germany each have one (they're in their 30's) as does their 5 year old son. Other than the typical health screening and clear criminal record all you need is proof of an ongoing income stream from outside of Panama. Company pensions and Social Security are most commonly used to meet this requirement.
Posted July 19, 2013
Alan Filliger - Alana la Casa del Arte
Panama has many wonderful retirement benefits. One particular type of retirement visa is called the "Pensionado Visa". With this visa a person will receive discounts for medical, dental, medicine, movies, restaurants and even airfare within Panama and when flying out of Panama. The Pensionado Visa will also allow 50% discounts at hotels during weekdays and 30% discounts on the weekends.
There are special lines at the banks, electric...
Panama has many wonderful retirement benefits. One particular type of retirement visa is called the "Pensionado Visa". With this visa a person will receive discounts for medical, dental, medicine, movies, restaurants and even airfare within Panama and when flying out of Panama. The Pensionado Visa will also allow 50% discounts at hotels during weekdays and 30% discounts on the weekends.
There are special lines at the banks, electric companies, supermarkets and other stores that allow Pensionados to get to the front of the line faster. 25% discount for electric bills for Pensionados (also called "Jubilados" - people over the age of 55 for women and 60 for men) Jubilados receive most of the same benefits I mentioned for Pensionados except age is the only requirement to receive the Jubilado discounts.
Posted July 23, 2013
Daryl Ries - Keller Williams Panama, associate
For expats Panama offers a pensionado program. Women over 58 and men over 62 are entitled to perks and discounts at hotels, restaurants and cinemas / theaters, and for local and foreign transport, and some medical services including prescription drugs. All you have to do is show your ID card. This is one of the big advantages of moving to Panama as a senior citizen. (Casco Viejo, Panama City, Panama, pictured.)
For expats Panama offers a pensionado program. Women over 58 and men over 62 are entitled to perks and discounts at hotels, restaurants and cinemas / theaters, and for local and foreign transport, and some medical services including prescription drugs. All you have to do is show your ID card. This is one of the big advantages of moving to Panama as a senior citizen. (Casco Viejo, Panama City, Panama, pictured.)
Posted December 9, 2016
John Gilbert - PanamaKeys
Panama has a retirement program for retirees who have been involved in the Panamanian Social Security System. It’s not impossible, but it’s fairly unrealistic for someone from the United States or Europe to think that they’re going to be able to come in to Panama and make a living wage here that will translate into any kind of meaningful retirement in their future. There is a retirement program that’s available here in Panama called...
Panama has a retirement program for retirees who have been involved in the Panamanian Social Security System. It’s not impossible, but it’s fairly unrealistic for someone from the United States or Europe to think that they’re going to be able to come in to Panama and make a living wage here that will translate into any kind of meaningful retirement in their future. There is a retirement program that’s available here in Panama called the Pensionado Program, which is something that retirees can apply for, and get fairly easy. The Pensionado Program grants you certain privileges to get lower prices, as well as certain privileges of access.
For example, Jubilados (retirees) here move to the front of the line when they’re waiting in line for their groceries or to do banking transactions. Jubilados enjoy discounts across a broad variety of services and things, like a 15% discount when going out to restaurants or buying airline tickets. During many of the tours that you can do, like touring the Panama Canal, you get a discount because you’re Jubilado. You can also get hotel discounts. There are many advantages for getting and receiving a Pensionado Visa if you qualify. I highly recommend it.
(Panama Canal Project, Panama, pictured.)
Posted March 22, 2017