Panama, with its stunning landscapes and vibrant culture, is not only a beautiful destination for travelers but also a welcoming haven for retirees. If you’re 55 or older (if you’re a woman) or 60 or older (if you’re a man) and you are officially resident in Panama, or if you have retired with a pension of at least $1,000 per month from the government or privately, then Panama’s Pensionado Visa might be the golden ticket to enhance your retirement experience.
A Golden Opportunity for Retirees
Proof is in the E- Cedula
To secure your Pensionado Visa, you’ll need to show proof of your status as a retiree. This proof can be in the form of the “E-Cedula,” Panama’s national ID, or the Pensionado ID, which can also be from a foreign country if you have one.
The Benefits
Once you’ve obtained your Pensionado Visa, you’ll gain access to a range of benefits that can significantly enhance your retirement lifestyle. Here’s a glimpse of what’s in store for you:
1. Skip the Lines: Enjoy a special line for quicker service at public providers such as telephone companies, internet service providers, electricity, water, and banks.
2. Stable Property Taxes: Keep your property taxes from increasing if you make the request through the tax authority. Your property must be in your name and your only one in Panama to qualify.
3. Tax-Free Imports: You can import household and personal items tax-free up to $10,000 once. Additionally, you can import a vehicle every two years without paying import taxes.
Discount Delights
Your Pensionado Visa also entitles you to numerous discounts that make living in Panama more affordable:
1. Travel Savings: Enjoy 25% off flight tickets and public transportation when traveling to other cities in Panama, like David or Chitre (bus 30%, boats 30%).
2. Lodging Discounts: Receive a 25% discount on hotels, B&Bs, hostels, and even all-inclusive hotels (50% on Mondays to Thursdays, and 30% on Fridays to Sundays).
3. Dining Deals: Savor 25% off at restaurants and 15% at fast-food restaurants.
4. Healthcare Discounts: Benefit from a 10% discount on medication, 20% on medical services and consultations with doctors and specialists, and 15% at hospitals or clinics if you have no insurance. Dental services also come with a 15% discount.
5. Professional Services: Save 20% on technical and professional services.
6. Eye Care Savings: Get 15% off optometry services and 20% on glasses, contact lenses, prosthetics, and personal assistance devices.
7. Utilities: Enjoy a 25% discount on water bills (up to $10) and a 25% discount on electricity bills (up to $50).
8. Financial Benefits: Financial institutions offer several perks, including 50% off closing commissions on personal and commercial loans and 15% off the maximum interest rate. You can also enjoy a 1% lower interest rate on home mortgages for personal use, excluding preferential interest rates.
9. Entertainment Discounts: Treat yourself to 50% off entertainment activities such as movies, theaters, sports games, and concerts.
10. Passport Savings: You’ll even get a 50% discount on passport fees.
The entities providing these discounts can claim a tax credit equivalent to the discount amount, making it a win-win for both retirees and businesses.
Seek Resolution with Acodeco
In the rare event of any issues regarding the application of these benefits, you can always turn to the Authority for Consumer Protection (Acodeco). They are responsible for overseeing Law 6 of 1987 and are there to ensure your rights are upheld. The below link has plenty of information that will help you claim your benefits in case there is confusion at any business.
Criterios de Ley 6 de 1987, sobre beneficios para jubilados, pensionados y personas de la tercera edad.
Panama’s Pensionado Visa offers retirees a wealth of advantages, making it an excellent choice for those looking to make the most of their golden years. If you’re interested in diving deeper into the Pensionado Visa, feel free to watch our informative video on this topic:
Make your retirement dreams a reality in Panama, where the Pensionado Visa paves the way for a more enriching and affordable lifestyle.
Embrace the opportunities and experiences that this beautiful country has to offer. 🌴🌞🇵🇦 #PensionadoVisa #RetireInPanama #PanamaLife #GoldenYears
Disclaimer: This guide provides general information and is not a substitute for legal advice. Consult with us for personalized guidance. For complimentary zoom consultation please click here: https://meetings.hubspot.com/giovanna-bernal
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