Retire
In Panama
Want to Retire at 18? Panama Might be the Place for You
By Sydney Tremayne
Panama’s
program for retirees is said to be the best in the world. There
is no age limit to qualify for the Tourist Pensionado Visa Program.
You need only to be able to prove a monthly pension or retirement
income of US$500 from a government or corporation, plus US$100 for
each dependent. Legally, you could be as young as 18 to retire in
Panama.
You
will need documentation proving your pension income, certified and
stamped by the Panamanian embassy in your country of origin, plus
a valid passport and a clear police record for the past five years.
If you don’t have a pension, you can still qualify by depositing
sufficient funds in the National Bank of Panama to generate $750
a month. This amount covers any number of dependents. Alternatively,
you could start a qualified tourism-related business, or invest
in a forestry project.
You
must use a Panamanian immigration lawyer, pass a medical on arrival
in Panama and be tested free of HIV. Your legal representative will
shepherd you through the immigration office, once to register various
documents and a second time to have your photograph taken and be
presented with your identity card (carnet).
Carry
this card with you at all times. You can be fined for not doing
so. Prior to receiving your carnet, carry your passport or a photocopy
of it.
Legal
expenses and fees can vary depending on size of family and complexity,
but should be around $1,500 for one person, or $2,000 for a couple.
The
immigration process must be started before you leave your home country.
Once you arrive in Panama as a tourist, you will be able to stay
for up to 90 days. This can be extended for a further 90 days if
needed.
Qualifying
for permanent residence takes from 30 to 60 days, depending on the
time of year and the availability of certain key immigration officials.
Given all the public holidays, November and December are good months
to avoid.
Although
not required, it will be helpful for you to obtain letters of good
standing from your bank or banks and any other financial institutions.
Do not close your bank accounts. You will need at least one, and
preferably two, open bank accounts somewhere in the world before
you will be able to open an account here.
Also,
keep at least some credit cards. Getting credit cards in a new country
ranges from difficult to impossible. One bank here, HSBC, offered
the writer a card with a $5,000 credit limit provided $10,000 was
placed on deposit.
Finally,
go to your local automobile association and get an international
driver’s license. Your own license is good here for 90 days, but
there is no limit on an international license. (Expect lots of puzzled
looks from local traffic police as they thumb through the multi-page
document written in several languages.)
Sydney
Tremayne publishes http://www.yourpanama.com,
a leading website for tourists and for potential ex-pat retirees
in Panama. His team of experts gives regular Q&A teleseminars
that can save costly mistakes. To find out more, go to http://www.yourpanama.com/fear.html
