Gaining residency in Panama is relatively easy for retirees. Gaining citizenship is essentially impossible. The most recent revision of Panama’s Immigration Laws went into effect in September of 2008. Under this law a person receiving social security or a private pension can gain residency in Panama.

This is referred to as a “pensionado” visa and, providing you are over 55 years old, you will be referred to as a “jubilado” which means retired person. This status also allows you all sorts of discounts for medications, doctor’s office visits, and more if you show your residency visa.

To become a resident in Panama you need to hire an attorney. Only the attorney or “abogado” can do your paperwork and deal with immigration officials. The current cost runs around $1,500 in costs and legal fees.

With the recent change in the law you need to prove that you receive $1,000 or more per month from Social Security or a private pension. If you come with your wife or children you need $250 a month more for each dependent.

You will need to demonstrate each year that you still are receiving benefits.

Documentation:

You need to have at least 6 months before your passport expires and they need copies. They also want an original birth certificate, with the stamp and five passport photos.

Also, before you leave home go to your country records department and ask for a “police report.” This will be a notarized statement that you have no record of arrests or convictions for any crimes. You need to send this to the nearest Panamanian Consulate for authentification. Include a stamped self-addressed envelope and don’t open it when you get it back. Give it to the lawyer in Panama.

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