Retirement Programs
Without a doubt, Panama's "law for pensioned or retired persons" is the best deal going for retirees the world over. Retire in paradise.
Qualifying for the Pensionado visa is relatively simple. You must:
1. Be in good health and free of AIDS (blood test at a local lab costs $25 and doctor's exam is $10)
2. Have an up-to-date passport from your country of residence
3. Have a verifiable minimum monthly retirement income or pension of $500 from a government or private company fund. For dependents (such as a spouse or children), you must show an additional $100 of income per month for each
4. If you do not meet the monthly pension requirement, you can instead deposit $200,000 in the National Bank of Panama. The interest from this account is proof to the government that you will be guaranteed a steady monthly income. You will have no problem withdrawing these funds should you decide to leave the country permanently.
5. Have a clear police record for the past five years.
Once you qualify, you get significant discounts on just about everything in Panama, from doctor's visits to transportation, restaurant tabs to utility bills.
Some benefits of being a retiree in Panama:
• 50% off entertainment anywhere in the country (movies, theatres, concerts, sporting events, etc.)
• 30% off bus, boat, and train fares
• 25% off airline tickets
• 50% off hotel accommodations (M through Th)
• 30% off hotels from Friday through Saturday
• 25% off restaurants
• 15% off fast food restaurants
• 15% off hospital bills (if no insurance applies)
• 20% off prescription medications
• 20% off doctor's consultations
• 15% off dental and eye exams
• 20% off professional and technical services
• 50% off closing costs for home loans
• 25% off electric bills up to 600KW h
• 25% off water bills up to $30 per month
• 25% off phone bills on first residential line
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