Panama
Visas
for Retired or Pensioned Persons
|
|
Panama’s migratory laws have created two types of visas, easily available to pensioned or retired foreigners, to enjoy life in this country, after retirement.
Both visas grant the status of Resident and some tax exemption benefits. One is called
Pensioned Tourist’s Visa, and the other is called Retired Pensioner’s
Visa.
|
|
A.
PANAMA PENSIONED TOURIST'S VISA
|
|
Grants the right to reside in Panama, indefinitely, as long as evidence is filed that applicant receives a pension, sufficient to pay for his expenses in the country, for a monthly minimum amount of USD 500.00 or its equivalent in any foreign currency, plus USD 100.00 for each dependant.
These amounts may be increased after revision, according to cost of living indexes, by resolution of the Executive Body. This increase would not affect the rights of |
Retired
persons in the Panama Canal
entrance |
|
those persons who already have been granted the visa. |
|
B.
PANAMA RETIRED PENSIONER'S VISA
Grants
residence in Panama for a 5-year period, which may be prorogued, as long as applicant can prove that he has enough to pay for his expenses in the country, for a minimum monthly amount of USD 750.00 plus USD 100.00 for each dependant, exclusively as product of a fixed term deposit in the
National Bank of Panama (Banco Nacional de Panama), in the concept of interests.
|
|
The fixed term deposit shall be kept free from encumbrances or warranties and should be maintained for the 5-year period and so on, as long as the person may want to keep the visa. (At the moment, a fixed term deposit for the amount of USD 203,000.00 is enough, but this amount varies all the time, depending on the interest rates).
|
Coast
Way, a turistic place in Panama
|
|
The Retired Pensioner’s Visa also offers
the benefit of a special passport of the Republic of Panama but without granting the
Panamanian nationality.
Both visas give the following benefits:
1. No income tax is paid in Panama for the pension received nor the interest gained
from the fixed term deposit;
2. Tax free importation of new or used household goods for up to USD 10,000.00;
3. Tax free importation of a car, for personal or family use, every two years;
4. All benefits given to Panamanian retired persons by Law No. 6 of 1987 (discounts
in restaurants, hotels, and some tax benefits); and
5. No obligation to pay warranty deposits, as required for other types of visas.
After filing the
visa application, the whole procedure may take two months.
|
|
C.
OTHER NECESSARY VISA IN PANAMA: SIMPLE OR MULTIPLE RETURN VISA |
|
Apart from the two visas mentioned above, to travel outside Panama and return under equal conditions, all foreigners having
resident status in Panama must obtain a Return Visa. Therefore, after the main visa is granted, a
Multiple Return Visa should be obtained when traveling abroad.
This only takes two days and no major requirements. The Simple one will serve for one return entrance only, while the multiple one lasts two years. |
Panama:
a modern and tropical city
|
|
For information on the required documentation or further information on other types of visas, please contact us at bfc@c-com.net.pa or
anabrin@c-com.net.pa
|
Panama
Offshore
Corporations
|
|
Panama
is a country with a system of efficient and trusted offshore
services rendered especially in relation to offshore corporations
or offshore companies and other kinds of companies. The most
common, corporations, used as offshore corporations, also known in
other jurisdictions as IBC’s, are ruled by Law 32 of February 26
of 1927 and allow the development of international corporate
services, turning Panama into one of the major service providers
in the world.
|
Panama City: best place for
Offshore
Corporations
|
|
For its versatility and flexibility, Panamanian offshore
corporations are an effective and secure instrument used for the
administration and protection of fortunes, capable of satisfying
diverse client’s needs, due to the banking and commercial
systems of the Republic of Panama.
|
|
...for
more information visit Panama
Corporations
|
Private
Interest Foundations in Panama
|
|
Private Interest Foundations complete the type of services used for asset protection and administration, available in
Panama. Private Interest Foundations represent an alternative, different from
Panamanian offshore corporations, allowing for the protection of assets destined to non commercial activities, but including its use as a holding company or for testamentary purposes.
|
Foundations represent an alternative
from
Corporations
|
|
Private Interest Foundations in Panama are ruled by Law 25 of June 12, 1995, constituting an innovative, flexible, and modern instrument, offering great advantages compared to foundations from other jurisdictions.
|
|
...for
more information visit Panama
Corporations
|
Panama
Offshore
Bank Accounts
|
|
The Republic of Panama is known as an
Offshore Service Center, where its International Banking Center excels, allowing the opening of Foreign or
Local Bank Accounts, in a prompt and safe manner, an indispensable tool for making financial operations in an offshore structure for tax planning and asset protection, in addition to
corporations, offshore companies, private interest foundations and trusts.
The Panamanian Law Firm of BRIN FABREGA & CORBETTI can help you in the process of
opening offshore bank
|
Our firm can help you to opening Offshore
Bank Accounts
|
|
accounts in Panama in well known and prestigious banks. This law firm will guide you throughout the whole process, by offering the services of preparing the required documentation, such as the
bank account opening applications and banking contracts, by drafting or obtaining the required legal documents, or
by legalizing the minutes of the
corporations or offshore companies under our administration.
|
|
The complete transaction can be completed with the client remaining outside
Panama. Most Banks will require information and references on the commercial and banking history of the interested party, and in some occasions, a personal interview or meeting with the future bank account executive in the country, may be required.
Once the application is accepted, the client can make any deposits or withdrawals, execute money transfers or give investments orders, have check books, obtain credit cards, etc.
At this point, our work would be fulfilled, not having any relation with the account’s movements or with transactions made, to maintain discretion and
confidentiality.
|
Panama
Real
Estate Property
|
|
For its natural exuberance, the Republic of Panama is a place of great contrasts and beauty.
Panama has a huge costal area, with beaches in the Pacific Ocean and the Atlantic Ocean or Caribbean Sea that attracts the interest of
investors for with the development of real estate property
housing, tourism, and commercial projects.
The most remarkable investment in real estate property is in the town of
Boquete, selected as one of the main residential tourism destinies.
|
Panama is a place of great contrasts
and
beauty
|
|
Its quality of life, facilities, and nice climate have favored this place, chosen by a great part of the
retired or pensioner tourists living in Panama.
|
|
...for
more information visit Panama
Real Estate
|
