The two most popular types of visas for foreigners looking to establish permanent residency in Panama are the Pensioner's Visa and the Person of Means Investor's Visa.
Panama Pensioner's Visa
Panama's Pensioner Visa is one of the most attractive opportunities for the retiree. The Pensioner's Visa requires proof of income of $500 per month from a pension fund (add $100 per month for each dependent).
Other requirements include:
A letter certifying the amount of money to be received per month from the pension. If it is a private company pension, proof that the company exists must also be supplied.
Clean medical certificate, including an HIV Exam
Power of attorney
Copy of passport
Clean Criminal Record issued from your home municipality
Six Passport-Sized Photographs
These documents must also be provided by your spouse.
All documents must be Apostilled or certified at a Panamanian consulate at the place of issuance.
As a holder of a Pensioner Visa in Panama, you qualify for a wide range of discounts and other benefits, such as favorable interest rates and terms on a home mortgage.
Panama Person of Means Investor's Visa
Persons who invest an amount equal to or above $200,000 in a CD - Certificate of Deposit with a local Panamanian bank for a minimum 2-year period are eligible to receive a Panama Person of Means Investor's Visa.
There are three variations of this visa:
A.) $200,000 in a time deposit (Certificate of Deposit) in a local bank in Panama; OR
B.) $200,000 in a house or apartment in Panama (where you own the property in your own name, and you can prove that you purchased the property for at least $200,000); OR
C.) $80,000 in a house or apartment in Panama in your own name, plus at least $120,000 in a time deposit in a local bank in Panama.