Panama Leads Survey As Retirement Destination

(MENAFN- Newsroom Panama) A global survey indicates that foreign retirees and pensioners chose Panama as a retirement destination in 2025. According to the Global Retirement index from InterNations, 74% of respondents said they were satisfied with their financial situation, and 88% said their income was sufficient or more than sufficient to enjoy a comfortable life in Panama. “Panama also offers flexible and secure immigration alternatives so that foreigners who receive a fixed income from their retirement can choose to reside legally in the country,” says Mario Fonseca, an immigration lawyer at Fonseca and Associates in Panama. In this regard, Panama has had a visa for foreign retirees and pensioners since 1987.

This immigration category allows any foreign person who is retired or who enjoys a lifelong pension from a foreign government, international organization or private company to apply for a visa for retirees and pensioners. Some of the particularities of this law are: it does not establish a minimum or maximum age to apply for the visa, so any foreigner who has a retirement or pension from a source outside of Panama and meets the requirements may apply for it. This visa does not allow obtaining a work permit. The most important requirement to apply for a visa for retirees and pensioners in Panama is to have a minimum monthly income of $1,000 for life.

This income can come from Social Security or other retirement funds from foreign governments (military, state pension, police pension, etc.), or as a pension from a private corporation. Foreign retirees and pensioners whose income does not exceed $1,000 per month, but is above $750, will have the alternative of investing in a property worth at least $100,000, thus allowing them to apply for the visa with a lower income. The visa for foreign retirees and pensioners allows the option of including the applicant's family members as dependents, whether it be their spouse, minor children, children of legal age up to 25 years of age, or children who suffer from a proven disability.

He stressed that for each dependent, the minimum income of the main applicant must increase by $250. Likewise, a married couple of foreign retirees or pensioners can apply, whose joint minimum income, duly accredited, is $1,000 per month. Through Law 6 of 1987, Panama offers a wide range of discounts and benefits to retirees, pensioners and senior citizens, whether they are nationals or foreigners, without making any distinction. Based on Law 51 of 2005, the reform of which is currently being discussed in the National Assembly, it is established that this benefit or discount is for men aged 60 years or older and 55 years or older for women, which must be accredited with a personal identity card.

The percentage of discount to which retirees, pensioners or senior citizens in the country are entitled varies depending on the good or service they intend to acquire. The main benefits or discounts are presented below: 50% entry to recreational and entertainment activities, such as cinemas and theaters; 50% from Monday to Thursday and 30% on Fridays, Saturdays and Sundays on regular prices of hotels, motels and guesthouses; 25% off the value of individual food consumption in any restaurant, except those that do not require a commercial license to operate; 15% in fast food establishments with national and international franchises. In addition, 15% of the total bill is charged for services in private hospitals and clinics; 10% of the value of prescription drugs in pharmacies; 20% for general medical consultations and for medical and surgical specialties; 15% less for dental services, optometry services, and 25% for utility bills, to name a few. For all of the above reasons, Panama is an ideal retirement destination, offering varied environments, access to multiple services, the dollar as legal currency, political stability, access to medical care and tax benefits, among many other benefits.

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