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Retirement Programs in Panama
Retirement Programs
Panama's "law for pensioned or retired persons" is a very good deal! It is relatively easy to obtain a "Pensionado Visa" and 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)
10% 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
Qualifying for the Pensionado visa is relatively simple. You must:
1. Have an up-to-date passport from your country of residence
2. 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
3. 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.
4. Be in good health and free of AIDS (blood test at a local lab costs $25 and doctor's exam is $10)
5. Have a clear police record for the past five years.
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