Does your pension qualify?
You need a lifetime pension of at least US$1,000 a month, plus US$250 a month for each dependent. If you own property in Panama worth more than US$100,000, the minimum is US$750.
Worked examples
| A single retiree with US$1,100 a month from Social Security | Qualifies: the minimum for one person is US$1,000. |
|---|---|
| A couple: US$700 and US$600 a month, the spouse applying as a dependent | Qualifies: spouses may add their pensions, and US$1,300 covers the US$1,000 minimum plus US$250 for the dependent spouse. |
| A retiree with US$800 a month who owns a US$150,000 apartment in Panama in her own name | Qualifies: with property over US$100,000 in your own name the minimum drops to US$750. |
| The same retiree, but the apartment belongs to her Panamanian company | Does not qualify for the reduction: the property must be in your own name, so the US$1,000 minimum applies. |
| A retiree with US$1,200 a month and two dependent children | Does not qualify on the pension alone: the target is US$1,500. The extra amount for dependents can also be shown with another pension or a local bank reference. |
What counts as a pension
The pension must be paid for life, by a foreign government, an international organization or a private company. Military pensions and US Social Security retirement benefits are government pensions. A private pension or annuity also counts if it is paid for life, with documents from the fund. Savings, investment income or rent do not count on their own: for those, Panama has other residencies, which we can compare for you.
Executive Decree 320 of 2008, articles 200 and 201
Planning your retirement in Panama?
Book a free 15-minute call. We will check your pension and tell you exactly what you need.