Not only is Panama receiving more tourists, it is also becoming one of the focal points for a trend that is taking shape in the United States. Living and retiring overseas, something that was once reserved for a few very wealthy individual - is now an idea that mainstream America is catching onto. Panama is going to be at the top of the list for Americans and other foreigners looking for warm, inexpensive and adventurous places to retire and live in. In fact, it already is.

By means of Law Decree No. 16, June 30, 1960, Panama grants permanent residence to applicants who have sufficient income to cover the expenses for all their families' needs while living in the Republic of Panama. In order to apply for this type of visa, the applicant must establish a time deposit in a local bank in the amount of US$100,000.00 (minimum) for a period of twenty- four months.

Once the visa petition is filed before the Immigration and Naturalization Directorate, a provisional residence permit, valid for a one-year period will be granted to the applicants. At the end of the one-year period, a petition for permanent residence must be filed. The permanent residence permit, once approved, grant the applicant a Panamanian Identification Card and the right to apply for Panamanian Nationality after 5 years.

Requirements to Obtain Provisional Residency

  1.  Certifications by a local bank that accredit applicant have established a time deposit in the amount of US$100,000.00 (minimum) for a period of two years.
  2.  Good health certificate that indicated that the applicant do not suffer any disease, including HIV
  3.  Two photocopies of passport or document valid for travel
  4.  Certificate of good conduct
  5.  Sworn declaration
  6.  Power of attorney
  7.  Petition
  8.  Six photographs

Also regulated by Law N° 9 of June 24, 1987, the retiree or "pensionado" residence status requires that applicant demonstrates an income on pension of only US$500.00 per month and $100.00 for each dependent.

Once the visa petition is filed before the Immigration and Naturalization Directorate, a provisional residence permit, valid for a one-year period will be granted to the applicants. At the end of the one-year period, a petition for permanent residence must be filed. The permanent residence permit, once approved, grant the applicant a Panamanian Identification Card and the right to apply for Panamanian Nationality after 5 years

This type of residence is expedited and the status is granted for life.