If you’re thinking about retiring abroad and Panama keeps popping up on your radar, there’s a very good reason for that.
Panama’s Pensionado Visa is one of the most popular and retiree-friendly residency programs in the world especially for retirees coming from the U.S., Canada, and Europe.
In this guide, I’ll break down exactly what the Panama Pensionado Visa is, who qualifies, what documents you need, and what retirement in Panama really looks like beyond the brochures.
Let’s get into it.
What Is the Panama Pensionado Visa?
The Panama Pensionado Visa is a permanent residency visa designed for retirees with a guaranteed lifetime income. It allows you to live in Panama full-time and enjoy some of the best retiree benefits in Latin America.
Once approved, this visa gives you:
- Permanent resident status
- Access to Panama’s public and private healthcare systems
- Significant discounts on everyday living
- The ability to import household goods duty-free (one time)
And no you do not need to buy property or invest a large sum of money to qualify.
Panama Pensionado Visa Requirements (Simple Breakdown)
To qualify for the Pensionado Visa, you must meet one main financial requirement:
Minimum Income Requirement
You must receive a lifetime pension of at least $1,000 USD per month.
This income can come from:
- Social Security
- A government pension
- A military pension
- A private company pension
- A lifetime annuity
Important: The income must be for life, not a temporary payout or savings account.
Spouse or Dependents
- If you add a spouse or dependent, you must show an additional $250 per month per dependent.
Required Documents for the Pensionado Visa
While requirements can change slightly, these are the standard documents most applicants will need:
- Valid passport (with copies of all stamped pages)
- Passport-size photos
- Proof of lifetime pension income (official letter from the issuing authority)
- Proof of marital status (if applying with a spouse)
- Criminal background check (issued within the last 6 months)
- Health certificate from a licensed doctor in Panama
- Completed visa application forms
All foreign documents must be apostilled or authenticated before being submitted in Panama.
This is why most people work with a Panamanian immigration attorney, it helps avoid delays and costly mistakes.
PANAMA Pensionado Visa Benefits
One of the reasons retirees choose Panama is because of the incredible Pensionado discounts, which are written into law.
Here are some of the discounts:
- 25% off airline tickets
- 50% off entertainment (movies, concerts, sporting events)
- 25% off electricity bills
- 20% off medical consultations
- 15% off hospital services
- 10–20% off prescription medications
- Up to 50% off hotels
- 30% off public transportation
These discounts apply for life as long as you hold Pensionado status.
Healthcare for Retirees in Panama
Healthcare is a huge concern for retirees and Panama does very well in this area.
You’ll have access to:
- Private hospitals with U.S.-trained doctors
- Modern facilities in Panama City and major provinces
- Affordable out-of-pocket costs compared to the U.S.
Many retirees choose to:
- Pay out-of-pocket for routine care
- Carry private health insurance for peace of mind
- Use Panama’s public healthcare system as a backup
Healthcare here is one of the biggest reasons retirees feel comfortable making the move.
Best Places to Retire in Panama
There’s no one-size-fits-all answer it really depends on your lifestyle.
Some popular retiree areas include:
- Panama City – Modern, walkable, excellent healthcare
- Coronado & the Pacific Beaches – Relaxed beach living with amenities
- Boquete & Volcán – Cooler climate, mountain views, strong expat community
- El Valle de Antón – Mountains, quiet, scenic, and close to nature
- David/Chiriqui – Affordable city living. Great for agriculture/farming etc.
This is where a relocation tour becomes extremely helpful seeing these areas in person makes all the difference.
Cost of Living for Retirees in Panama
Many retirees are surprised at how affordable Panama can be.
While costs vary by location and lifestyle, a comfortable retirement budget can range from:
- $1,800–$2,500 per month for a couple
- Less if you live outside major cities
- More if you prefer luxury living or beachfront property
Housing, healthcare, transportation, and food are all significantly cheaper than in the U.S. or Canada.
Can You Work on a Pensionado Visa?
This is important to know:
You cannot work for a Panamanian company under the Pensionado Visa.
However, many retirees:
- Run online businesses
- Work remotely for foreign companies
- Manage investments or rental properties abroad
Always check with an attorney if your income situation is unique.
Is the Panama Pensionado Visa Right for You?
The Pensionado Visa is ideal if:
- You have guaranteed lifetime income
- You want permanent residency without major investment
- You’re looking for affordability, healthcare access, and stability
- You want a retirement lifestyle with options — city, beach, or mountains
Panama continues to be one of the top retirement destinations in the world for good reason.
Need Help Navigating the Process?
If you’re considering retiring in Panama and want:
- Help understanding the visa process
- Guidance on where to live
- Introductions to trusted legal and real estate professionals
- A realistic look at life on the ground in Panama
You can book a Relocate With Shevy Tour or schedule a 1-on-1 consultation through the links on this site.
I’m happy to help you figure out if Panama truly fits your retirement goals.