01-17-2007
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#4 (permalink)
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Pensionado residence status requires that applicants have an income on pension amounting to only US$500.
As soon as the visa petition is filed, a provisional residence permit for a year's period will be granted to the applicant. A petition for permanent residence must be filed at the end of the one year period. Once the permanent residence permit is approved, the applicant will be granted a Panamanian ID and will be given the right to apply for Panamanian Nationality after 5 years.
Quote:
Panamanian law also grants retirees a very good tax exemption package including:
* Tax exemption to import a car every 2 years
* Import tax exemption for households up to US$10,000
* Multiple tax exemptions and discounts on services in Panama
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