Panama stands out for its rich culture and biodiversity. It is known, among other things, for the Panama Canal, one of the greatest engineering feats in the world. It also boasts beautiful beaches, tropical rainforests, mountains overlooking both oceans, and a wide variety of tourist activities. The warm climate and friendly people are other attractive aspects of this country.
U.S. Expats Population of 20,000 to 30,000
Panama is estimated to have a population of between 20,000 and 30,000 US citizens and approximately 8,000 Canadians. Many of them move to the country for various reasons, such as conducting research, working remotely, investing, or enjoying a comfortable retirement with a more affordable cost of living.
Digital Nomad Visa, Popular Among Young People
One of the visas that many people apply for, especially younger people, is the Digital Nomad visa, which allows people from other countries to enter Panama and continue working for their employers from another country. The visa is valid for 9 months, but can be extended to 18 months. To obtain it, you must contact an immigration attorney in Panama.
Types of Permanent Residence Visas
If a citizen of the United States or Canada wishes to obtain a permanent residence visa in Panama, they must fall into one of the following categories:
Pensionado Visa: Retirees who earn at least $500.00 per month may qualify for permanent residence status. When moving with a spouse, both must earn at least $600.00 per month combined.
Reforestation Investor Visa: Individuals who invest at least $100,000.00 in an approved Panamanian reforestation program may obtain permanent residence status, as well as their spouse and children.
Retired Rentistas: Retirees who obtain a Fixed Term Certificate of Deposit (CDT) from a Panamanian bank (Caja de Ahorros or Banco Nacional de Panama) with a deposit large enough to generate at least $850.00 per month in interest may qualify for a five-year renewable residence visa.
Benefits of the Pensionado Program
By obtaining a visa for the Panama Pensionado program, everyone has access to one of the best programs of its kind in Latin America. It offers a wide variety of benefits, such as discounts on utilities, healthcare, air travel, and cultural events. Retirees with this visa are also exempt from paying taxes when importing products into the country, which is convenient for those wishing to bring a new car.
Reliable and Quality Access to Healthcare
Regarding the healthcare system in this country, there are various medical services available to the population, such as public hospitals, private clinics, and health insurance. Expats in Panama have the option of receiving medical care in public hospitals and clinics. Although a fee is usually charged for these services, the costs are generally affordable compared to other options.
Tips for Selecting the Best Place to Live
Finding a suitable place to live in Panama requires a series of steps and considerations. You can start an online search using specialized websites or social media to find available housing options. It is advisable to personally visit each property to verify its condition and ask questions to the owner or agent in charge. When selecting a suitable place, it is important to carefully review the lease before signing it, along with a real estate agency with expert professionals who will help you acquire your new home in Panama.
