Panama’s retirement visa is the Pensionado visa. It gives permanent residency to applicants with a lifetime pension of at least $1,000 a month, with an additional $250 a month for each dependant. It is residency, not citizenship. Applicants without a qualifying pension have other routes, including the Qualified Investor Visa (the Panama Golden Visa) and the Friendly Nations visa.
Who the Pensionado visa is for
The Pensionado visa is Panama’s residency route for retirees with a guaranteed lifetime income. Practitioner guides describe it as permanent residency from approval, with no temporary stage.
It is the route most people mean when they search for a Panama retirement visa. It does not involve an investment.
The 2026 requirements
| Item | What sources report |
|---|---|
| Pension | Lifetime pension or retirement benefit of at least $1,000 a month, from a government, international organisation or private company |
| Dependants | An additional $250 a month for each dependant, by extra pension or a Panamanian bank reference. Spouses may combine pensions |
| Property alternative | Some firms report $750 a month where the applicant owns Panamanian property worth over $100,000. Confirm with an attorney, as not every source states it |
| Filing | Through a licensed Panamanian immigration attorney |
| Documents | Passport, Panama-issued health certificate, sworn background declaration, apostilled and translated foreign documents |
| Work | Holders cannot work for a Panamanian company or receive a salary in Panama |
What does not count as a pension
The test is a lifetime pension. Practitioner guides say 401(k) withdrawals, IRA distributions, investment portfolio income, rental income and self-employment income do not meet it for this visa.
That matters for many US retirees, whose income comes from retirement accounts. Social Security and defined-benefit pensions are the usual qualifying sources, and the attorney confirms what is accepted on the documents.
Time spent in Panama
Sources differ on how long permanent residents can stay outside Panama before the status is at risk. Some say residency is lost after more than two consecutive years outside the country, and others say at least one entry every two years is needed. This should be confirmed with a Panamanian attorney before relying on either.
Citizenship is a separate matter. Naturalisation involves Spanish and civics exams and a continuous residence requirement, and Panamanian commentary has questioned whether minimal visits would satisfy it.
The other Panama residency routes
- Qualified Investor Visa: permanent residency for a qualifying investment held five years. From $300,000 for new-build or off-plan property, $500,000 for resale property or securities, and $750,000 in a private bank deposit ($500,000 at a state bank), under Executive Decree No. 17 of September 2026. See the Panama Golden Visa guide.
- Friendly Nations visa: for nationals of a list of countries, including the United States, with a qualifying job, property purchase or bank deposit. Since the 2021 reform it starts with a two-year provisional residency. Sources give different property thresholds, so the current figure needs to be confirmed.
Panama sits in the Beyond Portugal part of this site. Portugal remains the main focus, and Panama introductions are made in partnership with Mercan. The two are compared in Panama vs Portugal for Americans.
Panama live session, 25th November
Jason covers Panama and Portugal for US investors in a free live session on Wednesday 25th November 2026 at 12:00pm US Eastern. Register for the Panama webinar.
