Tag: Pensionado Visa

2 Retire In Panama? celebrates its 1 year anniversary

It was an easy decision for us to decide to retire in Panama. We continue to learn; and will continue to share. We just renewed our domain for 5 years and will continue to operate under the same address even though it is no longer a question for us. We realize that many of our readers are doing their own due diligence and are reading for information. We have shared our experience and it is mostly positive. For those following along who want to learn from our mistakes, we are trying to share those as well. We have done extensive research so, fortunately our mistakes have been few. We are currently on the ground in Panama. We have completed the visa process and are officially expats in Panama. Our visa is issued based on a pension we receive in the States. The Panamanian government gives us a ton of perks to get us here spending the pension. Please, feel free to check out our archive post from November 2017 Pensionado Visa Process to get a feel for the visa process and the benefits. We are finding that the whole thing is very much as we expected. Keep in mind that we used a very reputable attorney for this process. The government does frequently change things here so when things change we just have to accept it. We also have to learn how to take full advantage of our discounts. One example is Copa Airlines. They offer a 25% discount for expats with a pensionado visa. You have to purchase tickets in person at a Copa ticket counter or a sales office. This was one of our hard lessons. We purchased tickets on-line to return to Michigan in a few weeks and went to a sales office within 24 hours after purchase to receive the discount.  Because we had already paid for our tickets, Copa would not give us the discount. Lesson learned…cost $320. We have responded to every legitimate question from our readers. If you are interested in a recommendation about anything we write about, send a message and we will do our best to accommodate.

We are hesitant to say we are fully moved from the States, as we still have our home there so officially we have two homes. The sale of our house in Michigan was solid and after almost six weeks our buyers financing failed. We lost the most valuable window of time to sell lake property in Michigan. With the home back on the market we are committed to making frequent trips back to keep things moving along. In Panama, we are renting. This takes the financial sting out of the fact that our Michigan house is still not sold. To put things in perspective for cost: we save enough on insurances in Panama to more than pay our rent. Really, nothing here costs more than in the States, except maybe electricity. Yesterday I bought 2 pairs of flip-flops and 3 t-shirts (practically all I wear here) for $9.58. Groceries cost about the same. We get a lot of fresh seafood and there is very few preservatives in anything. We find vegetables at the market straight from the farm. We get fruit (pineapples, melons, avocado, bananas, etc) at stands along the roadside. Our lifestyle/diet is better with very little effort.

Delicioso
fresh catch of the day
fresh vegetables

We have started settling into the community here. Coronado Bible Church has provided us with relationships that extend far beyond the community of faith. We have been able to find English-speaking people to refer us to nearly everything one needs on a regular basis. Yesterday we had our car serviced at a shop owned by an American family. They did a great job. We have also attended a couple of meetings of English speaking business owners here on the Panamanian Riviera. These meetings are intended to help people like us find local vendors who make it easy for us to live here without speaking much Spanish. Even though it isn’t really a business, the folks in this group are showing a great interest in our blog. We are connecting with our Panama insurance agent later this afternoon. It appears by the quotes we saw, that we will be insuring our car (full coverage) and getting a renters policy for a total of under $600 per year.

We have been able to go into Panamanian businesses and successfully communicate. We bought a 2nd key for our car at the Nissan Dealership yesterday. Some things are not without challenge. The key had to go to a locksmith to be cut. We will have to return to the dealer to have the key-fob programmed.  The dealership is over an hour from our house and we had to schedule an appointment for the programming. Our cable speed was 5mb and we were having a bit of trouble streaming U.S. TV programs. A visit to the cable company proved to be a challenge, but we were able to up our speed to 100mb for about $10 per month; problem solved.

CableOnda

In our last post we alluded to having to renew our drivers licenses. We bravely went to SERTRACEN (Panama’s DMV) to renew our drivers licenses. Without an interpreter, we had success. There was no English-speaking people in there, and we were able to make ourselves understood. Jen is much better at this than I, but we are both working on our Spanish daily.

Our visit to Sertracen
Panapass installed
Installation Center at Panapass

One other experience that merits mentioning is our trip to Panapass. Panapass is the toll tag for toll roads here. There are no attended lanes so it is important to have this for using the toll roads. We had to go to the place in order to have a new tag installed on the car.  The story was the same there and we found nobody who spoke English. We got it done and set out for our commute home. The traffic had cranked up pretty bad and it was difficult to navigate out of the place. Using our navigation app Waze, we went right through a transportation hub. There were hundreds of buses, taxi cabs and people walking everywhere. Waze kept taking us around and around until we were nearly crazy. We finally figured out that with five lanes of traffic gridlock all going in the same direction we just needed to be in a different lane to get where we were going.

We find ourselves considering every day an adventure. Most days we set out to do far more than we actually accomplish. It is beautiful here so we love to spend time at the pool or beach. This time of year there are very few tourists here so we have the place to ourselves. Last night we enjoyed fresh lobster at the beach club Terazza Restaurante. There were only 3 other couples in the place. As we complete this post it lacks photos. We will gather some appropriate photos today and publish later this afternoon. We appreciate that all of you are checking back, commenting, and asking questions. We know it sounds like a broken record, but please share and like if you’re reading on Facebook. If you haven’t joined the blog, please do so to get e-mail notification when a new post is available. This also helps us recognize our audience. We will never spam you, and you can unsubscribe anytime.

Chau,

Greg and Jen

 

Our Move To Panama

Forgive us for our lack of frequent posts over the past few months. Our back story is well known by our Facebook friends, however we recognize that our blog followers may not know what has happened since returning to the States in April. Let us fill in some of the blanks…

Immediately upon our return to Michigan we began to interview Realtors for the marketing of our home there. We selected an agent and put our home on the market. In less than a week we had it under contract so we began the tedious process of selling nearly everything we owned to prepare for our move. It is amazing how much stuff one collects over the years. Mitzi Casey, our Panama agent, found us a rental that met all our needs and we signed a lease. With all these things in motion we learned after 6 weeks that our buyers financing failed. We were at the point of no return, so we moved forward with plans for our move. Our big fear was maintaining our home in Michigan from Panama. We contracted for lawn care, housekeeping, and security and moved to Panama at the end of June.

Everything that we brought to Panama is in these 5 check and 2 carry on bags
Everything that we brought to Panama is in these 5 checked and 2 carry on bags.

A move overseas has many moving parts. We elected to bring only what we could carry ourselves by air. Many people who we’ve met here, have moved using shipping containers, which is very expensive. We found it liberating to get rid of everything and start fresh. That being said, we did lease a place that was furnished. We also sold both cars and bought a car in Panama. We have possession of the vehicle, however the final transfer of title is not yet complete. We will post later about the vehicle purchase process. It is difficult, but doesn’t have to be. We bought a nice, used vehicle from an individual.

Our Car In Panama

Once we arrived in Panama, we had to complete our Visa process. This required about a half day with our attorney at Immigration. We had to surrender our temporary Visa cards, and have new cards issued. This is our permanent residency card which is issued for an indefinite time. The process is now complete. We have applied for our Cedula which is the ID carried by all people in Panama. The Cedula is recognized for doing business. It is easier to conduct bank business, make large purchases, and other things. Our drivers licenses will have to be renewed before the end of next month, because upon their original issue they were only good as long as our temporary Visas. We can do that right near where we live.

A lot of our research indicates that we can live on a very low budget in Panama. What we are finding is that with our Pensionado Visa we get great discounts and our costs for healthcare, insurances, and taxes are significantly less than in the States. We will be living on the Pacific Ocean in a great condo for around the same price as our home in Michigan.The difference is our home insurance is more than 1/3 the price, and we will not pay taxes for the next 10 years. After that the taxes are very low. In future posts we hope to start laying out direct comparisons for cost of living in Panama compared to the States.

We have spent the last several days getting settled into our condo in San Carlos. Our view of the ocean and marina over the golf course is incredible and our new place checked off all of our needs. It is a rental so we will have to settle for some things that we would do differently. We still stand by our decision to rent for a year until we are sure that we have chosen the right neighborhood. Inquiring minds want to see our place, so we are sharing some pictures.

Las Olas
condo living room
condo kitchen
condo master suite
The pool
Our view

 

 

 

 

 

 

 

That will bring most of you up to speed. We are still waiting on a buyer for our home in Michigan. We are amazed by the interest, and know that God has a plan for everything. We will be making frequent trips back until it sells. We know so many people who maintain two residences, and we have a new respect for all they do.

As we get settled here in Panama, keep following while we continue to develop new relationships, and learn Spanish.  We know that some of you follow to see what we are up to and some follow to learn about the Immigration process. We want to continue to mix everything into this and illustrate our experience and best practices. We love to have you all viewing. As always we hope that you will like, share, and comment. If you are a subscriber, please start adding content. We know that there are multiple perspectives to what we are experiencing.

For now Buenos,

Greg and Jen

Panama City Day 2

Our day started early at Servicio National de Immigration. We met our attorneys assistant, Mariana, who walked us through the process of “opening a ticket” for the process of obtaining our Pensionado Visa. We started in a line to get a number like that one at the Secretary of State or DMV. Once we had our number we had to wait our turn. There were a lot of people in this room. We didn’t take pictures inside, as the people here are very insistent that the respect in government offices is maintained. We dressed appropriately for conducting business with the government. Jen wore a dress with closed toe shoes and I wore dress slacks with a button shirt and dress shoes. This initial meeting is so that the government can review the documents that we carefully prepared on Thursday. Once satisfied with our documents they then open our ticket and the process  begins. Our Passports were stamped that this process is underway. This is what ultimately will allow us multiple entry into and out of Panama. This is important if we retire here so that we can travel in on a one way ticket. As a tourist, to come to Panama, you must have a return ticket. We then had to wait in another line to pay $5. The real work will be on Monday. We will lay out our Monday experience after it happens. Having been to Immigration and having had Mariana explain everything, we now know what to expect from this process. Monday will be the last day we have to spend in Panama City.

Panama Immigration Building

We will be going to our condo in Coronado Saturday and returning to Panama City on Sunday afternoon for our Monday meetings. We will, also be picking up our rental car. We are going to be brave and drive back on Sunday afternoon. As of now, we will leave the car at the hotel while we go to immigration. The short taxi ride will cost us less than parking at the Immigration Building. The drive back to Coronado is what scares us the most. Traffic out of the city is basically gridlock 24 hours per day. Once out of the city, it should not be a bad drive back to Coronado. This will be our biggest test.

Having completed out business for the day, we decided to explore in Panama City. Our research told us that the best place to discover in the city is Casco Viejo (Olde Town). It is the original site where Panama City was settled, and we found it charming but areas were depressed and run down. There are buildings everywhere being restored, and the restored portion of Casco Viejo reminded me of New Orleans. We wanted to take a tour, however the tours that interested us were limited to Thursday, Saturday, and Tuesday at 5 pm in the afternoon. We made our own tour and visited most of the things that interested us. Our first stop was a coffee shop at the American Trade Hotel.

By the way, taxi drivers will take you anywhere, but seldom know your destination. Be prepared to communicate a nearby landmark. We have been negotiating the price for our cab ride in advance and that has worked well even if the driver has a difficult time finding the destination. We have learned, for instance, that to get back to our hotel we have to tell the driver that it is near the Do It Center (hardware store) in El Dorado. There are very few street addresses to identify location. We got out of the taxi in front of the hotel, and after having coffee we walked back toward Cathedral Metropolitana and the Plaza de la Independencia. We were having a bit of trouble getting our bearings so we ducked into a small shop and bought a map. We were disappointed to find the Cathedral totally tarped for restoration. The Plaza was nice and surrounded by Museums for everything Panama. We may find some of those interesting on another visit when we have more time. We were in search of the famous organic chocolate shop, which we did not find.

We found a beautiful old church, which was not yet being restored, on the walk.

The walk was quite hot and we worked up an appetite and thirst so we went into a sidewalk bar that was very unique. We were seated at a table near the back in front of an open door/window. The breeze coming through was quite nice and we enjoyed a fresh seafood appetizer. We didn’t want to eat much, because our ultimate destination will be the seafood market. We noticed through that open window, a huge gate with a guard. We soon learned that the gate was the drive leading to the presidential palace. We asked if we could walk there and were told that this was as close as we could get without a guide and a prior reservation. Our table was actually inside the gate.

Our walk led us along the waterfront and down to the fish market. Based on what we had found in our research, this wasn’t completely what we expected. It was very interesting and there is no shortage of fresh seafood if you are hungry. We saw the seafood market, the harbor where the fishermen bring in their catch, and found the place where you can eat about any fresh catch. We enjoyed some fresh Ceveche and a cold beer before heading back to our hotel.

Gracias for following along. Please like and share if you find this all interesting. We are getting ready for our journey to Coronado. Please stay tuned for more.

Greg and Jen

The Panama Pensionado Visa

It seems a good time to revisit the Pensionado Visa process. We have been working on this for quite some time now, and things are going along great. The pensionado visa is a permanent residency in Panama reserved for people who have pension income. The visa, once approved, is good for life. We are going to run down the benefits and requirements today. This all seems a little overwhelming at first, but when we’re on the beach in Panama instead of shoveling snow it will all be worth it. The Panama Pensionado visa has numerous benefits that attract retirees from all over the world.

Panama  is a nation that is very welcoming to foreigners, and perhaps never more so than when it offers retirees a whole host of discounts, on everything from airfare to hotels, movies, and utilities. These benefits are part of a package of  perks that are tailored to retirees of all ages.

The list of discounts and advantages of the pensioner’s visa is lengthy.  Here are a few that we found quite enticing:

  • 50% off on recreation and entertainment such as movies, theaters, sports, etc.
  • 50% off hotels Monday through Thursday (30% off on weekends)
  • 30% off public transportation like buses, trains, and boats
  • 25% off airfare
  • 25% off restaurants (15% off fast food)
  • 25% off electrical, telephone, and water service
  • 20% off doctors and specialists
  • 15% off hospitals and private clinics
  • 15% off dental and optometry services
  • 10% off prescription medications
  • tax-free importation of household goods, up to $10,000
  • tax-free importation of a vehicle, or tax-free purchase of a local vehicle, every 2 years

Retirees are also able to obtain a cedula. The cedula is the national identification card issued to residents. It provides improved ease for getting around and transacting business in Panama. The local people feel more comfortable doing business with people who they know are “documented”. This is a great benefit when immersing ourselves in the culture of the country.

The pensionado visa program is more than a retirement program. It is opened to anyone who meets the requirements. Recipients can never lose their benefits, as long as they continue to meet the requirements. Here is a list of the requirements to qualify:

  • Monthly income of $1,200 for life from a guaranteed source such as a pension, annuity or social security.
  • Or income of $750 per month and a $100,000 minimum investment in Panamanian real estate
  • An additional $250 monthly income for each dependent

The $1,200 per month is a total amount for a married couple.  In other words, it isn’t necessary for both spouses to meet the income requirement.  Dependent children cannot be over the age of 18, unless they are attending college.  Exceptions can also be made for adult children with disabilities.  The $250 can also be obtained in the form of interest earned on deposits in a Panamanian bank.

The process of applying for and obtaining your pensionado visa is relatively straightforward.  The whole process takes several months and costs between $1,500 and $2,000 per person, including attorney fees.  The attorney fees may be less for a married couple or a family when it is done together. There will be a bit of paperwork, and it will all need to be properly authenticated (apostilled).  A reputable attorney with experience in immigration issues will be a valuable tool as you navigate this process.  In general, you’ll need to be prepared to provide the following:

  • Certified letter from the appropriate organization or entity guaranteeing your monthly pension for life
  • Government certification that the source of your income is in good standing, if your pension comes from a private company
  • Proof of prior pension payments (e.g. check stubs, bank statements, etc.)
  • Certificate of public registration of Panamanian real estate in your name, if applicable
  • Police record from the country where you resided the past 5 years (FBI fingerprint check)
  • Marriage and/or birth certificates, if applicable
  • Six (6) passport sized photographs of the applicant (and dependents – if applicable).
  • Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant (and dependents – if applicable) has no contagious diseases and is in good mental and physical condition.  THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA.

This is where we are in the process. We have a very good immigration attorney in Panama City working on this for us. We have all the documentation except Jen’s pension letter. We cannot get that until her retirement is final. Today we had all the documents apostilled at the Secretary of State. On Monday we will be sending the attorney all the documentation by e-mail (scanned and sent PDF). The attorney will the have them translated to Spanish. We will take our passport size photos with us when we go. The attorney will make arrangements for us to get our health physicals when we arrive in the country. It looks like this process is in good order.

Todays Spanish lesson is very appropriate: Por favor, deme mi descuento de pensionado. Translated… “Please give me my pensioner’s discount.”

We hope you’re finding our posts educational, informative, and entertaining. Please continue to like, share, and comment. By all means, if you haven’t signed up to receive these posts by e-mail, do it now. We don’t want you to miss a bit of our “awesome adventure”.

Fingerprints
Thank-you Van Buren County
FBI criminal background

 

Greg and Jen start the Visa process

This week Jen and I started the Pensionado Visa process for our Panama adventure. Step 1 is to secure the services of a Panamanian attorney. We secured the services of an expert in Panamanian immigration law. She came highly recommended, and has proven, so far, to be very responsive and knowledgeable. The process includes FBI background check, fingerprints, documentation authenticated by the department of state, proof of pension and more. All of this must be translated to Spanish and submitted. The process takes up to 16 weeks. The longest part of the process is the background check. Fingerprints must be included with the FBI application. The fine people at Van Buren County fingerprinted us and we have elected to use a channeler. A channeler speeds up and streamlines the process. Holidays in Panama tend to slow the process. February in Panama is Carnival so much of the month is holiday. Our goal is to have as much of this done in advance as possible, so that  we can get our Visas as soon as possible upon arrival. I will keep you informed at we go.