Requirements to import used personal effects and vehicles in Panama.

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In May 2012, President Ricardo Martinelli issued Presidential Decree number 343, declaring that citizens of 22 countries that are friends of Panama could choose to become permanent residents very quickly. This “fast track” visa for permanent residence in Panama became known as the Friendly Countries visa. Since then, other decrees have been adding other countries to the list until reaching the number of 50 nations at present, as well as clarifying the conditions that must be met for the application.

Friendly countries visa

Retirees or persons with “lifetime” pensions may qualify for the Panama retirement visa, also called the “Panama Pensionado Visa”.

The Panama Pensionado Visa allows foreigners to obtain legal residency in Panama under the condition that they have a pension income guaranteed for life.  According to the Panama Immigration Department, there is no minimum or maximum age required to qualify, you only need to provide the requirements and documents listed below.

The applicants’ retirement income (or pension income) must be for life, and must be a minimum of one thousand US Dollars (US$1,000) per month.  If your lifetime pension income is less than US$1,000 per month, but equal to or more than US$750 per month, you may purchase any Panama real estate property with a value of at least US$100,000, which reduces the lifetime monthly pension income requirement down to a minimum of US$750.

The Panama retirement visa applicants’ pension income must be proven by providing documentation such as a letter from the institution or company that pays the retirement or pension income. This certification must be notarized and authenticated by the Panamanian Consulate nearest you (or by apostile).

Visa Benefits

One time Duty tax exemption for household goods up to a total of $10,000.

Duty exemption for importing a new car every two years.

50% off entertainment anywhere in the country (movies, concerts, sports)

30% off bus, boat, and train fares

25% off airline tickets

50% off hotel stays from Monday through Thursday

30% off hotel stays from Friday through Sunday

25% off at restaurants

15% off at fast-food restaurants

15% off hospital bills (if no insurance applies)

10% off prescription medicines

20% off medical consultations

15% off dental and eye exams

20% off professional and technical services

50% reduction in closing costs for home loans

25% discounts on utility bills

15% off loans made in your name

1% less on home mortgages for homes used for personal residence

Tax Exemptions: As a qualified “Panama pensionado visa” holder, you will be entitled to:

A one-time exemption of duties (taxes) on the importation of household goods up to US$10,000 in total value.

100% duty exemption on the importation or purchase of an automobile every 2 years.

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Vehicles arriving in Panama must remain in a fiscal / tax bond enclosure during the importation and payment of taxes

• All vehicles, except for diplomatic vehicles, must pay import taxes.

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All vehicle exported from Panama requires a strict export procedure through the corresponding transit authorities to obtain an "export permit". This procedure consists of verifying all vehicle documentation, obtaining stamps in the different ministries and physical inspection of the engine (VIN number) by the DIJ (Judicial Investigation Department) to confirm that the vehicle has no infractions or pending cases.

Procedure and documents required

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