How Much Does It Cost To Move To Panama?
(toprealestateguide.com) Once you decide to permanently relocate to Panama. You will evaluate many factors. The first and most important thing aspect to take into considerarion when deciding to relocate to Panama is what will be your legal status. In short, how will you be able to stay in the country for the long term without breaking the countrys immigration laws?
The easiest and probably most used method of achieving this is by applying for what is called the “pensionado” visa program. All foreigners who receive a steady retirement pension or income from a government, development organization or private company and wish to reside in Panama, qualify for the program. The basic requirements are as follows: 1. Minimum monthly retirement income of at least $1,000 per month for the rest of the applicants life; or 2. Minimum monthly retirement income of $750 a month if the applicant invests in a property in Panama valued at over $100,000.
The process includes submission of the following documentation: - Certification of retirement and verification of pension amount. If this amount is perceived from a foreign company then further documentation is required. This includes a certification to be provided by the private company which proves the availability of funds for the remainder of the applicants life, a copy of the pension check, receipt or statement, and contact of the pension funds administrator of the company. - Should you have dependents, proof of income of up to $250 per dependant; Documentation or certification of the property purchased by the applicant from the Public Registry. Should a spouse also wish to move with you, then the income needs to be verified by both parties and as such the documentation must be provided for both applicants. There are several firms in the country that can help you find the perfect Panama Real Estate proposition for your needs and will walk you through this process.
There are numerous benefits to achieving residency in Panama this way including the right to import a car every two years free of tax, the right to import household goods for your residence free of tax up to $10,000 and discounts at major food chains and services granted to senior citizens in Panama as per Law 6 of 1987.
Depending on the complexity of the case, the legal costs range around $2,500 for this service. This visa scheme is beneficial to retirees who wish to reside in Panama as it provides several benefits to the applicants. The entire process is quite simple and may take between two to three months to process. It is one of the most economical ways to move to Panama.
Moving to Panama has an immediate return on investment.
About the Author:
Emergis Real Estate is a Panama professional services firm specializing in Panama Real Estate. Our innovative approach allows for the profiling, scheduling and visiting properties available in Panama by enabling cooperation with direct sellers and other intermediaries in the Panama Real Estate market. For more information about Emergis Real Estate and moving to Panama please visit our website.
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Original Source: toprealestateguide.com
Date Retrieved: June 1, 2009.
