PanamaIncome-based residence permit

Retired annuitant on a deposit in Panama

Status for those moving to live on interest income from a bank deposit. The applicant places savings on a fixed-term deposit with a state bank and evidences regular interest income with a certificate from the bank. The department keeps the category among permanent residence but issues it as temporary status with subsequent renewal. The status does not allow employment — that is arranged through a labour ministry document. Early withdrawal of the deposit forfeits the applicant's benefits.

Source: Servicio Nacional de Migración (Panamá) — Permisos Migratorios

Who fits this category

The status is designed for the applicant living on interest income and, separately, for young relatives who are their dependants; each group has its own list of supporting documents.

Principal applicant — annuitant living on a deposit

Lives on interest from a fixed-term deposit rather than on a pension, a salary or business income
Is prepared to keep the deposit with Banco Nacional de Panamá or Caja de Ahorros free of encumbrances for the whole minimum term
Can evidence the income with a bank certificate stating the amount, the rate and the term of the deposit

Adult dependant under 25

Studies full time and can evidence this with a study certificate
Is not married and can evidence this with a certificate of marital status
Can prove the relationship with the applicant and produce a notarised repatriation undertaking

When the programme will not suit

The income arrives as a pension or annuity from abroad rather than as interest on a deposit with a Panamanian bank

The Jubilado Pensionado category — it accepts precisely a lifetime pension or annuity from a foreign state, an international organisation or a private company, not a bank deposit.

Permanent status is needed straight away, rather than temporary status with subsequent renewal

Residence through economic solvency by way of a fixed-term deposit — the same deposit principle, but the status is issued as permanent from the outset; the threshold for the amount of the deposit is much higher.

You plan to work as an employee or run a business in Panama

An employment or business residence category with a separate work permit from the labour ministry (MITRADEL) — the retired annuitant status confers no such right.

Documents to gather

The pack is assembled for filing with Servicio Nacional de Migración; on renewal after five years the criminal record certificate is not required again.

A notarised power of attorney and the application — the power of attorney states the names and nationality of the applicant's parents
Three photographs
A certified copy of the passport (notarised or legalised by a consulate)
A certificate of no criminal record
A medical certificate of health
A completed declaration of the applicant's personal details
A bank certificate from Banco Nacional de Panamá or Caja de Ahorros stating the amount of the deposit, the interest rate, the term and the absence of encumbrances
A bank-certified copy of the fixed-term deposit certificate

How the process runs

The process is built around the bank deposit: it is opened and documented first, then the rest of the pack is assembled and the file is submitted to the department.

1
Opening a fixed-term deposit with a Panamanian bank
The prospective applicant places a deposit with Banco Nacional de Panamá or Caja de Ahorros so that the interest covers the required monthly income and the deposit itself remains free of pledge and encumbrances for the whole minimum term.
2
Assembling and legalising the pack of documents
A notarised power of attorney and the application are drawn up, photographs are taken, a copy of the passport is certified, a criminal record certificate and a medical certificate are obtained, the declaration of personal details is completed and the bank issues a certificate of the amount, the rate and the term of the deposit together with a certified copy of the deposit certificate.
3
Filing the pack with Servicio Nacional de Migración
The complete set — the power of attorney, the application and the remaining documents — is filed with Servicio Nacional de Migración for consideration.
4
Issue of temporary retired annuitant status (PPT-RR)
After the file is considered, the applicant is granted a permit for five years. It does not in itself allow employment — that requires a separate document from the labour ministry (MITRADEL).

Timelines and rights

Work

A work permit is a separate document issued by the Ministry of Labour (MITRADEL). The immigration requirements sheet does not confer the right to work.

Who you can bring with you

Only adult dependants under 25 are set out separately — there is no standalone provision for a spouse or minor children in the requirements for this category.

Adult dependant under 25 (usually an adult child in full-time education)

A notarised undertaking of responsibility and repatriation from the applicant; a birth or marriage certificate evidencing the relationship; proof of place of residence; a certificate that they are not married and a study certificate.

Renewal and the grace period

The status is renewed for a second identical term — the same pack of documents as at the first filing is submitted, but without the criminal record certificate. Early withdrawal of the deposit, or breach of the conditions of the relevant annuitant law at any point while the status is held, forfeits the benefits and rights this category confers.

What comes next: permanent residence and citizenship

Route to permanent residence

The requirements sheet relies on article 196 and describes the status as temporary: the permit is granted for five years and renewed for the same term. On renewal the same set is submitted, but without the criminal record certificate. Early withdrawal of the deposit and breach of the conditions of Law 9 of 1987 forfeit the benefits and rights conferred by that law.

Route to citizenship

Naturalisation is applied for once the permanent resident card is held. The period of residence is set by article 10 of the Constitution — five, three or two years depending on the provision. Renunciation of the previous nationality is required in writing and irrevocably.

Frequently asked questions about Retired annuitant on a deposit

Which banks may hold the deposit for this status?

The law accepts only two banks — the state-owned Banco Nacional de Panamá and Caja de Ahorros. A deposit with a private bank does not qualify for this category, and the deposit itself must be free of any encumbrance or guarantee.

What happens if the money is withdrawn from the deposit early?

The department warns expressly: early withdrawal of the deposit, as well as breach of the conditions of the relevant annuitant law, forfeits the benefits and rights this category confers.

Is a criminal record certificate needed when the status is renewed?

No. On renewal for a second identical term the same pack of documents as at the first filing is submitted, but without the criminal record certificate.

How does the retired annuitant differ from Jubilado Pensionado status?

The retired annuitant lives on interest from a fixed-term deposit with a Panamanian state bank. Jubilado Pensionado lives on a lifetime pension or annuity from a foreign state, an international organisation or a private company, and the threshold for the size of that pension is higher than the income required of an annuitant. Jubilado Pensionado status is also granted open-endedly, with no need for renewal.

Does retired annuitant status lead to Panamanian citizenship?

Not in itself: naturalisation is handled separately, once the permanent resident card is held, and the applicant must renounce their previous nationality in writing and irrevocably. The period of residence required in the country depends on which provision of article 10 of the Constitution the application is made under.

Other ways to move to Panama

Every route in one list — migration programmes: Panama.

The terms and the amounts are checked against official sources — the link sits under each section.Last checked on: 7 August 2026.