New Immigration Law Conversation
Sep 5th, 2008 by Don Ray
Just a short note. I had posted a link to a Panama Lawyer Blog for information on the new changes that were going into effect. http://www.chiriquichatter.net/blog/2008/08/19/new-panama-immigration-law-enacted/
One of the listed changes was the change from $500 up to $1,000 for a required individual income. In the past it was $100 additional for each extra person coming in. A question had been asked if the $1,000 was for one or a couple. I thought it was for an individual.
I was talking to an individual today who said his lawyer told him it was $1,000 for the first and $500 for the second. Now I still don’t know, but I would suggest that anyone that is effected by the change be talking to an attorney that really knows.
I tried to get into the Panama Government site, but I got a message that it was being reworked. Anyone that has hard and not heresy information is invited to comment.
Hi Don,
This is from the law offices of Rainelda Mata-Kelly in PC. Thuis was published in this month’s (September) Panama Insider. “Previously, pensioners with a qualified pension of $500 per month were entitled to apply. Now you must draw a pension of at least $1,000 per month to qualify for this option. You can, however, apply with a minimum pension of just $750 if you invest at least $100,000 in property in Panama. Another plus: you may now pool your pension with your spouse’s pension to meet the minimum pension requirement ($1000 per month for two people).”
Maybe this will clarify. She also state that local attorneys are still in consultation with the government, so further clarification will (hopefully) be forthcoming.
I contacted the Consulate of Panama in Washington DC and an immigration lawyer in Panama City. Both verified that the required income level is $1,000 per couple. As Fred stated above, this $1,000 can be pooled together from both spouses.
The new Pensionado Visa also requires that not only must the income be guaranteed for life, but you must also submit a letter from the company (if it is a private defined pension) stating that this income is guaranteed for life. Apparently the words “Guaranteed for Life” are very important.
Since my husband and I are planning an early retirement for next June, this information is very important to us. We had everything planned according to the old Pensionado Visa requirements. Then, we had to frantically figure out a way to get more out of my teacher’s pension because our investments will not count. They can’t be guaranteed for life.
When I called my teacher’s pension office, they said that I could use the Social Security Leveling option to increase my monthly pension until I turn 62. As a result, we will be able to fulfill the new income level requirements. Whew!
We have a lawyer in Panama City that is going to take us through the process. Hopefully we will be able to apply for and obtain the Pensionado Visas.
On another note, Don, we are working on our budget for living in Panama. We’re coming to David in December to scout rentals. Can you give us an estimate on rental prices around David? We’re looking for a small house, furnished or unfurnished, with enough space for a garden, located within walking distance of a bus stop, and the ability to receive a cable internet connection. We don’t need, nor want anything fancy, nor in a gated community.
We’re thinking that rental prices will be somewhere between $200-$350? Thanks.
Thanks Freddh and Debbie. I appreciate your both replying. What it shows also is that not all lawyers know, undersatnd or ar giving clear information.
On the rental front.I would think that you should be able to find rentals in the range of $250 up. The nicer apartments I am familiar with run $350 and up. It would be rare to find a furnished apartment. It may be the same for houses. If there is furniture in the houses, it probably would would not be what you would desire.
Expect to put your own AC in the bedrooms that you may want. I have never seen an apartment that had AC. Most buy AC and take it with them.
Hi Don,
Thanks for answering Debbie’s question regarding rentals. I will be in that same position at the end of this school year. And thanks Debbie for asking, I also found the following site that might helpful regard Social Security Leveling. It has a chart and other info.
http://teachermoney.com/social_security_leveling.htmbe
Don, thanks so much for the estimate of rental prices. We’ll be there in December to look around, although we won’t be ready to rent until late next summer.
It sounds like we’re on the same time frame for retirement in Panama, Freddh. Maybe we can help each other.
Freddh, thanks for the website. I have seen this site and it scared me at first because I am from Tennessee (like the author of the site) The author of the site said that in order to get Social Security Leveling, one had to have 30 years in the TCRS (TN. Consolidated Retirement System) So, I called the TCRS and they said that was not true. Thank goodness. I think that’s an old website.
Investigating the New Immigration Law and Social Security Leveling has been like riding a long roller coaster. It’s had it’s highs and lows…but I think we’re on a steady track now.
I will tell you that finding rentals in the $250 range is becoming more rare and you do have to have to do some searching.
Thanks, Don. I think word of mouth is the best way to find what we’re looking for. I know that $250 is at the low end, but I just wanted to start thinking of a budget. I’d like to find something at $500 or less. We really want a little house with garden space, preferably in Dolega or another small town near David.
Trying to do a search on the internet is impossible…they are all high end condos or houses for sale.
When we’re ready to start searching….we’ll just put on our good walking shoes and start asking around.