Panama Forum

stdfh
Joined 2014
Posts: 2

9 years ago

Pensionado income requirement

9 years ago

First, let me vent and say I've had two really dumb lawyers in Panama. They were worth exactly every penny I've paid to date: zero. It's hard to comprehend so much varied and conflicting info from just two sources.

Now,I have two questions: 1) Am I allowed to combine social security benefits and a private pension to reach the $1,000 requirement for pensionado status? (One of the attorneys has said NO)

If the answer to that 1st question is NO, then I need not pursue this any further. I actually have more income from other sources, but it seems the immigration department clearly won't count that.

If the answer to question 1 is, Yes, then I must setup question 2) My pension is from a union, not a company or corporation, and is backed by the U.S. taxpayer, per a l974 law. The problem is the U.S. Department of Labor (DOL) will not provide a letter-of-good-standing or a letter certifying "existence" of the pension plan.

The DOL's position is that the information can easily be found online, which it can, by locating form 5500 that must be filed yearly for a specific pension plan such as mine.

The Trust that administers the pension has written a letter stating the monthly amount of the pension, that it IS for life, and the date I retired.

So, now question 2); Will this suffice for the Panamanian Immigration department?

Thanks ahead for any replies!

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Living in Panama Guide

Our Guide to Living in Panama is a perfect primer for readers interested in Panama. Covers healthcare, cost of living, best places to live, residency, visas, real estate, moving tips and the pros and cons of living in Panama.

Panama Forum
Join our Panama forum to meet other expats and talk about living in Panama.

Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Panama.

Best Places to Live in Panama

If you're dreaming about living in Panama, here are the 15 Best Places to Live in Panama in 2023.

Healthcare in Panama

Expats have differing opinions about healthcare in Panama. Many advice against public hospitals and healthcare, but some recount good experiences. This article covers public vs private healthcare, cost of healthcare, obtaining prescription medications and much more.

Cost of Living in Panama

Expats in Panama enjoy a relatively low cost of living. However, it's important to do your research to make sure you'll actually enjoy those saving while creating a high quality of life as an expat in Panama.

Moving to Panama Guide

Do you have to buy a round trip ticket when moving to Panama? How difficult is it to bring my dog? Should I buy a home in Panama? Can I find health

Real Estate in Panama

Real estate listings in popular cities and towns in Panama.

Pros & Cons of Living in Panama

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Panama.

Retiring in Panama

Advice for people retiring in Panama.

Panama Visa & Residency Guide

This article covers the ins and outs of the most common tourist and residency visas that expats and global nomads obtain when moving to and living in Panama.

10 Tips for Living in Panama

If you've recently arrived in Panama, here are 10 tips for digital nomads living in Panama.

Additional Information:

Visit our Panama Index for a Full List

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Contribute
Help others in Panama by answering questions about the challenges and adventures of living in Panama.