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If you’re thinking about moving to Panama, one of the very first questions you’ll ask is simple:
How much does it cost to get residency in Panama?
The answer depends on which visa you qualify for and which immigration lawyer you work with. But one thing is clear—Panama offers some of the most affordable and accessible residency options in the world. Whether you’re retiring, investing, or creating a Plan B, there is a pathway that can work for you.
Luckily, the immigration lawyers recommended in the Complete Panama Relocation Guide have affordable fees for getting any visa.
In this article, I’ll walk you through the real costs of each visa option, including government and legal fees, as well as any required investments. After helping thousands of people relocate to Panama since 2010, I’ll also share practical advice to help you avoid common (and expensive) mistakes.
Are you thinking about moving to Panama? Check out our guide to living in Panama and learn more about our relocation tours
Pensionado Visa Cost (Best Option for Retirees)
The Pensionado Visa is by far the most popular residency option in Panama, and for good reason. It’s simple, affordable, and offers immediate permanent residency.
To qualify, you must have a lifetime income of at least $1,000 per month (add $250 for a spouse or each dependent). This can come from Social Security, a pension, or even an annuity. Lifetime military disability or retirement income qualifies, too. Many people are surprised to learn that they can qualify even before traditional retirement age by using an annuity.
You must be at least 18 years old and have a lifetime income to qualify for the Pensionado visa. A fairly clean criminal report is required, too (no felonies).
The total cost for a Pensionado Visa is relatively low compared to other countries. Legal fees typically range from $1,000 to $1,500, depending on the attorney and the level of service provided. When you add up all the fees, most people spend about $1,500 per person to obtain residency.
What makes this visa so attractive is that you receive permanent residency within 6 months, with no investment required. On top of that, you’ll have access to Panama’s well-known Pensionado discounts on healthcare, travel, dining, and more. For retirees, this is almost always the best option.
Here are the typical costs to get a Pensionado visa when working with the immigration lawyers we recommend:
$1000 for a single + fees = about $1400 for a single person
$1500 for a couple + fees = about $2250 for a couple
Add $250 per dependent
Other fees are approximately $400-$450 for the first person and $355 for the second person, and include translation, copies, notary stamps, registration, multi-entry, and other related expenses.
Government fees for a Pensionado visa are waived, so you save at least $1,050 per person.
The only drawback of the Pensionado visa is that you cannot get a work permit. Without a work permit, foreigners cannot sell any products or services in Panama.
Friendly Nations Visa Cost (Flexible but Higher Investment)
If you don’t qualify for the Pensionado Visa, the Friendly Nations Visa is the next most common option. However, unlike the Pensionado Visa, this one requires an economic connection to Panama, typically an investment or business activity.
There are several ways to qualify, and the cost varies significantly depending on which route you choose.
You can get a work permit with any of the Friendly Nations Visa options.
You still qualify for the Pensionado discounts (also called Jubilado discounts) after you obtain your permanent visa and meet the age requirements: 55 for women and 60 for men.
One drawback of the Friendly Nations Visa is that it is available only to people from countries Panama considers “friendly.” You can see the list of countries at the bottom of the article HERE.
Real Estate Investment Option
One of the most straightforward ways to qualify for the Friendly Nations Visa is by purchasing real estate in Panama. The minimum investment is $200,000, and this can include financed property in many cases.
In addition to the property purchase, you’ll also need to pay government fees, which are about $1,050 per person, in addition to lawyer fees. See a breakdown of the fees below.
Altogether, most people who go this route should expect a total cost of approximately $205,000 to $210,000. This option works well for people who already plan to buy property and want to combine that investment with residency.
3-Year Bank Deposit (CD Option)
Another popular option is to place $200,000 in a fixed-term deposit (CD) with a Panamanian bank for three years. This is often considered a safer alternative to real estate because your principal investment remains intact.
Just like the real estate option, you’ll still need to pay government fees of about $1,050 per person, along with legal fees. While your total out-of-pocket costs are similar to the real estate route, the key difference is that your $200,000 is not spent—it remains your money, safe in a Panama bank.
This option is ideal for those who prefer a more conservative approach and want to avoid rushing into buying in a market they are not familiar with.
A little-known fact: you can withdraw the interest you earn on the CD to cover living expenses. But you cannot withdraw the principal amount of $200,000 for 3 years, or until you have our permanent visa, or your visa will be cancelled.
These are the estimated fees for obtaining a Friendly Nations Visa by purchasing real estate or investing in a 3-year CD at a Panamanian bank:
SINGLE – $200,000 investment in a 3-year CD or real estate
Migration fee to the government 1050
Opening a CD Bank account 500
Notary fees 68
First ID & registration fee 55
Doctor’s good health 35
Multi-entry 150
Translation fee
Lawyer fees 1350
Total $3,208
COUPLE – $200,000 investment in a 3-year CD or real estate
Migration fee to the government 1050 +1050
Opening a CD account 500
Notary fees 68 +68
First ID & registration fee 55 +55
Doctor health certificate 35 +35
Multi-entry 150 +150
Translation fee depends in the language
Lawyer fees 1350 +1000
Total 3208 2358
Grand Total to be paid $5,566
Corporation or Business Route
The corporation route used to be one of the most affordable ways to qualify for the Friendly Nations Visa.
Today, you must set up a “special” corporation and be real and operational, maintain proper accounting, and be registered with Panama’s Social Security system. You can also qualify based on a remote job.
Because of these added requirements, costs can add up quickly. Government fees are similar to those for other Friendly Nations options, at about $1,050 per person. On top of that, ongoing business expenses can range from $1,500 to $2,000 per year.
In total, most people will spend between $7,000 and $10,000 or more in the first year alone. Unless you truly plan to operate a business in Panama, this is generally not the best option.
Here are the typical fees for getting a Friendly Nations Visa by setting up a corporation: (there are additional fees to add a spouse/dependent)
Set up Corporation 1250
Corp bank account 400
Personal bank account 250
Government fees for migration 1050
First visa ID 55
Doctor certificate 35
Notary 68
Multi-entry 200
Registration fees 35
Translation of documents & tax id 400
Working permit 750
Business license and Tax ID 400
Personal registration to Social Security 125
Lawyer Fee 1250
Total Fee $6,268 initial fees.
Under the Friendly Nations Visa, when you set up a corporation, you are required to pay yourself at least $1,000 per month for the first 9 months. The amount you pay yourself will determine what your Social Security payment will be.
Other Visa Options
There are many other visa options, but most require a financial investment of $100,000 to $500,000 and have much higher government and lawyer fees.
For a $300,000 investment in real estate, you can get the Golden Visa in less than 45 days. But the government fees are about $15,000.
See this article for other visa options.
What I Recommend (Based on 16+ Years of Experience)
After helping thousands of people move to Panama, I’ve seen what works—and what doesn’t.
If you qualify for the Pensionado Visa, that is almost always the best choice. It’s the easiest, fastest, and least expensive way to get permanent residency.
If you don’t qualify, then your decision usually comes down to whether you prefer investing in real estate or placing money in a bank deposit. Both options can work well, but they serve different goals depending on your comfort level and long-term plans.
We have never and would never recommend buying real estate until you have been in Panama for at least a year or two and already have your permanent visa.
Visas do get denied… which means you cannot stay in Panama.
If you want to sell products or services, get a visa that allows you to get a work permit so you can legally work in Panama.
The corporate route, while still possible, should be considered only if you genuinely want to run a business in Panama or have a remote job. It is no longer a simple or inexpensive workaround.
A Very Important Warning
One of the biggest mistakes I see people make is moving too fast.
They buy property, ship containers, or make large financial commitments before their permanent visa is approved. This can be a costly mistake, as visas may be denied.
The smart approach is to wait until your permanent visa is approved before buying real estate. This simple step can save you thousands of dollars and a lot of stress.
Panama continues to be one of the most attractive countries in the world for expats, not just because of the lifestyle, but because of how accessible residency is.
You can become a resident for as little as $1,500 with the Pensionado Visa, or choose an investment-based path depending on your goals. Either way, Panama offers flexibility that is hard to find anywhere else.
Want Help Moving to Panama the RIGHT Way?
If you want step-by-step guidance and access to vetted professionals, the Complete Panama Relocation Guide can help you avoid mistakes and save money throughout the process.
It’s updated monthly, includes trusted contacts for lawyers and relocation services, and gives you ongoing support before, during, and after your move.
Most people tell us it saves them far more than it costs—and gives them the confidence to move forward.
YOU DON’T KNOW WHAT YOU DON’T KNOW!
Going to the wrong lawyer to get your Visa can cost you a lot more than the cost of a Panama Relocation Tour or the Complete Panama Relocation Guide (only $595)!
Even buying health insurance using the wrong insurance agent can easily cost you an extra $4000 per year for a couple.
And, working with the wrong real estate company could cost you an extra $100,000 when buying a house.
Hopefully, you can see why coming on a Panama Relocation Tour or buying the Complete Panama Relocation Guide can SAVE you money and help you avoid these costly mistakes!
Come see how you can live better for less in Panama!
Join us for a 6-day, 7-night All-Inclusive Panama Relocation Tour to learn how to save money and avoid costly mistakes when you move to Panama. OR, get our Complete Panama Relocation Guide (for only $595) with the same information you’d get on a tour.
See what some of our recent tour guests have to say about a Panama Relocation Tour: (click on the links below):
