AboutLorena Milanes Expertise I can answer questions regarding Panama, its people, culture, places to visit, places to watch out for, hotels to stay, how much your taxi fare should be... specific information on getting around on a safe manner.
Experience I was born and raised in Panama, educated in American schools. Since I enjoy all related to Panama history, I try to keep myself updated on local happenings in the subject. I also enjoy traveling and the internet seems a wonderful tool to use, specially when you are your own guide (which I usually am)- so I am just willing to give some of the help I have received back.
Publications Article - La Prensa Newspaper
Education/Credentials Bachelor's Degree - Marketing and Advertisting
MBA - Emphasys in Management
Question QUESTION: I have read that as Pensionado a person only needs to prove an income of $500 per month for a single individual. I read elsewhere that 1,000 - $2,000 is needed to live in Panama. How come there is such a vast dfference?
Ihave visited Panama (3 times in total in the past 10 months) prices of everything are considerably less than the UK. I will be receiving around $600 - $800 per month in addition to bringing around $120,000 with me. I plan to have a small 3 bedroom home built and possibly build another for selling or renting. If I decided just to build one house instead, am I likely to be able to live on the income from the UK not taking into account the money I will have behind me?
Many thanks,
-=ray
ANSWER: Ray,
In order to obtain a PENSIONER TOURIST VISA you:
"May opt for an indefinite residence permite, whoever is pensioned by a foreign government or private company with a sum of no less than 500.00 USD per month as a life pension. If you bring in your dependents an additional sum of 100.00 USD is required per month for every dependent."
There are other types of visa as the Immigrant / Investor or Self Support that have other requirements which are indeed of higher sums.
This according to law and per article written by a local lawyer in the Tribaldos Real State magazine 2007.(lesleymartin@cableonda.net)
Now, in regards to of you can live off your pensionado income, it is possible, but very basic living standards.
Please let me know if I can be of further assistance.
Lorena
---------- FOLLOW-UP ----------
QUESTION: Thank you Lorena.
What would you consider to be "basic"? I will have around $120,000 with me - $50,000 will be invested in a house so wouldn't have rent or mortgage worries.
What is the average wage?
Many thanks,
-=ray
Answer Hi Ray,
If I understand correctly, after you finish building your home, you will be left with: 70k plus your retirement check.
I also understand that you will come to Panama by yourself, be living off your retirement check and leaving the 70k for other use/backup, whatever you choose.
With your retirement check of approximately 600.00 usd per month, I mentioned you can have basic living standards, considering below approximates:
1. Electricity (no air conditioner): 60.00 usd
2. Water and Trash: 20.00 usd
3. Phone: 30.00 usd
4. Food: 150.00 usd
5. Transportation (will you own a car?): ?
6. Cable: 60.00 usd
7. Help around the house (maid 2 times a week): 120.00 usd
8. Insurances (health, fire-home,etc.): ?
9. Alarm System: 40.00 usd
Leaving out the transportation and insurance: It should add up to 480.00 usd.
Of course the above depend on where you plan to reside.
I hope this helps, if you need anything else, just ask :)
Lorena
