Panama has one of the most appealing programs of special benefits for retirees you’ll find anywhere in the world today…and the program is open to foreigners.
In Panama, resident pensionados or retirees are entitled to:
– 50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events)
– 30% off bus, boat, and train fares
– 25% off airline tickets
– 25% off monthly energy bills
– 30% to 50% off hotel stays
– 15% off hospital bills (unless insurance applies)

Plus a lot more perks:
If you choose to obtain residency in Panama via the Pensionado Program, you’ll also be entitled to a one-time exemption of duties on the importation of household goods (up to $10,000) and tax exemptions every two years on the importation of a car (or, better yet, the local purchase of a car).
Plus, you cannot arbitrarily lose Pensionado status. In other countries, new laws have affected the status of long-time retirees, sometimes stripping away their residency; the Panama government has kept its pledge to grandfather in Pensionado residents. That means that even if future laws change the Pensionado requirements, your status will never change.

So how do you become a member of the Pensionado program? Here are the basics:
– You must draw a pension of at least $1,000 per month to qualify.
– You are not required to buy real estate in Panama to qualify.
– Foreigners who obtain residency via the Pensionado Program are protected from changes in the law, in effect allowing them to maintain residency in perpetuity.
– Foreigners on Pensionado status are not entitled to apply for Panamanian citizenship.

You can enjoy Panama’s great Pensionado discounts no matter which residency permit you have. Legal permanent residents of Panama age 60 and over for men and 55 and over for women may ask for the discounts, even if they are not Pensionados. (This does not include tax exemptions for importation of household goods or car, but it does include tax exemption on the local purchase of a car.)
* Note that you can apply for the Pensionado visa even if you have yet to reach the above ages. The government reviews applications on a case-by-case basis, and if you’ve begun receiving your pension early (because of disability or any other valid reason) you are welcome to apply, no matter what your age.

If you are NOT a pensioner or you do not qualify – there are other visa programs you might want to investigate – such as:
-Person of Means Visa (POM) Forestry Investor Visa
-Forestry Investor Visa

Tourist Visa
If you are from the U.S. or Canada you do not need a visa for tourist visits of up to 90 days. Tourists may stay for up to 90 days and, in general, extensions are not available unless you can prove you need more time because you are changing your status from that of tourist…i.e. if you enter Panama as a tourist and then decide to apply for residency.

*Prices as of 2013