Am I Grandfathered In The System?

[jeffrosner]

I'm starting to see a pattern - and I wonder who is really behind it - .... yup, I wonder:

Reporting from Panama: Pensionado Program Only for Adults Over 50

One of the unique features of Panamanian law has been the pensionado program.

This program has allowed foreign citizens to live or retire in Panama with special rights as official residents. With the pensionado program, you can even gain residence in a short period of time, usually 90 days or less.

But I learned here in Panama this week that Panama's pensionado policy is tightening up. Until now, persons of any age were accepted into the program, as long as they could prove they were eligible for foreign pension income from any source. The requirements of proof were fairly loose.

Now the Panama Immigration Office is limiting pensionado visa approvals to those 50 years old and up. It will no longer be possible for younger retirees on questionable private pensions or retirement income to qualify for this visa simply by providing a pension letter and certificate of good standing from their foreign corporation. In the case of a married couple, this will mean that as long as the principal spouse (who has the pension) is over 50, both will qualify for admission.

Local Panama attorney Rainelda Mata-Kelly, who serves on The Sovereign Society Council of Experts, tells us persons younger than 50 who take early retirement from a well known company (such as IBM, HSBC, Bank of America, Microsoft, etc.) or who have a documented official government pension (U.S. Social Security disability or civil service or military retirement) will still be accepted.

The new policy is aimed at past abuse by applicants who did not have valid retirement plans and used the pensionado program to gain Panamanian residence, then obtained local employment without a required work visa which is not freely granted.

BOB BAUMAN, Legal Counsel

[jeffrosner]

I don't think our governments appreciate our leaving.