Want to retire at 18? Panama might be the place for you

Panama\'s program for retirees is said to be the best in the
world. There is no age limit to qualify for the Tourist
Pensionado Visa Program. You need only to be able to prove a
monthly pension or retirement income of US$500 from a government
or corporation, plus US$100 for each dependent. Legally, you
could be as young as 18 to retire in Panama. You will need
documentation proving your pension income, certified and stamped
by the Panamanian embassy in your country of origin, plus a
valid passport and a clear police record for the past five
years. If you don\'t have a pension, you can still qualify by
depositing sufficient funds in the National Bank of Panama to
generate $750 a month. This amount covers any number of
dependents. Alternatively, you could start a qualified
tourism-related business, or invest in a forestry project. You
must use a Panamanian immigration lawyer, pass a medical on
arrival in Panama and be tested free of HIV. Your legal
representative will shepherd you through the immigration office,
once to register various documents and a second time to have
your photograph taken and be presented with your identity card
(carnet). Carry this card with you at all times. You can be
fined for not doing so. Prior to receiving your carnet, carry
your passport or a photocopy of it. Legal expenses and fees can
vary depending on size of family and complexity, but should be
around $1,500 for one person, or $2,000 for a couple. The
immigration process must be started before you leave your home
country. Once you arrive in Panama as a tourist, you will be
able to stay for up to 90 days. This can be extended for a
further 90 days if needed. Qualifying for permanent residence
takes from 30 to 60 days, depending on the time of year and the
availability of certain key immigration officials. Given all the
public holidays, November and December are good months to avoid.
Although not required, it will be helpful for you to obtain
letters of good standing from your bank or banks and any other
financial institutions. Do not close your bank accounts. You
will need at least one, and preferably two, open bank accounts
somewhere in the world before you will be able to open an
account here. Also, keep at least some credit cards. Getting
credit cards in a new country ranges from difficult to
impossible. One bank here, HSBC, offered the writer a card with
a $5,000 credit limit provided $10,000 was placed on deposit.
Finally, go to your local automobile association and get an
international driver\'s license. Your own license is good here
for 90 days, but there is no limit on an international license.
(Expect lots of puzzled looks from local traffic police as they
thumb through the multi-page document written in several
languages.)