Panama Pensionado Visa vs Portugal D7 Passive Income Visa

About Panama Pensionado Visa

Panama's Pensionado Visa grants immediate permanent residency to retirees who receive a lifetime, irrevocable pension or annuity of at least $1,000/month from a government, company or private fund — one of the lowest income thresholds of any retirement visa. Each dependent adds $250/month to the requirement. It is also among the cheapest routes, with first-year costs of roughly $4,000–$8,500 and processing around three months (10–20 weeks). A spouse and children can be included. Because residency is granted on issuance, there is no waiting period for PR, and no minimum annual stay to keep it — though holders must visit Panama at least once every two years. Panama's territorial tax system exempts all foreign-source income, so retirees living on foreign pensions owe no Panamanian tax on it, and the visa carries substantial statutory discounts on services. It does not allow working for income or running a business in Panama. The pension must be lifetime — time-limited annuities do not qualify — and naturalisation, available after five years, generally requires renouncing your original nationality.

About Portugal D7 Passive Income Visa

Portugal's D7 visa is designed for individuals with stable passive income — including pensions, rental income, dividends, or investment returns — who wish to reside in Portugal without active employment. The minimum income threshold is tied to the Portuguese minimum wage (approximately €9,840 per year for the primary applicant), with additional amounts required for dependents. The D7 provides a path to permanent residency after five years and Portuguese citizenship after five years, with access to Portugal's public healthcare system (SNS) and the right to live and travel freely within the Schengen Area.