This residency permit is designed for persons who are receiving a pension from a Government entity or private corporation of $1,000 or more. It allows you to start a business in Panama, but it does not allow you to apply for a work permit or for citizenship.
It includes benefits such as a discount every two years of import duties for the importation of a car (sales tax still applies).
All other discounts normally associated with the Pensioner permit, will apply to any resident of Panama (under any permit) once they reach the age of 60 for men and 55 for women.
Permit are granted permanently after one application