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I'm 98% certain that SS income counts. But, I was also under the impression that Panama was in the process of making these visas harder to come by via higher income requirements, etc. And, I also seem to remember the program was in a state of legal limbo a few months ago when I gave up on it.
My suggestion: Find a good lawyer in Panama to help you with the process since it seems to be a paperwork nightmare. I believe there are at least a couple of board members here who are currently living in Panama and who will hopefully comment on this soon.
I was trying to make this work for me; but, since all of my income would have been from investments, I couldn't make it work for my situation. (I'm years away from SS age.)
Good luck; and, please post updates if you follow through with this retirement plan.
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If there's one thing in my life that's missing; It's the time I spend alone
Sailing on the cool and bright clear waters; There's lots of those friendly people
Showin me ways to go; And I never want to lose your inspiration
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