Panama is a country with excellent conditions to live a quality life, which is why many foreigners from allied countries want to settle there. To do this, it is important to do it legally and apply for a visa from friendly countries. The latter is divided into three modalities, among which is the visa from friendly countries for reasons of investment in real estate. Below, we will mention the steps required for your application, as well as the necessary documents. Remember that our immigration lawyers in Panama They will advise you throughout the entire process so that your permanent residence is successful.

Steps to apply the aforementioned visa

Any applicant who wishes to establish themselves in Panama under the aforementioned modality must make a minimum investment of 200 thousand US dollars in some real estate. If the latter requires a larger investment, there is the possibility of resorting to a mortgage loan to finance the surplus. The asset may be in the name of the interested party, of a public limited company in which he or she is a shareholder, or of a private interest foundation where the main beneficiary is the applicant.

We recommend relying on immigration lawyers in Panama, since they are usually in charge of important procedures, such as the creation of public limited companies, limited liability companies or private foundations of interest, the search for a property suitable to the preference and budget of the interested party, as well as the contracts required to make the transaction effective. Once the visa is applied, the interested party receives a provisional residence permit valid for two years, after which it is possible to apply to obtain an identity card and permanent residence.

The stages to apply the visa from friendly countries for reasons of investment in real estate in Panamanian lands are:

First stage

The law allows real estate properties to be in the name of the applicant or a legal entity (private interest foundation or corporation). If the acquisition is made in the name of a public limited company, the interested party must act as its sole shareholder. On the other hand, if you invest in it through a function, you have to be the sole beneficiary. The next thing is to acquire the property without any mortgage lien.

With the help of immigration lawyers in Panama The transfer of the real estate will be carried out appropriately. This must be done prior to applying for the visa, since it is a requirement to show the authorities the certification of ownership in the application. An important point is that both the interested party and their dependents (partners and children) have to travel to Panama with all the documents requested to apply for the visa, and they must also remain in the country until obtaining the resident card. This entire process takes seven to ten business days, for this reason, we recommend good travel planning.

Likewise, we recommend scheduling an appointment with the immigration lawyers who will represent them to check that the documents are correct, as well as to make the required appointments with the authorities. The following is the affiliation process with the National Immigration Service (SNM), which you must do prior to applying for a resident visa. At the end of this process, the file is prepared and a resident permit valid for three months is requested. Once the application is accepted, the interested party receives the resident card, so they must go to the SNM again with their dependents to take a photograph.

After this, follows the obtaining of the multiple entry and exit visa that allows interested parties and dependents to enter and leave Panama, without risk of losing their immigration status. Finally, if you wish, you can return to your country.

Second stage

Once the permanence permit is approved, applicants and dependents must return to Panama and go to the National Immigration Department to receive their provisional card valid for two years.

Third stage

The permanent residence card is provided to the applicant and dependents by the National Immigration Department after two years pass and the provisional permit expires. Finally, foreigners residing in Panama receive the identity card from the Electoral Court.

What documents are required?

The applicant and dependents must bring the following documents from their country of residence:

• Police record or criminal record issued by the country of origin or residence in the last two years. In the event that the record is not from the country in which the applicant and his or her dependents are nationals, but from the country of residence, legal identification of residence must be provided, whether apostilled or authenticated. It is important that the authentication of the record be carried out by a Panamanian consul in the country in which it was issued or by apostille.
• Authenticated marriage certificate.
• Birth certificate of minor dependents.

When traveling to Panama to apply for the visa, you must process the following documents:

• Application and power of attorney (notarized).
• Health certificate.
• Certified checks in favor of the National Immigration Service and the National Treasury.
• Copy of the authenticated passport.
• Three photographs.
• Public Registry Certificate to prove ownership of the property.

All of this may seem cumbersome, but with the help of our lawyers in panama We guarantee that the process is smooth and without obstructions. Request more information to know more details at 507 6430 7051.