Do you want to have residence in Panama? It is important that you know this
The constant economic growth in Panama, the investment in infrastructure and mobility with the Panama Metro, the real estate offer, the natural and tourist wealth, the solid financial and business structure, as well as a dollarized economy, are attractions that our country and that have caused businessmen, retirees and investors to look at our country as a place to settle.
Foreign investment in Panama has been a focus point for governments and business and business associations, promoting actions such as tax benefits for those who wish to establish their residence in Panama.
1. Attractions of living in Panama.
Panama has positioned itself as one of the best countries to emigrate in Latin America and this is due to these reasons:
Agile and uncomplicated residence procedures.
Internet of high speed.
Excellent phone service.
Excellent mobility in the city thanks to the Panama Metro, the only metro line in Central America.
International Banking Center.
Special benefits for investors and retirees.
Real state development.
Dollarized, growing and stable economy.
Affordable cost of living.
Legal certainty for foreign investments.
2. How can I obtain residency in Panama?
If you are considering moving to Panama and making this country your permanent residence, it is very important that you take note of the general requirements you need to meet to apply:
All visa applications must be made through a lawyer or law firm in Panama.
All documents must be of recent date. These must have been issued at least 2 months before the request. As for passports, they must be valid for one year. Bank references will be valid for one month, from the date of issue.
Marriage and birth certificates must be original. If you have dependents, they can be considered under that figure up to the age of 25, as long as a current study certificate is presented.
All requests must be accompanied by a health certificate issued in Panama.
All official documents that are from abroad must be duly authenticated by Apostille or certified by a notary and by the Consulate of Panama in the country where the documents have been issued.
3. Types of visas for permanent residence in Panama
There are various reasons why our country can authorize a foreign person to live permanently and depending on the reason, the requirements, procedures and costs may vary.
Next, we detail the main types of visas for residence in Panama:
Friendly countries visa
This visa applies to citizens of fifty countries that maintain friendly, professional, economic and investment relations with Panama. The countries qualified for this visa are: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, New Zealand, Norway, Poland, Portugal, San Marino, Serbia, Singapore, Slovakia, South Africa, South Korea , Spain, Sweden, Switzerland, United States of America, Uruguay, Peru, Mexico, Paraguay.
To process this visa, an application for a temporary residence permit must be submitted to the immigration office, which is valid for two years. After this time has elapsed, you can apply for permanent residence, the processing of which can take about six months. Once the application is approved, the temporary permit is replaced by the permanent residence permit.
Pensioner or retiree visa
The applicant for this visa must be pensioned or retired by a foreign government, private company or international organization. The applicant must submit evidence of monthly and lifetime income of not less than one thousand dollars (US$1,000.00) per month, or its equivalent in the currency of another country.
Economic solvency visa
This visa applies to all foreigners who have the capacity to make a minimum investment of three hundred thousand dollars (US$300,000). If you want to include dependents, you must add two thousand dollars (US$2,000) for each one.
This investment can be made under any of these three alternatives: fixed-term deposit, real estate investment, fixed-term deposit + real estate investment.
Panama-Italy Treaty Visa
This visa is special for Italian citizens and was created in 1966. With this visa, permanent residence can be obtained within five to six months.
Retired annuitant visa
Those interested in this type of visa must credit a fixed-term account with the necessary funds so that the interest earned as a result of the deposit represents a monthly income of eight hundred and fifty dollars (US$850.00). The fixed-term deposit must be made at the National Bank of Panama or at the Savings Bank. It should be noted that these accrued interests must be free of liens, mortgages or guarantees for a period of five years.
This visa applies to any foreigner who wants to invest in a macro company in Panama, with a minimum share capital of one hundred sixty thousand dollars (US$160,000) declared and paid. Whoever requests this visa must be a shareholder and/or dignitaries of the company. The activities of the company cannot be those that are exclusive for Panamanians.
Reforestation investor visa:
This visa allows investors to obtain their residency in Panama, as long as they make an investment in a reforestation project that is approved and regulated by the Ministry of the Environment of Panama (MiAMBIENTE). The minimum investment must be eighty thousand dollars (US$80,000), in a reforestation project certified by the Ministry of the Environment. This implies the purchase of at least five hectares of titled land.
Visa married to a Panamanian
This visa applies to foreigners who have married or married a Panamanian citizen and who live with stability and continuity. It should be noted that it is not a right to grant this visa to a foreigner who marries a Panamanian and that the National Immigration Service has the full power to deny entry or residence.
Visa for specialist professionals
Any foreigner who works in a company in Panama, as a professional and paying social security taxes, can become a permanent resident after two years of being a temporary resident.
Visa for children born in Panama
Foreign parents with children born in Panama can apply for permanent residence through the Family Reunification Program. It should be noted that children must be at least five years old at the time of submitting the application.
At Panama Legal Business we have a team of lawyers specialized in Immigration Law, with extensive experience advising clients of various nationalities who wish to establish their Residence in Panama. We take care of carrying out all the procedures with detail and agility, in order that our clients feel satisfied.
For more information on visa requirements, costs and alternatives, you can contact us and we will gladly advise you.
We invite you to learn more about our services, visit us on our website www.panleb.com or contact us at +507 835 5810 in Panama City and +507 774 0125 in David City, by email [email protected], WhatsApp +507 6430 7051 or visit us in Marbella, Torre Banistmo, Office 1021, Panama City, Panama and Interprovincial Building, Office 8, City of David, Chiriquí.