Panama has developed various immigration categories that facilitate the establishment of foreigners, making it a popular destination for those seeking permanent residency. Among the most prominent options are residency permits for retirees and for citizens of friendly nations, two categories that allow individuals from different countries to settle in Panama easily and quickly.
Residency Permit for Retirees
The residency permit for retirees in Panama is available to any foreigner receiving a lifetime pension or retirement income of at least $1,000 per month. This pension can come from a foreign government, an international organization, or a private company. The retiree category offers permanent residency in Panama, making the country an excellent choice for those looking to enjoy their retirement in a place with a pleasant climate and affordable cost of living.
Friendly Nations Residency Permit
The Friendly Nations category allows foreigners from certain countries to obtain a residency permit in Panama. This option is intended for those who wish to carry out economic or professional activities in the country. The requirements and benefits of this category are as follows:
- 2-Year Provisional Residency: Initially, a two-year provisional residency permit is granted. After this period, applicants can apply for permanent residency.
- Requirements for Professionals: If the applicant seeks to reside in Panama for professional reasons, they must present a labor contract with a registered company in Panama.
- Requirements for Investors: Those looking to invest in the country must make a minimum investment of $200,000. This investment can be in real estate, time deposits, and can be made in the applicant’s name, through a company where they are the final beneficiary, or through a private interest foundation.
Additionally, the Friendly Nations permit allows applicants to obtain a work permit for two years, with the option to extend it for three additional years.
List of Friendly Nations
Citizens from the following countries can apply for the Friendly Nations category: Germany, Argentina, Australia, Belgium, Brazil, Canada, Chile, South Korea, Denmark, Spain, the United States, France, Japan, Mexico, Norway, the United Kingdom, among others.
This category offers not only a quick and simple residency process but also the possibility of working and contributing to Panama’s economic development.
Interested in Applying for Residency in Panama?
For more information about immigration processes in Panama, or if you need personalized legal advice, feel free to contact us at: tibet.palma@kbfamilyoffice.com or legal@kbfamilyoffice.com. We will be happy to assist you in establishing yourself in Panama successfully.
