Panama provides different options to obtain permanent residence, whether you apply as an investor, for professional reason or as a retiree.
Most common immigration permits:
- Friendly Nations program
- Retiree and pensionado
- Qualified investor
- Self solvency visa
1- FRIENDLY NATIONS VISA PROGRAM
This exclusive immigration program is designed for citizens of selected countries that maintain friendly, professional, economic, and investment relationships with Panama. With this visa, you have the chance to obtain permanent residency in Panama, contributing to the country’s economic development and growth. Whether you aspire to invest in businesses, practice your profession, or explore new job opportunities, Panama provides the opportunity to realize your goals.
The application process for the Friendly Nations Visa entails demonstrating economic solvency, obtaining a police clearance certificate, and presenting a professional or economic activity you intend to pursue in Panama. This category grants a two-year temporary residency permit followed by the potential to obtain permanent residency.
QUALIFYING COUNTRIES:
General process and timeframe
The process begins with filing the initial application with the immigration office for a temporary residency permit. It usually takes 6 months (sometimes less) to resolve the initial application and then issue a provisional residency permit. Once the provisional residency permit is issued, it is valid for 2 years, during which the applicant must maintain the requirements mentioned below. After two years, the holder may apply for permanent residency. This may also take 6 months (sometimes less). Once the application is approved, the provisional residency permit is replaced by a permanent residency permit.
PROVISIONAL RESIDENCY
This immigration program first grants a provisional residency permit, for 2 years, before applying for and obtaining a permanent residency permit. In general, it takes three years to obtain permanent residency.
REQUIREMENTS TO OBTAIN PROVISIONAL RESIDENCY
- Five passport size photos.
- Passport and second id, such as driver’s license or state ID.
- In terms of economic capacity, one of the following:
- Employment contract in Panama: requires an employment contract between the applicant and a Panamanian company (that can be owned by
- the applicant).
- Real Estate Ownership: Requires the applicant to own a Panamanian property with a registered value of at least USD $200,000, which can be
- financed with a local institution.
- Certificate of Deposit: Deposit of at least USD $200,000 in a national bank in Panama. This must include title, value, term, and must be free of
- encumbrances with a minimum validity of 3 years.
- Clean criminal background check from the country of citizenship, or country of residence for the last two years (in this case proof of residence permit is required).
- USD $800.00 per certified check issued to the National Immigration Service for the repatriation fee.
- USD $250.00 per certified check issued to the National Treasury for the application fee.
- Health certificate issued by a local doctor within the last 90 days prior to submitting the application.
- Sworn declaration (form provided by the Immigration office)
2- PANAMA RETIREE AND PENSIONADO VISA
Under this residence program, the applicant is only required to present evidence of an income of at least US$1,000.00 per month and for life, or its equivalent if in another currency. With the acquisition of property in Panama for a minimum value of $100,000, a monthly retirement or pension income of $750 is permissible. The referred income must be in the form of a pension or retirement, from a government agency or from an authorized and regulated retirement agency or private company, for which additional documentation shall be required. Panama is a popular destination for retirees and pensioners due to its affordable cost of living, beautiful weather, friendly people, and plenty of activities. The weather is warm and sunny year-round, making it a great place to enjoy outdoor activities.
REQUIREMENTS FOR PANAMA RETIREE AND PENSIONADO VISA
- Valid passport for at least 6 months from application date.
- 5 passport size photos (2inch x 2inch).
- National criminal background certificate, recently issued, apostilled or authenticated by a Panamanian Consulate in the issuing country– valid for 6 months.
- Pension letter stating you receive at least USD 1000 per month for life – recently issued, apostilled or authenticated by a Panamanian Consulate in the issuing country.
- Good health certificate issued in Panama.
- Sworn declaration form, fully answered and signed.
- Proof of domicile in Panama, through the utility bill and rental agreement, or letter from a hotel.
Application Process
Gather the required documents.
Visit Panama City for the submission of the application at the Panama immigration office, and obtain a processing residency card.
Wait for approval. The processing time for a Panama Retirement Visa is typically 3-6 months.
Once your application is approved, you will be granted permanent residency. Applicant will need to visit Panama City again to obtain the permanent residency card.
RETIREES AND PENSIONER VISA BENEFITS
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3- QUALIFIED INVESTOR VISA
It is one of the fastest methods to acquire a permanent residency in the Republic of Panama, designed to attract foreign investment to the country, offering investors the opportunity to obtain permanent residency.
The Permanent Resident Permit as a Qualified Investor is a type of visa or residence permit offered by Panama to foreigners (from any country) who make significant investments in the country. It is a permanent residence permit for economic reasons that is granted to foreigners who maintain substantial investment activities in the Republic of Panama.
The purpose of this permit is to attract and retain significant foreign investment in Panama, offering in exchange the possibility of obtaining permanent residency in the country.
For the purposes of this presentation, we will focus on the real estate investment option, although we will list the rest of the options.
FORMS OF INVESTMENTS:
- Real Estate investment with funds from abroad (Minimum of 300K)
- Real Estate investment with a promise of sale contract (TRUST AGREEMENT) – Minimum of 300K
- Investment through a licensed Panamanian brokerage firm approved by the Superintendence of Securities Market of Panama (Minimum of 500K)
- By reason of Investment in Fixed Term Deposit in the Panamanian Banking sector (Minimum of 750K)
REQUIREMENTS TO APPLY VIA INVESTMENT IN REAL ESTATE:
- The property must be registered in applicant´s name in the Public Registry (or in the name of a Corporation or Foundation under applicant´s control).
- Apostilled or authenticated complete passport copy of applicant.
- Clean criminal background check from the country of citizenship, or country of residence for the last two years (in this case proof of residence permit is required).
- Health certificate issued by a local doctor within the last 90 days prior to submitting the application.
- Sworn declaration (form provided by the Immigration office)
- Letter from a foreign bank or a local bank, certifying the sending or receipt, respectively, of the funds. If issued abroad, the letter must be legalized by Apostille.
- Account statement from the foreign bank or the local bank, with authentication stamps from the issuing bank that demonstrates the transaction of sending the funds. If issued abroad, the letter must be legalized by Apostille.
- Letter or certification issued by a local bank confirming the deposit or receipt of the transfer and that the funds come from a foreign source.
- Additional documents may apply depending on the type of investment the applicant made.
4- SELF SOLVENCY VISA
Any foreigner who wants to apply to a Self-Solvency Visa has to invest a minimum of three hundred thousand dollars (US $300,000). The investment has to increase by US $2,000 for each dependent.
Mortgages do NOT count against this threshold. However, if the value of the property is greater than $300,000, the applicant is allowed to finance the amount above $300,000 with a local bank.
This option is recommended for nationals of countries not considered FRIENDLY NATIONS of Panama (see list of countries in slide No. 5) and who are not in a hurry to obtain Permanent Residency, since this permit is divided into 2 phases:
- Temporary Residence Permit valid for 2 years; and
- Option to apply for Permanent Residence during the third year.
For the purposes of this presentation, we will focus on the real estate investment option.
FORMS OF INVESTMENTS:
- Real Estate investment with funds from abroad (Minimum of 300K)
- Investment in Fixed Term Deposit in the Panamanian Banking sector (Minimum of 300K)
- Combine Real Estate and Fixed Term Deposit Certificate that add up to a minimum investment of at least 300K
REQUIREMENTS TO OBTAIN PROVISIONAL RESIDENCY VIA INVESTMENT IN REAL ESTATE (300K):
- Five passport size photos.
- Passport and second ID, such as driver’s license or state ID.
- Real Estate Ownership: Requires the applicant to own a Panamanian property with a registered value of at least USD $300,000.00, free of liens. It can also be own by a Corporation or Foundation under applicant´s control.
- Clean criminal background check from the country of citizenship, or country of residence for the last two years (in this case proof of residence permit is required).
- USD $800.00 per certified check issued to the National Immigration Service for the repatriation fee.
- USD $250.00 per certified check issued to the National Treasury for the application fee.
- Health certificate issued by a local doctor within the last 90 days prior to submitting the application.
- Sworn declaration (form provided by the Immigration office).
To apply for Permanent Residence during the third year; the same requirements must be met except for the criminal background check and the payment of government fees (checks).
PRICES:
