Residency and Citizenship

Are you eligible to establish your legal residency in Panama for 23,000 USD? This is the Friendly Nations visa!

5/2/2024 8:00:00 AM
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This country is famous for more than the Panama Canal, we're talking about a jurisdiction with top-notch residency possibilities. It only takes a flight to Panama to get to know a beautiful nation that attracts businesspeople, investors, professionals, and workers from all over the world. But why is this? Where hides the charm of living in Panama?

Living in Panama: tourism, residency, and business!

At Mundo, we’ve written and published many articles to answer this question. The charm of this country lies within its wide range of possibilities of different kinds while it offers an incredible lifestyle for those living in Panama. Next, a quick summary of why we prefer Panama over other jurisdictions:

Business opportunities: thanks to The Panama Canal this country has developed enormously and is home to many business incentives. A great example of this can be found in Panama’s well-known special zones (special economic and free trade areas).

Some of them offer exemptions and advantages for export and import companies. In this regard, the Colon Free Zone is a place that many look up to not only in Panama itself but also in the world. On the other hand, some areas establish conditions where projects can develop and thrive optimally.

We like this place as establishing jurisdiction because here, besides visiting the best beaches in Panama, one can set up a business project in a friendly environment.

Jump on a flight to Panama and enjoy a high-standard lifestyle: living in Panama is amazing and Mundo certainly has a lot to say about this. Our writer and editor has gotten the Friendly Nations Visa herself and she told us about her experience in one of our specially featured articles.

Furthermore, many members of the Mundo team live in Panama as foreigners. This means that, besides the legal knowledge, they can provide you with an inside view of the country's benefits. 

Panama tourism is popular for a reason: the country is beautifully amazing. Are you looking for a hotel in Panama? You'll find international luxury brands. Do you want to enjoy the best beaches in Panama? You can choose between the quiet Caribbean Sea and the challenging Pacific Ocean.

From abroad most foreigners know Panama City’s bay view, the financial center’s skyscrapers, and Casco Viejo’s traditional architecture. But what they don't know is that there's life beyond the capital. For example, in Boquete, Panama, you can enjoy mountain landscapes and cooler weather, along with a wide community of like-minded ex-pats. 

If you're sticking to the beach then there are places like Coronado, Panama, where you can enjoy sunbathing and a dive away from the hectic capital.

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Residency options for all tastes and possibilities: this is our favorite part because the country of the Panama Canal brings a wide assortment of residency programs. Here you'll find options for retirees, professionals, investors, and businesspeople. For example, foreigners can obtain a 2-year visa residency for only $23,000. And the offer gets even better because this sum is not to be paid at once but in a two-year period.

It sounds almost too good to be true and, naturally, there are some drawbacks and limitations. For instance, not everyone is eligible for this kind of visa. Keep reading and find out if you are among the lucky ones.

Residency in the country of the Panama Canal through the Friendly Nations Visa

Before answering the question let's establish the details of this visa. One of the three options in which the Friendly Nations Visa allows you to obtain a residency permit is by opening your own company. These are the conditions:

  • Firstly, you must be a citizen of one of the so-called “friendly” countries. This is a list of 50 countries that are considered to have friendly relationships with the Republic of Panama, hence the name of the program.
  • Secondly, you must establish your own Panama company and hire yourself legally. Naturally, this entails certain costs like company incorporation, license, your own salary, the legal contract, the Social Security payments, and the renovation of the company for at least the next two years. With this, you become eligible for a two-year permit which can later be turned into a permanent residency, citizenship, and so on according to the traditional migration ways.
  • For the immigration process, you need a health certificate, a police record stating that you're free of crimes, and to prove that you're financially solvent by depositing 5,000 in a local bank account. 

The Mundo team has estimated an approximate cost of $23,000 for the preparation and maintenance of the company in a period of two years after which, if you wish, you can upgrade your status to a permanent resident. 

Nonetheless, the company option is not the only one within the Friendly Nations program. The key to the Friendly Nations visa is to prove having financial ties with the Republic of Panama and this can be done in two other ways: real estate investment, and getting a legal job contract by a Panamanian company.

Note: The prices stipulated here contemplate one applicant with no dependents. 

Living in Panama with legal residency: how do I know if I'm eligible for the Friendly Nations Visa?

If you are a citizen of one of the countries considered friendly, you become eligible for the Friendly Nations Visa and can apply in either of the three ways described above. Although some details may change over time here is a list of the most popular countries included in the friendly nations (organized by continents).

Countries from Latin America and America: Argentina, Chile, Uruguay, Costa Rica, Brazil, The United States, and Canada.

Countries from Europe: France, Spain, Poland, Austria, Belgium, Greece, Germany.

Asia: Taiwan, Hong Kong, Japan-

Others: Israel, New Zealand.

Disclaimer: the formation described here is a general overview of the Friendly Nations Visa and the residency options in Panama. The reader should keep in mind that the regulations are in constant change in all the countries involved. Hence, to acquire accurate and updated information please consult with a certified advisor. This article should not be taken as a professional consultation. 

Residency in the country of the Panama Canal through Mundo

Do you want to enjoy the scenery of Boquete, Panama? On the other hand, if you would rather spend time at the beach in Coronado, Panama has the solution through its residency programs.

Luckily, we have a team of experts located in Panama who can give you the advice and guidance that you need to become a Panama resident and start living in Panama 100% legally. If you're not eligible for the Friendly Nations program, there are other options both in Panama and other jurisdictions.

At Mundo, we are proud to offer advanced solutions for international businesspeople, nomad capitalists, and perpetual travelers who want to fulfill their financial goals. We are here for you, only one click away!

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