Citizenship and Residency

Residency Visas in Panama 

Panama has been consistently voted as the best retirement and lifestyle destination in Latin America by various international agencies and publications. The factors that have contributed to this assessment include the following: Panama is by far the safest country in Latin America with a very low crime rate in Panama city and almost no violent crime; Panama has diverse living from mountains and cooler climate to tropical Caribbean beach paradises at very affordable prices, there are over 30 international schools, medical facilities are first-world-class and on par with the United Sates, the city is considered an international first class city with close access to the rest of the world. This is the reason why many businessmen are choosing to leave the United States, Europe, China, and Latin America and move their families to Panama. Indeed, Panama is extremely multicultural and extremely tolerant to foreigners. In any night you will see Jews, Arabs, Italians, Germans, Russians, Chinese and people of all races, cultures and religions mixing in the restaurants and nightclubs. There is no religious intolerance, racial discrimination, nor terrorism here. Sounds like paradise? Well, it is.

Those who want to have residency in Panama have approximately 20 different options however the major types of residence that are the easiest and most common include:

The Panama Friendly Nations visa

This is a two-year residency which is granted within 3 months of the filing of the application, with the first residence document issued within 2 weeks and the final permit after 3 months. The visa is open to passport holders(citizens) of 42 countries including European Union, United States, Mexico, Brazil, Taiwan, South Africa, Chile, Australia, and New Zealand.

The applicant only needs to place 5,000 in a local bank account and open a company with the intention of doing business. There are no further requirements, no language requirement, no requirement for qualifications, and no investment requirements. Yes, it is that simple and many people from around the world are taking the opportunity while it is available. This program is so simple because Panama has a shortage of talented people and a general shortage of population, so foreigners are more than welcome.

Moreover, after five years the applicant is entitled to apply for citizenship which is granted after a very easy citizenship exam.

You do not have to live in Panama to maintain residency. This is one of the few countries in the world where you can maintain your residency by simply having an address here and visiting only once every two years.

Procedures and cost

To apply for this type of visas (friendly nations), these would be the requirements:

• Five passport photos.
• Reference letter from a local bank certifying to have at least $ 5,000 in an account.
• Original and Copy of your passport and a second identification, this may be your country's ID or driver's license.
• Corporation created on behalf of the applicant.
• Criminal record.
• Payment of USD 800.00 for repatriation, through Certified Check.
• Payment of USD 250.00 for application fees, by certified check.
• Health Certificate issued by a local doctor.
• Affidavit, according to the migration requirements.

If the applicant applies with children and the spouse, he must attach to the above requirements the certificates that prove the family bond, such as: Birth Certificates and Marriage Certificates, respectively.

*All the above documents must be duly translated into Spanish and apostilled.

The process to apply to this type of visa is as follows:

• Open a bank account (1-2 days)
• Register passport in Migration and Obtain temporary ID (2 - 3 days)
• Obtain multiple entry visa (2-3 days)
• Permanent residence approval process (3-6- months)
• Obtain permanent residence card (1-2 days)
• Obtain permanent residence card (45-60 days)

Pensionado or Retiree visa 

Contrary to what its name suggests the retiree visa is open to all ages. All you have to prove is that you have a pension or fixed income from a government or private retirement fund of 1000 per person per month for life.

The retirement or pensionado visa has absolutely no investment requirements, no language requirements, and is rated as the best retirement visa program on Earth today.

The retirement visa is a permanent residency which allows you to have up to 25% discount on all movie tickets, medical bills, restaurants, and many other services. No wonder it is considered the most requested residency program in the world today. If you can prove a steady income for life then wait no more, this program will not last much longer as the government is due to tighten it.

Requirements 

The requirements for this type of process are the following:

• Five photos.
• Passport.
• Letter issued by the Institution or Entity that proves the monthly lifetime income (minimum of USD 1,000.00).
• Criminal record.
• Medical certificate issued by a local doctor.
• Affidavit, according to the migration requirements.
• Proof of Panama address, this may be utility bill, rental agreement and / or hotel letter.

*All the above information must be duly translated into Spanish and apostilled.

If the applicant wishes to include a spouse or children, they must have an additional USD 250.00 for each one in their monthly lifetime income.

• The process to apply to this type of visa is as follows:
• Register the passport at the Migration office and obtain a temporary ID (2 - 3 days)
• Obtain multiple entry visa (2-3 days)
• Residence approval process (3-6- months)
• Obtain residence card (1-2 days)
• Obtain residence card (45-60 days)

More information here

Qualified Investor Visa 

If you have 750,000 you can either invest it in one of Panama´s top banks and be entitled to a fixed deposit of up to 5% per annum denominated in US currency or you can buy real estate for a minimum of 300,000 in any area of Panama. The investment allows you to have a permanent residency as well as enjoy the income that this type of investment allows.

Purchasing real estate gives you the advantage of fast-tracked tax residency since you will have complied with one of the fundamental requirements of tax residency in Panama as well as purchasing at a time where real estate has bottomed and is experiencing the beginning of a renaissance with expected returns that could be as high as 40% over the next few years.

Requirements 

The requirements to apply to this type of visa are:

• Five photos.
• Notarized copy of passport.
• Criminal record.
• Health Certificate issued by a local doctor.
• Payment of USD 800.00 for repatriation, through Certified Check.
• Payment of USD 250.00 for application fees, by certified check.
• Affidavit, according to the migration requirements.
• Fixed Term Deposit Certificate proving that you have deposited USD 300,000.00 or more, for a term of 3 years or more and that additionally it is free of encumbrance; or,
• Certification of the Public Registry of Property that proves ownership of a property in a personal capacity or in the name of a private interest foundation and that the property is free of encumbrance.

If the applicant applies with children and spouse, he must attach to the above requirements the certificates that demonstrate the family relation, such as: Birth Certificates and Marriage Certificates, respectively. Additionally, you must attach to the amount of your investment USD 2,000.00 per each of the dependents that you want to include in your application.

*All the above documents must be duly translated into Spanish and apostilled.

The procedure for this type of visa is as follows:

• Register passport at the Migration office and Obtain temporary ID (2 - 3 days)
• Obtain multiple entry visa (2-3 days)
• Residence approval process (3-6- months)
• Obtain residence card (1-2 days)
• Obtain residence card (45-60 days)

Reforestation Visa 

If you believe in green investment and ecofriendly investment, then you can invest 100,000 in an approved teak plantation. This allows you to collect the profit after the teak has grown plus enjoy the benefits of Panamanian permanent residency.

Many Canadians and Americans invest in this to fund the college education of their children. The teak investment takes around 25 years to bring gains however the gains are substantial since an investment of 100,000 can bring profits of over 1,000,000 over a period of twenty-five years with little risk.

Contact us

Professional Visa

If you are a professional with the appropriate degrees that are considered to benefit Panama, then you will be entitled to apply for a professional visa, which grants permanent residence. Your degree has to be acknowledged and certified by a Panamanian University and it has to come under the current list of occupations. These include managers, computer and IT staff, food technologists and many others. The process is time consuming, however no money is required so in effect you can get permanent residency without investment.

It is important to remember all the above are permanent residencies that permit the holder to have the legal right to obtain Panamanian citizenship for them and their family after only five years.