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Why Panama? | Residency program

Panama Residency program | Many clients ask us why Panama and not Miami, for example?  Trying to be objective – which is not an easy task – we must say that the advantages that Panama offers are innumerable.

In addition to the beauty of our country and its people, Panama offers key advantages that make it an excellent option for many foreigners when planning their wealth, obtaining a second residence, retiring, investing and even obtaining a second passport.

Also, There are many reasons to opt for an Panama Residency Program:

  • The economy is stable and dollarized
  • The government system is democratic and stable
  • Offers security and quality of life
  • Medical tourism
  • It is a gastronomic destination
  • Territorial tax regime
  • Connectivity and logistics hub
  • Infrastructure

Moreover, just as there are many advantages when considering Panama residency program, there are different options for foreigners who are considering our country as an alternative.

Panama Residency program

Why Panama?

In this webinar we review some of the Panama residency program that we consider will be of interest to both you and your clients:

  • Friendly countries

  • Retired / Pensioner

  • Own Economic Solvency

  • Due to Fixed Term Deposit

  • By reason of investment in real estate

  • By reason of Mixed Investment

  • Retired Renter or Second Passport Program

Finally, we will see a general screenshot of another topic that is of great interest to our clients: the Fiscal Residence.

Below you will find the full webinar – we are sure it will be of great interest about info of Panama residency program

Options of Panama residency program

Friendly Nations Visa

Residents and citizens of the following countries are eligible to apply for the Friendly Nations Visa:

Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia , Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, San Marino, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, the United States of America, Uruguay and the United Kingdom.

In addition, you must have professional or economic ties to Panama. This can be in the form of being a member of the board and main shareholder of a local corporation or being employed by a company in Panama.

For its part, Decree 226 of 2021 establishes the following additional requirements:

You should have documentation that demonstrates the purpose of requiring your residence according to the economic or professional activity to be carried out, except for activities or professions reserved by law for nationals, which may be demonstrated for any of the following reasons:

A. Labor reasons.
The Friendly Countries Residence Permit was based on its beginnings in providing those who had labor relations with Panama a way to establish their immigration status. In this sense, the new Decree details aspects already mentioned in the previous paragraph as documents that support or prove their ability to support themselves financially, although it specifically details the following:

  • Letter of employment on letterhead, signed by the legal representative of the company, certifying the position, salary and commitment to assume repatriation expenses, as the case may be.
  • Certificate from the Public Registry of Panama of the employing company.
  • Notice of Operations of the employing company. This is a new requirement that was previously not required. Even the norm goes further and requests that for the approval of the Residence Permit, the applicant and his employer will be obliged to process before the Ministry of Labor of Panama the Work Permit that authorizes the applicant to work in national territory. This request is also a previously non-existent condition.

B. Reasons for investment in real estate.
The applicant must present a certificate of public registry of Panama where there is ownership of real estate in the name of the natural person or a legal person, in which the applicant is the natural person who is the final beneficiary of the shares, contributions or quotas of the company. o Founder or Final Beneficiary of the Private Interest Foundation, provided that the property has a minimum value of two hundred thousand US dollars (200,000 usd).

C. Fixed Term Deposit Reasons.
The new regulations establish the following that the interested party must present: Certification from a bank with a general license that operates in Panamanian territory, stating the existence of the deposit, its owner, the value, the term and that it is It is free of liens, with a minimum validity of three (3) years and for a value of not less than two hundred thousand US dollars (200,000 USD).

This investment must be made by the applicant in a personal capacity, or by a legal entity, in which the applicant is the natural person who is the final beneficiary of the shares, contributions or quotas of the company or Founder or Final Beneficiary of the Foundation of Interest. Private”.

Requirements to apply for a Friendly Nations visa | Panama residency program

  1. Power and Request. Both documents must be notarized and endorsed by a qualified Panamanian attorney.
  2. Three (3) photographs of the permit applicant.
  3. Copy of the applicant’s passport (verified before a Panamanian notary or responsible authority).
  4. Criminal Record Certificate from the applicant’s country of origin. Must not be more than 3 months old at the time the documents are submitted.
  5. Health Certificate (we can help you obtain it).
    Certified Check for B/250.00 in favor of the National Treasury.
  6. Certified Check for B/800.00 in favor of the National Immigration Service.
    1. Personal History Affidavit Form.
      Document that demonstrates the purpose to establish your residence in the country. In this case, the documents will depend on the economic activity carried out by the applicant:
      A. In the event that the applicant for this permit is an entrepreneur, he must attach a written Declaration indicating the economic activity to which he is engaged, as well as documentation proving that he is a member of the management team or of the Board of Directors of the Company to who works or provides services. In the event that he is a shareholder of a Company, he must prove it by means of a certification from the public registry of the country where the company was created
    2. In the event that the applicant is going to dedicate himself to a strictly professional activity, he must present proof of his employment contract, as well as that the company that hires him is registered in the Panamanian Social Security system and that he has a card of Social Security and Work Permit in Panama. In other words, the objective of this declaration is to provide documents that support your income in order to live or stay in the country
    3. Copy of the applicant’s identity card or document
    4. Bank certification or account statement for the last month that reflects a balance of no less than four average figures or another that demonstrates your income and that is acceptable to the National Immigration Service
    5. Proof of address (receipt of water, electricity, telephone or hotel accommodation of the applicant)

Requirements to apply for a Retiree or Pensionado visa | Panama residency program

  1. Five (5) photos
  2. Passport
  3. Retirement letter, from the government office, indicating the lifetime monthly income
  4. Federal criminal record
  5. Certificate of good health issued in Panama
  6. Affidavit form, fully answered and signed
  7. Proof of address in Panama, through utility bill and rental agreement, or letter from a hotel

To opt for Own Economic Solvency Visa (By reason of investment in real estate or Mixed Investment), the applicant can choose one of the following alternatives:

  • Establish a term deposit in a bank located in Panama for an amount of USD $300,000 (minimum) for a period of 36 months
  • Buy in your own name, a condominium, house or property in Panama for the minimum amount of USD $300,000 and provide proof of the source and the amount of income with which you will cover your living expenses in Panama
  • Buy in your own name or a foundation, a condominium, house or property in Panama, and also have a three-year deposit in your name, in a bank located in Panama, for a combination of USD $300,000, between the value of the property and The deposit.

Own Economic Solvency Program Highlights:

  • This is perfect for applicants investing in real estate
  • Applicants may opt for Panamanian citizenship in the future

Panama residency program | Due to fixed term deposit Visa requirements:

Foreigners who invest the minimum sum of three hundred thousand USD (300,000.00) in fixed-term deposit assets and who demonstrate that the funds come from abroad may request this permit. This Permit will be for a term of two (2) years, after this period has elapsed the applicant may opt for permanent residence. To include a dependent, you must add the investment of B/.2,000.00 for each dependent, which can be justified by a local bank reference.

Requirements:

  1. Power and Request.
  2. Three (3) photographs.
  3. Duly collated copy of the passport.
  4. Criminal record.
  5. Health certificate.
  6. Certified Check for B/250.00 in favor of the National Treasury.
  7. Certified Check for B/800.00 in favor of the National Immigration Service.
  8. Form of Sworn Declaration of Personal Records
  9. Bank certification that has opened a fixed-term deposit account in the name of the applicant, for the amount of three hundred thousand balboas (B/.300,000.00) or its equivalent in foreign currency and with a minimum duration of three (3) years, in any bank with a general license in the national territory. This fixed term must be free of liens.
  10. Copy of the fixed-term certificate authenticated by the bank.
  11. In case of dependents:

11.1. Letter of responsibility.

11.2. Proof of kinship.

11.3. Proof of address.

11.4. Over 18 years of age, present a certificate of single status and certified studies.

Requirements Retired Renter or Second Passport Program | Panama residency program

1. Applicant must have a term deposit, generating at least USD $2,000.00/month.
2. You make the deposit at the Banco Nacional de Panamá or at the Caja de Ahorros de Panamá.
3. This time deposit is for 5 years.
4. If you cancel the term deposit, the immigration department cancels your passport.
5. Police record from your country of origin duly apostilled.
duly apostilled.
6. Copy of passport.

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