Panama offers several Residency Programs. Citizenship by investment in Panama is not possible directly through this program. However, the investor and their family can apply for citizenship after five years of permanent residency in Panama.
If your country is considered a friendly nation, your immigration to Panama will be quite easy. The cost of this program will be $8750 for the first applicant. It’s one of the easiest and cheapest foreign residencies you can get.
– The fees for main applicant in the case of provisional residency is USD 3,200, while for permanent residency it is USD 2,300.
– If one has dependents who are also applying for the visa one and are more than 12 years old, then one will have to deposit USD 2,000 per dependent in case of provisional residency and then USD 900 for permanent residency.
– If the dependents are less than 12 years old then fees will be USD 1,200 for provisional residency and then USD 900 for permanent residency
– Before obtaining the permanent residency, applicants will receive a provisional residency valid for two years. After that time and proving that they have maintained the requirements, applicants will be eligible to request permanent residency.
– Dependents can include the applicant’s spouse, and children under 18 years of age, or 25 years old if they are full-time university students.
Friendly Nations Visa Requirement (Permanent Residency)
Panama Self-Economic Solvency Visa
Even if you are not a citizen of any of the friendly nations, you can still set up your residency in Panama. In this case, there are three options to choose from:
– Make an investment of at least $300,000 in Panama real property equity. An additional $2,000 must be invested for each dependent. The title can either be in the investor’s name or Panama Private Interest Foundation, the main applicant must be a creator or beneficiary. Property cannot be in the name of a Trust or a Company. The main applicant also must prove that they have the means to support a family while living in Panama.
– Make an investment of at least $300,000 in a 3-year Panama Bank time deposit (Certificate of Deposit). For each dependent, an additional $2,000 needs to be invested. The Panama Bank CD can only be in the primary applicant’s name and not in a trust, foundation, or corporation.
– Combine the first two options by investing in both Panama Real property and a Panama bank CD where the equity and cash amount total at least $300,000 (foreign currency equivalent). An additional $2,000 must be invested for each dependent.
Panama Business Investor Visa
Under this program, investors would need to invest at least $160,000 in Panama business capital stock. The investor can apply for a visa as an officer or shareholder of a Panama corporation. An additional $2,000 needs to be invested for each dependent.
Additional requirements to qualify for residency with this program are:
Every Panama Business Investor Visa requires three 2-year temporary resident visas before becoming a permanent resident.
After 5 years of permanent residency, one may be eligible for citizenship. You may be required to show some ties to the country as a permanent home, have spent a significant time in Panama during your residency visa, have Spanish language skills, knowledge of Panamanian history, culture and values, and attend an interview. The process usually takes about 2-3 years.
Panama Reforestation Investor Visa
– Permanent residency leading to full citizenship can be achieved with just a minimum $80,000 investment to purchase at least 5 hectares of titled land in a government-certified reforestation project.
– An additional $2,000 will be needed for each dependent. Panama reforestation investments have averaged annual returns of 23% over the past 20 years.
– After making this investment you will get a 2-year temporary residence permit and after 5 years of Permanent Resident status, you will be able to get Panama citizenship.
– The visa has a validity of 2 years. After this period, you may apply for a permanent residence permit, if you prove the disbursements from the reforestation project or prove that the reforestation company is providing maintenance and that their contract remains in force.
– After 5 years of permanent residency, you may be eligible for citizenship. You may be required to show some ties to the country, such as a permanent home, have spent a significant time in Panama during your residency visa, have Spanish language skills, knowledge of Panamanian history, culture and values, and attend an interview.
Panama Retired Program
– This permanent residency visa is for anyone over 18 years of age who obtains monthly pensions or annuities of at least $1,000 for the rest of their lives. This option is sometimes called ”a retirement visa”. This payment must come from a guaranteed source, such as a pension or annuity by a foreign government, company or insurance.
– An additional $250 per month must be received for each dependent. A married couple can combine their annuities or pensions to meet the minimum requirement.
– An exception exists where the primary applicant purchases Panama real estate valued at at least $100,000 lowering the monthly minimum to $750. The annuity or pension can come from a government, military, corporation, bank, insurance company, trust, or private company.
– This visa allows one to remain in Panama indefinitely, provided that one visits the country for at least one day, once a year. To avoid the revocation of the permanent residence, one should not leave the country for periods of time greater than 24 months. This visa does not lead one to citizenship as visa holders are not eligible for naturalization.
The requirements and qualifications required to obtain Panama residency or citizenship are the following:
One should gather all the documents and get them apostilled and authenticated as well as translated. Then a visit to Panama would be necessary. The objective of this visit is to set up one’s bank account and file the application for Panama. One must be physically present to accomplish both objectives.
If you have multiple citizenships, be sure to enter Panama using the same passport that you will use for your application and ensure that it is stamped upon arrival. The immigration officials will need to see this when they process your application.
One will need to set up a bank account before continuing with any next steps. Be prepared for an interview at a couple of banks in case your account is denied by one. You can also make your deposit at this time as well as obtain your bank reference letter.
You will need to register your passport with the immigration office in Panama before submitting your application. One will also need to set up an appointment to file the application and all of the corresponding documents.
Once you submit your application, the immigration office will take three to six months to process and approve it. If it is approved, you will be eligible for permanent residence after 2 years.
Privacy World offers its services to anyone, not only looking to obtain residency and/or citizenship processes but our experts figure out legal ways to:
Privacy World can also help you with incorporating your company in Panama, assisting in getting you settled in the country, and coordinating with you so that this experience will be less of a hassle.
Want Privacy World to handle your case? Have any questions? Contact us!
Panamanian nationality law requires an oath of renunciation of former citizenship as a condition of naturalization. However, de facto, Panama permits dual citizenship, as the renunciation may not have an effect if is not also executed through the relevant authorities of the applicant’s current country of nationality.
Yes, for most residency programs, you can include your spouse and dependent children on the application by increasing your investment.
During the application process, a few visits are required to obtain permanent residency status. For investment programs, we recommend spending two or three additional weeks for the visit, in order to get the property or fixed deposits completed before applying.
Yes, a personal visit is required.
Yes, Panama has a proficiency test in English.
There are no restrictions on nationalities, but for the countries that require a visa, it should be applied according to the visa type, authorized or stamped, and must follow the corresponding procedure and requirements for the requested visa.
No interview is required.
You can apply for citizenship in Panama after 5 years of legal permanent residence in full immigrant status. You may be required to show some ties to the country, as a permanent home, to have spent a significant time in Panama during your residency visa, have Spanish language skills, knowledge of Panamanian history, culture, and values, and attend an interview.
The tax rates for residents are fairly simple – they are progressive and based on total income, rating from 0% to 25%.
Non-residents are taxed at 15%, plus the educational tax rate of 2.75%.
There is no net worth/wealth tax in Panama.
There are no inheritance taxes in Panama.