Panama Residency Opportunities
Panama is on the VIP List of destinations in the world. The interest of permanent residency in Panama has remained intact for many foreigners during the last decade.
The convenience of investing, business and job opportunities combined with a cosmopolitan city and privileged geographical position are without a question the main reasons to choose Panama.
Based upon our extensive experience in assisting international clientele, we hereby present the most popular residency programs in Panama.
Panama Friendly Country Visa
This program was created on 2012 and it remains to be a convenient option for a group of privileged citizenships due to the fact that it grants the benefit of immediate permanent residency status to applicants and dependents as well as right to opt for work permit without the condition of requiring the sponsoring of an employer company.
The main requirements of this program are:
- Applicant must be part of the list of friendly countries (click here to verify countries list)
- Applicant must have a personal bank account in Panama
- Applicant must support the economical (investment or business) or professional (employment contract) link to Panama.
Panama retiree residency visa
The retiree or “pensionado” residency programs provides a wonderful residency option for all applicants that receive a government or private pension payment of no less than US$1,000 per month + US$250 for each dependent.
The program also grants the permanent residency status in a single stage and it also provides to applicant the senior citizen benefits and discounts which includes, no import duties for the purchase of a car every 2 years; health services discounts, airline tickets discounts; public services discounts, concerts and amenities discounts as well as many others.
Panama Investor Residency
This program known locally as “person of means” is an investor program that grants the option of permanent residency to applicants and dependents who have enough income to cover the expenses for all their families’ needs while living in the Republic of Panama.
It is very important to inform that unlike many other residency programs in the world, the investment performed within this program will remain owned and controlled by the applicant, which means that it will not be considered as a government entry fee or donation. Applicant will always have the right to terminate and/or sell its asset.
To opt for this type of Visa, the applicant may choose one of the following alternatives:
- Establish a time deposit in a bank located in Panama in the amount of US$300,000 (minimum) for a period of 36 months.
- Buy in his own name, a condo, house or property in Panama for the minimum sum of US$300,000 and provide proof of the source and sum of the revenues with which he will cover his living expenses in Panama.
- Buy in his own name or a foundation, a condo, house or property in Panama, plus also have three years’ time deposit in his name, in a bank located in Panama, for a combination of US$300,000, between the value of the real estate and the deposit.
- If the applicants have dependents, the investment should be increased to $2,000.00 for each dependent, which can be justified local bank reference.
Panama Reforestation Residency
The reforestation residency can be considered as one the cheapest investment program in world that grants the option to obtain a permanent residency for principal applicant and dependents.
From another perspective, this program also provides a greater satisfaction of contributing with protection of the environment through a licensed reforestation land authorized by the Ministry of environment of Panama.
Likewise the previous residency program, please kindly note that the investment performed within this program will remain owned and controlled by the applicant, which give the choice to dispose the product of your wood plantation or even to sell the property once you have concluded the permanent residency process.
Reforestation Program highlights
- Requires a US$ 80,000 investment in a reforestation field
- We work with reforestation companies that already have reforestation field for sale
- The most common wood used for reforestation is teakwood
- Applicants may opt for Panamanian citizenship in the future
- If the applicants have dependents, the investment should be increased to $2,000.00 for each dependent, which can be justified local bank reference.
Panama Employment Residency Visa
The employment programs bring the opportunity to obtain a residency status and work permit for applicants that have been offered to work for licensed company in Panama.
The employment residency status requires that the applicant must be hired and sponsored by a company within the 10% or 15% (technicians) of the Panamanian payroll. There are other programs that give option to hire 1 foreigner with the fulfillment of special conditions.
The employment programs are also conditioned to the processing and procurement of a work permit from the Ministry of Labor office.
While these programs remain to be the most popular, please kindly note that are many other immigration programs that grants residency and work permits, therefore we welcome you to contact us for any free consultation.
Source: Lic. Eduardo Achurra
Contributing Advisors
Juan Francisco PardiniPartner, Pardini & Asociados
