Panama is one of the best areas to choose as a place to live in Latin America and the world.
Panama is ideal for:
- Location independent entrepreneurs and digital nomads looking for a second home.
- Retirees and pensioners who want to enjoy a tax-free life under the sun.
- Individuals seeking to protect their wealth.
The main benefits of Panama as a place of permanent residence:
Simplicity: The process is quick and easy.
Minimum presence: There are almost zero minimum presence requirements.
Excellent tax system: Very beneficial tax system for entrepreneurs who do not rely on location.
Location: Excellent geographical location (“gateway to Latin America”).
Safe haven: Perfect as a rest area
Since 2011, the opportunity for economic growth and stability for foreign investors has grown tremendously. Among the main reasons for which they assure this hypothesis, the following are mentioned:
Panama is an international territory
Unlike other cultures whose receptivity towards investment migration can be negative, Panama has one of the most globalised cultures in the world. This region will never make you feel far from home
Panamanian real estate stands out for its competitive advantages.
Within the determining factors of the price of a real estate property, many of these are centred within the amenities they possess. The location close to the beach, good views, security and infrastructure development are factors that guarantee a high quality of life.
Contrary to other nations that fill with obstacles the processes of nationalization and investment of entrepreneurs, Panama has a legal system designed to ensure the ease and security of investment within its territory, ensuring a win-win relationship for both the country and the investor.
Panama is an economic hub
Panama has become the regional hub for hundreds of multinationals that have opted to relocate their continental headquarters within this territory, turning the area into a commercial-business capital, which every day is becoming more and more filled with investment opportunities.
What is the Friendly Country Residency Program in Panama?
It is a visa that is based on a list of different countries which are called friends since the citizens belonging to them will have facilities and the right to apply for their residence visa in Panama. This option is the fastest way to obtain a residence in the country.
The processing time takes approximately 6 to 8 months, at the time of processing the government grants you a temporary residence permit and after this, you will receive a national identity card, which means that you become a permanent resident in Panama and the best of all is that after 5 years you can apply for naturalization, citizens of the countries mentioned above only need to make an application to the government of Panama in order to obtain permanent residency.
In addition to this visa, you can even work legally in Panama and not only you can apply for this visa but all your dependents such as:
- Spouse of the principal applicant
- Children under 18 years of age
- Children with disabilities
- Children between 18 and 25 years old, registered in Universities.
What are its benefits?
- Permanent Residence. You will apply only once to immigration, receiving resident status “for life”, without the need for annual reiterations.
- Panamanian ID card. Once you have completed the process before the National Immigration Service, you will receive a Panamanian identity card type “E”.
- Work Permit. Once approved, you can apply to the Panamanian Ministry of Labour for a Work Permit for life, without personnel restrictions and without requiring a Panamanian company.
Which are the friendly countries?
Germany, Andorra, United States of America, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Cyprus, Denmark, Slovakia, Spain, Estonia, Finland, France, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, Norway, New Zealand, Netherlands, Paraguay, Poland, Portugal, San Marino, Serbia, Singapore, Sweden, Switzerland, Taiwan, United States of America, Uruguay and the United Kingdom.
What are the requirements?
If you qualify through your citizenship, there are three further requirements that must be met in order to apply for a permanent residence visa.
- You must demonstrate economic or professional ties to the Republic of Panama.
- You must show proof of financial solvency
- And you must provide the necessary supporting documentation.
What documentation is required?
- Valid passport from any of the countries mentioned above.
- Driving licence
- Six passport-size photographs
- A certificate of competence.
- Letter of criminal record
- Health certificate
- Proof of financial solvency: bank reference or bank statements that include at least four figures
- Proof of your profession or economic activities
- Marriage certificate
- Birth certificate of your dependents
- There are other alternatives for nationals of countries that are not on the list of friendly countries, e.g., retiree visa, opening a company, opening a bank account and investing in real estate in the country.
How to apply
Changing your place of residence is often a very complicated process and it is important not to leave any loose ends that may cause problems in the future. The most advisable way to apply for a Friendly Country Residency Program in Panama is through the services of a specialised agent.
IMPORTANT: If you wish to obtain the advantages of the Panama Friendly Countries Residency Program, apply before August 5th.
Beginning on the 5th of August 2021, Panama’s Friendly Nations residency program will grant a 2-year temporary residency permit, and then the applicant may apply for permanent residency.
The economic activity requirement is now limited to two options:
- Be employed in Panama by a legal Panama Corporation with a formal labor contract, and a work permit.
- Purchase a real estate property with a minimum value of US$200,000 (bank financing is permitted).
Please note that those who already submitted their applications for residency under the Friendly Nations program and are in process, or those who submit their applications before the 5th of August 2021, will enter under the previous Friendly Nations law requirements.
However, those who have not applied by the 5th of August 2021 will be required to comply with the new requirements.
If you want to start a new life and enjoy a stable country, contact us.