Panama’s Permanent Residency Visas
by Staff of Panama Offshore Legal Services
Panama has created two new permanent residency visas this year to go along with several long standing visas. This article will summarize all of the permanent residency visas available in Panama.
1. Friendly Nations Visa: Citizens from any of the 24 countries considered “friendly” with Panama can relocate here and obtain a quicker permanent residency visa than any other offered. To qualify, the friendly foreigner must either purchase an existing Panama business or start a new business here or be hired to work as a professional for a Panama professional services company. The 24 friendly countries are: Argentina, Australia, Belgium, Brazil, Canada, Chile, Czech Republic, Finland, France, Germany, Ireland, Japan, Netherlands, Norway, Singapore, Slovakia, Spain, South Korea, Sweden, Switzerland, United States of America, Uruguay, United Kingdom (Great Britain & Northern Ireland)
2. Parents of Child Born in Panama: Both parents of a child born in Panama within the last five years can apply for this new visa. The parents of future children born in Panama can apply for permanent residency before the child’s fifth birthday.
3. Panama Self Economic Solvency Visa: Three options exist to qualify for this visa created to attract wealthy foreigners:
a) Deposit at least $300,000 USD in a three year Panama bank CD. An additional $2,000 deposit is required for each dependent.
b) Invest at least $300,000 USD equity in any Panama real estate with an additional $2,000 USD for each dependent.
c) Combine the first two options by making an investment in both Panama real estate and a Panama bank CD where the equity and cash total at least $300,000 USD (or foreign currency equivalent). An additional $2,000 USD must be invested for each dependent.
4. Panama’s Agricultural Investor Visa: Invest at least $60,000 USD in Panama agribusiness or aquaculture business with an additional $500 for each dependent.
5. Panama’s Business Investor Visa: Invest at least $160,000 USD in capital stock of a Panama corporation. The foreigner can either be an officer or shareholder. An additional $2,000 must be invested or each dependent.
6. Panama Reforestation Investor Visa: Invest a minimum of $80,000 USD in a government certified reforestation project by buying at least five hectares of titled land with an additional investment of $2,000 for each dependent.
7. Panama Retired or Pensioned Program: Retired people and those over 18 years old with lifetime pensions or annuities of at least $1,000 USD per month qualify. An additional $250 must be received for each dependent. The pension or annuity can come from government agencies, military, a bank, corporations, an insurance company, private company, or a Trust. This visa offers many discounts from restaurants, pharmacies, movie theaters, hotels, concerts, and domestic airlines amongst others.
8. Marry a Panama Citizen: A valid marriage (not a sham) to a Panama citizen can lead to permanent residency.
Since this is only a summary, consult with a competent Panama immigration law firm to learn more details regarding any of these eight permanent residency visas.
Editors Note: For additional information on this and similar topics, please see www.premieroffshore.com