How To Get  Panama Residency Visa and Passport ?

Contact your Panama Friendly Nation Visa Lawyer

Obtaining a Panama  Offshore visa, a Panama permanent residency and  a Panama second Passport 

How  to get a Panama Residency visa, like the Panama Permanent Residency and how much it cost ? How obtain a permanent residency in Panama in just a week ? 

Obtaining a residency in Panama is a great step in your flag´ s strategy. Panama in ranked in 2019 as the third best place in the world where doing business. The Panama visa Policy is easy and fast when compared to other countries. Panama is the best business friendly country where start your new business. Panama, described by the Panamanians as being “the center of the world, and the heart of the universe” is a country that has been unfairly forgotten by mass tourism since here, in a territory that comprises little more than 75 thousand square kilometers, you can find the same variety of climates and scenery that is found in Brazil which has an extension that is 1000 times larger. But, this is also very lucky, because we can define Panama as being the best kept secret to discover. The Republic of Panama, even though relatively young—in fact, the declaration of independence only goes back to 1903—occupies a position that is politically and geographically very important, also thanks to the fact that it is a bridge that connects the Central American countries to those of South America. Panama today is a great place to live and invest overseas. 
The country offers great advantages to those who would like to live here.Also the Panama Immigration policy is very easy to understand. Panama is not hit by:


•  Large scale earthquakes
•  Hurricanes or cyclones
•  Terrorism


The government is stable, and the democratic process is consolidated.
The location between the North American and South American continents and facing the Caribbean offers the possibility of movement at a low cost.
Anonymous companies and private interest foundations, supported by offshore legislation, practically unchanged since 1932, are the best keys for protecting capital at an international level.
The government offers the best program for “pensionados” (retirees) that can be found, the only one that you can adhere to at the age of only 18. Furthermore, the country facilitates residency even for investors or simply for financial solvency and offers the possibility of getting a passport in little more than 30 day. 

The entrance authorizations for foreigners to Panama and the permanence of immigrants are issued by the National Directorate of Immigration and Naturalization; ascribed entity of the Ministry of Government and Justice. The national regulations of immigration in Panama allow awarding visitors and immigrants, entrance visas and permanence under several types, like visitors, students, members of scientific, cultural, humanitarian or religious missions, specialized workers or technicians, company executives located in the Colon Free Zone, company workers located in export processing zones, among others. Getting residency in Panama provide you more  benefits .

Foreigners are allowed to work within the Republic of Panama, with previous authorization of the Ministry of Labor and Labor Development and previous compliance of the paperwork required by this agency for the issuing of this work permit under one of the permitted types.

As an example, generally in Panama, companies are allowed to hire one foreign worker per each ten national workers, with the exceptions of companies specially empowered to surpass this proportion. Example: companies located in Colon Free Zone, in export processing zones, in international call centers, in the City of Knowledge, the International Techno-Park of Panama, or companies registered at the Panama Film Commission, or the Panama Pacific AgencyThis is also one of the world's most established expat havens…
With tax incentives and other benefits for investors, Panama is one of the easiest places to establish residency, to obtain a work permit, or to start a business…It’s a tax haven…And it’s a natural wonderland...

A little country blessed with two long coasts, one Pacific and one Caribbean... along with countless islands and mountain ranges to explore. 

 

Panama is Latin America's #1 investment market.

The fundamentals behind this market are overwhelmingly compelling...

  • The U.S. dollar is the currency, meaning no exchange-rate risk...

  • Panama is Latin America's banking hub, with more than 90 international banks in Panama City alone...

  • This country has seen strong, sustained GDP growth of as much as 12% per year over the past 10 years (and even during the Great Recession in the years prior)...

  • The Panama Canal is critical to the world's economy, which ensures that this will always be a stable and valuable area...

  • The government is pro-business and foreigner-friendly, meaning outsized incentives for foreign retirees and investors...

  • The country has a solid legal system and strong personal property rights...

A strong, stable economy is important for investment growth, but Panama also offers a unique set of benefits associated with its property investment market in particular:

  • Depending on what you buy in Panama, you can be exempt from property tax for up to 15 years...

  • Key local developers here have long track records spanning decades, meaning you can feel confident when buying...

  • Panama doesn't depend on North American buyers and investors, but it does cater to them, with American designs and features not found in many other Latin American countries...

  • Developer financing is often available... in fact, we've been able to secure exclusive, low financing rates and plans for some particularly interesting opportunities...

The most frequent questions we receive about Panama are : is it easy to immigrate to Panama ? Can you have dual citizenship in Panama ? How I can get PR in Panama from India ? Can South africans  immigrate to Panama ? There are a lot of questions about Panama, but more are the incorrect informations on the web. Now we will try to make order in your ideas.

Why Immigrate and Become a Resident of Panama?

  • Obtaining residency in Panama means to have a second  safe home in Panama, a tropical country where one can peacefully live in Panama, or visit Panama on a part-time basis.

  • Have a “safe haven”  or ¨Tax haven¨ in Panama to escape to in the event of war or any type of political or civil unrest that may threaten ones’ family.

  • Actually live in Panama permanently, perhaps after retirement and obtain a Panamanian residency visa.

  • Relocating to Panama to a tropical, rich, stable, safe country where it is very economical to live in comparison with most other developed countries such as the US, Canada, Europe, etc.

  • Relocate to a more “tax friendly” country where foreign earned income, foreign earned capital gains, and bank interest income are not taxed nor need to be declared.

  • Relocate to a country where frivolous lawsuits are not recognized by the courts, and one can protect their private or family assets through a corporate structure, without the big risks of “piercing the corporate veil”.

  • Relocate to a great country where one can do business operations economically, with privacy, and without heavy restrictions, regulations, or  heavy taxes that hinder the growth of the growing business.

  • Relocate to a country where real estate is affordable,  for purchasing homes in the city or land at the beaches, mountains, lakes, etc.

  • Relocating to Panama and purchasing a second residence in Panama or taking advantage of the Panama immigration programs, Panama resident visas, and choosing Panama citizenship with a Panamanian passport if you wish. 

How Obtain a Permanent Panama Residency Visa ? 

So how become permanent resident of Panama ? How obtain a Permanent residency in Panama in 2020-2021 ?

 

These are the Panama visa informations required to start your legal diligence. The most frequent question we receive is : How I do to become resident of Panama ? To take advantage of a Panama Permanent Residency , you need to provide us some documents. Basically all type of residency visa in Panama, like the Panama Friendly Nation Visa Program, requires a Police Check, Your family Status, your Marital Status and a Citizenship Certificate. But as every visa is provided on a a specific Country Of Origin Requirement List, we encourage you to contact us to receive your specific document list to start your personal Panama Residency Program Process. 

There are six main investment schemes in Panama. The cost of each scheme is:

  • Macro Investor: US$160,000

  • Real Estate Investor: US$300,000

  • Time Deposit Investor: US$300,000

  • Film Industry: US$150,000

  • Free Zones (including call centers and Panamá Pacífico): US$250,000

  • Friendly Nations Visa: US$5,000 deposit in a bank account and incorporation of a new company

 

This last Scheme requieres these documents and requirements 

  • Notarized color copy of all pages of your passport

  • Notarized color copy of your driver’s license or government-issued ID card

  • Notarized color copy of your recent utility bill. This should not be older than 30 days from the date of your application

  • A professional reference letter from someone from your home country who have known you professionally for a considerable amount of time and can attest that you are a good person

  • A bank reference letter apostilled  stating that your banker has known you for at least two years and that your account is in good standing 

  • A letter detailing the type of profession or economic activity you wish to conduct in Panama

  • Eight current, passport-sized photos of yourself and each of your dependents

  • A criminal background report, duly apostilled

  • Marriage and/or birth certificates apostilled , if applicable

  • If you have dependents, you will have to submit a letter of responsibility for them, as well as a copy of their birth certificates to prove that they are related to you. If the dependent is your spouse, you will need to submit your marriage certificate.

  • Dependent children over the age of 18 must provide documents showing that they are unmarried

How to get a Passport in Panama? How obtain a Panama citizenship ? 

Panama’s Friendly Nations program makes it easy for a North American to qualify for permanent residency, and permanent residency is the key to the naturalization timeline in this country. That’s when the five-year clock to your Panama passport starts ticking.

In addition, for your naturalization to be approved, you’ll have to show a connection to the country. A vacation home that you visit every year could be enough to satisfy this requirement.

Panama requires you to pass a written test as part of the naturalization process, but attorneys in the country tell us that they have used the same multiple-choice test for years and they simply coach clients in memorizing the answers.

While Panama does allow for dual citizenship if you’re born with more than one citizenship, they technically expect you to give up any previous citizenships once naturalized… at least according to most Panama attorneys. However, Panama doesn’t enforce this even if the attorneys are correct. 

Panama’s passport currently allows visa-free travel to 134 countries.

If you’re interested in Panama residency or naturalization, act sooner rather than later. While the Friendly Nations program has been around for eight years, it is in place by presidential decree from two presidents ago. There is talk that the current president may cancel the program. Panama is the best option for digital nomads, investors and start ups finding a sophisticated, internationally recognized stable country where taxes are not a problem  and privacy is  your right . Take residency in Panama and then a Panama Passport is the best way to internationalize yourself and your business protecting privacy and gains.

Get the Panama Friendly Nation Residency Visa 

We helping clients get their friendly nations visa . When you decide to take Panama Reidency visa thanks the Panama Friendly Nations Visa Option you will find two options:

- friendly nations with a business or

- friendly nations with a work permit.

 

It is also possible to set up your business and then get yourself a work permit for working in your business.

Clients set up a corporation for this visa application, because they don’t have the job offer.  It is not possible to get this visa/work permit without a sponsoring corporation (employer).  And unfortunately, most companies want to see that you have your work permit before they will offer you employment.

You will need a personal bank account in a local bank (you must have at least five thousand dollars (US$. 5,000.00). if you are applying alone.
If you do not have the local bank account or you don’t want to open it, you can provide to the Immigration Office a bank statement (from your bank account in your home country).  In this case, you must have at least twenty thousand dollars (US$. 20,000.00) in that account. Other requirements are that the bank statement is only valid for one month and must be authenticated (see below for more information).

REQUIREMENTS TO GET PANAMA RESIDENCY VISA FOR FRIENDLY NATIONS

You will need to take care of getting two (or if you are married 4) principal documents:

  1. Opening a personal bank account, with a minimum balance of $5,000.00  (Joan or Laura in our office can assist with this process)

  2. Police record, which must indicate that it includes fingerprint checks

  3. Marriage certificate (if you are married and coming with your spouse)

  4. Police record for the spouse

  5. Birth certificate for each child

  6. Police records for any children over 18 years old

What if you have a step child? This gets more complicated: speak to Joan to fully understand the various documents you will need to prove the relationship and economic dependency of the child. It can be done, but you will need to come prepared with all the necessary paperwork.

HOW MUCH MONEY DO YOU NEED FOR THE PANAMA BANK ACCOUNT ?

As we indicated above, the personal bank account in Panama requires a minimum balance of $5,000.00.  Additionally, you set up the corporation, pay the immigration department fees (quite high relative to some other visas, but much faster and permanent) and our fees.These are a Panama Immigration Legals Requirements.

For a spouse, you need an additional $2,000.00 and for each child you need a further $2,000.00. So, for a married couple with 3 children,

  • The applicant must justify his interest of investing in Panama to be eligible to apply for the Permanent Residence Visa, in accordance with the economic or professional activity, this requirement can be satisfy trough the incorporation of a Panamanian Company or a Private Interest Foundation, or through the purchase of a property in Panama or presenting a Labor Contract of a Company duly incorporated in Panama.

  • Passport Copy of the applicant, which must be valid for the next six (06) months and duly notarized before a Panamanian Public Notary.

  • The applicant must open a bank account in Panama in which must maintain a minimum balance of US$ 5,000.00 and US$ 2,000.00 for each dependent in order to comply with the requirement of Economic Solvency, which can be demonstrated trough a Bank Reference or Bank Statement duly stamped by the bank in which is established such amounts in numbers or digits (Minimum 4 medium digits). It’s important to note that the National Immigration Service considers Bank References and Bank Statements only valid for a period of one (01) month.

  • Regarding the addressed Certified Checks, it’s necessary to issue two (02): The first one for US$250.00 in favor of National Treasury, which is used to cover the cost for the application under an immigration category; and the second, for the amount of US$800.00 in favor of the National Immigration Service, which is a deposit that can be used by such entity to cover the expenses for the repatriation purposes, this check can be recoverable once one (01) year has passed.

  • Also, the National Immigration Service requires the Criminal Record of the applicant and his dependents, this document must be issue by the country in which the applicant has been a resident in the last two (02) years, must be duly Apostille, if the country is a member of the Haya Convention; or legalized before the Panamanian Consulate or Embassy in the country issuing the Criminal Record.

  • Copy of personal I.D. or resident I.D. of your country, which will need to be duly authenticated before a Panamanian Public Notary.

It´s important to note that if any document is legalized by the Panamanian Consulate or Embassy, this document will need to be verified and validated by the Ministry of Foreign Affairs, process that can take around four (4) working days. Dependents from Panama Friendly Nation Visa

The applicant will be able to include in the same petition as dependent is spouse and children under 25 years of age  , if they proof:

  • The family relationship. In the case of the spouse, the marriage certificate duly Apostille or legalize, and the children with birth certificate duly Apostille or legalize.

  • Passport Copy of the applicant, which must be valid for the next six (06) months and duly notarized before a Panamanian Public Notary.

  • The applicant must open a bank account in Panama in which must maintain a minimum balance of US$ 5,000.00 and US$ 2,000.00 for each dependent in order to comply with the requirement of Economic Solvency, which can be demonstrated trough a Bank Reference or Bank Statement duly stamped by the bank in which is established such amounts in numbers or digits (Minimum 4 medium digits). It’s important to note that the National Immigration Service considers Bank References and Bank Statements only valid for a period of one (01) month.

  • Regarding the addressed Certified Checks, it’s necessary to issue two (02): The first one for US$250.00 in favor of National Treasury, which is used to cover the cost for the application under an immigration category; and the second, for the amount of US$800.00 in favor of the National Immigration Service, which is a deposit that can be used by such entity to cover the expenses for the repatriation purposes, this check can be recoverable once one (01) year has passed.

  • Also, the National Immigration Service requires the Criminal Record of the applicant and his dependents, this document must be issued by the country in which the applicant has been a resident in the last two (02) years, must be duly Apostille, if the country is a member of the Haya Convention; or legalized before the Panamanian Consulate or Embassy in the country issuing the Criminal Record. Usa citizen FBI check with Apostilled and not older than 1 month when enter in Panama .

  • In the latter case, the applicant will need to proof that the children are dedicated completely to their education either in high school or university, and a single certificate issued from the country of origin will be necessary, this document must be Apostille or legalize.

  • Additionally, the applicant shall render a letter of responsibility duly signed, establishing that he or she will be responsible financially for his dependents.

  • Finally, the National Immigration Service will require from the applicant and dependents a health certificate issued by a Panamanian license doctor and personal affidavit form, which basically consist in filling a form issued by the National Immigration Service.

  • The approximate time to obtain the Permanent Residence under this Friendly Nations Visa category Panama is between four (4) to five (6) months.

  • The working permit can take between two (2) to three (3) additional months.

Why you should get a Panama Residency Visa today 

The Panama Immigration Policy can change rapidly, for that reason we ask you to act immediately. Both the  Panama  Friendly Nation Visa  and The Panama Pensionado visa provides same economic advantages when residing in Panama. The Panama Pensionado visa is for people who are retired and do not plan to work in Panama.  To get this visa, you need a lifetime pension or social security of $1,000 for a single person or $1,250 for a couple.   You’ll also need a national criminal report.  If you are married, you’ll need a copy of your marriage certificate.  All documents will need to be apostilled.

The Panama Pensionado visa is also the most affordable residency visa to get because the government fees are waived.  This will save you about $1050.

It cost about $1500 to get a Panama Pensionado visa and $1800 for a couple.

In addition to an easy residency visa, a Panama Pensionado enjoys the following discounts:

•    50% off on recreation and entertainment such as movies, theaters, sports, etc.
•    50% off hotels Monday through Thursday (30% off on weekends)
•    50% off passports
•    30% off public transportation like buses, trains, and boats
•    25% off airfare
•    25% off restaurants (15% off fast food)
•    25% off electrical, telephone, and water service
•    20% off doctors and specialists
•    20% off prosthetics and other personal assistance devices
•    15% off hospitals and private clinics
•    15% off dental and optometry services
•    10% off prescription medications
•    tax-free importation of household goods, up to $10,000
•    tax-free importation of a vehicle, or tax-free purchase of a local vehicle, every 2 years

Same discounts are applied to  any type of Panama Residency Visa Application, including the Panama Friendly Nation Visa Program to each person that has at least an age of 55 for woman and 60  for men.

Panama Immigration : Should I Get An Attorney For Residency In Panama?

The Panama residency program actually is the first most requested and some times abused residency program in the world. Actually there is not a second place in the world where are processed so many residency programs each day. This make the entire process to get a Panama residency card  more  difficult and with more requisites to respect . In other word every day we assist a clear difficult for the entire lawyer´s industry to make this process easy and less expensive for clients . If you include new requisites , laws , diffident or lazy authority make the process slow or even blocking it for no regular or legal reason , you can understand how you are at risk to lose all your time, money and flight tikes if you try to make a very difficult process alone. Also many do not speak spanish so this make the process completely absurd for many persons. A Lawyer can help you bypass all difficult steps ant accomplish with a regular process in time for your travel and business needs.

Tax Residency in Panama : Panama Tax residency certificate

Panama Residency visa and Panama Tax Residence are the same thing?  It is important to emphasize that a panamian permanent residence does not equal a tax residence. These are two different procedures and that are not necessarily going to be linked, therefore, we advise you that, if your goal or at least one of them is to obtain your tax residence in Panama, consult it with us.

The tax residency certificate program was primarily designed for use in countries which Panama has signed agreements for the avoidance of double taxation (DTAAs). Such nations include Mexico, Spain, France, the Netherlands, the United Kingdom, Germany, Singapore, and the United Arab Emirates. The conventions vary some. However, many citizens of these nations will find that residency in Panama combined with a tax residency certificate will help to reduce their tax burden significantly.

A tax residence certificate is used by Panamanian resident taxpayers or to Panamian residents to obtain benefits provided under Panama’s tax treaties, including exemptions and reduced withholding tax rates on dividends, interests and royalties. The certificate is issued by the Directorate General of Revenue (DGI) and submitted by the resident taxpayer to claim relevant treaty benefits under the procedures established for these purposes.

To request the tax residency certificate, you will need to provide the following:

  • E-cedula

  • Full copy of passports (notarized)

  • Proof of address in Panama, such as a utility bill, rental contract or lease

  • Evidence of economic activity that generates income in Panama, such as contracts or employment

  • Evidence of residency status

  • Details of the tax treaty to be applied

  • Tax year for which the certificate is requested

In this process, the burden of proof is on the applicant. Other relevant documents may be submitted to strengthen your application. In addition, the tax residency certificate must be reapplied for every year.

This program is based on article 762-N of the Tax Code, executive decree 958 of 2016, issued by Dirección General de Ingresos.

To prove they are a tax resident, companies must demonstrate:

  • That they are registered in the Public Registry of Panama, as a Panamanian company or branch of a foreign company;

  • That they have personnel available in Panama to carry out their business activities; and

  • That they have material means of management and administration in Panama. The fact that meetings of the board of directors are held in Panama and that the board makes decisions in the national territory does not indicate that there are material means of management and administration in Panama. The legal entity must inform the tax authorities of the commercial activity or the activity to support other companies that it carries out within the national territory, and to demonstrate that it has offices for that purpose.

Private interest foundations must demonstrate that they have material means of management and administration in Panama.

Are you ready to take a Panama Residency Visa ?

Reach us via Whatsapp Chat at +1-786-623-8177 

Panama International Travel Informations

External Information About Panama 

Panama Immigration - Entry Requirements

See Also : How Obtain Your Residency in Ecuador 

Contact Us

Panama : MMG tower floor 30 ,Costa del  Este , Ciudad de Panama, Panama Republic, 0816 .

Ecuador : Guayaquil , Puerto Santa Ana, Edif. The Point. Floor 14

Mexico:Ciudad de Mexico, Polanco CDMX .

USA  : Only PO BOX, for documents , 1521 Alton Road,  33139, Miami Beach, Fl, USA

Offshorevisas(at)pm.me

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© 2023 OVS, Offshore  Visa Services, the Legal Offshore Platform for your internazionalization

Erick Stuart
offshorevisas
infopanama(at)pm.me
Calle 50 TowerBank
Ciudad de Panama , Panama/Panama , 0816 Panama
+17866238177
Law Office, Offshore Services, Offshore Bank Account, Offshore Company Incorporation,

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