Panama has become a popular destination to emigrate in the region, due to its economic growth and socio-political stability. Through decades the multiple infrastructure projects, as well as the incentives favorable to establishing and operating multinational companies, have resulted in an increase in foreign citizens within the country, creating a multicultural and multi-ethnic society, all in a modern environment fully equiped with outstanding services.
There is this opportunity to migrate to Panama with a fairly low investment: the Permanent Residence of Friendly Countries, where extensive documentation is not required, and it can be obtained in approximately 2 to 3 months
This program grants the possibility that citizens of selected nationalities could apply for a Permanent Resident Visa with the right to a Panamanian ID, as well as the right to a Permanent Work Permit.
These are the countries that can apply to the Residence of Friendly Countries: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Cyprus, Costa Rica, Croatia, Czech Republic, Denmark, Germany, Estonia, Finland, French, Greece, Hong Kong, Hungary, Ireland , Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, Norway, New Zealand, Netherlands, Paraguay, Poland, Portugal, Slovak, Spain, United States of America, United Kingdom, South Korea, Republic of Marino, Servia, Singapore, South Africa, Sweden, Switzerland, Taiwan and Uruguay.
To opt for a Panama Friendly Country Visa, citizens -of these countries- must start a new business, or buy an existing business or be hired to work in a Panamanian company or society. Should be noted that foreigners in Panama are not allowed to establish a retail business in the country. Additionally, foreigners are not allowed to practice professionally in some areas such as: Medicine, Veterinarians, Lawyers, Architects, Engineers, among others.
Applicants must demonstrate that they have at least $ 5,000 US dollars in a bank account in Panama, and an additional $ 2,000 dollars for each dependent, if they have.
These are the documents that the applicant must deliver
- Application form with a special notarized power of attorney granted to a Panamanian Lawyer to act on behalf of the applicant
- Complete duly notarized copy of the applicant’s Passport
- Apostilled or authenticated copy of the identification document of the country of origin
- Three passport size photographs
- Authenticated or apostilled proof of not having a criminal record in the applicant’s country of origin, or the country where he or she has legally resided in the last 2 years.
- Original medical report prepared by a Panamanian Doctor
- Two non-refundable, certified checks: one for 250.00 USD payable to the “National Treasure” for Immigration Procedures; two, 800.00 USD in the name of the “National Immigration Service” for repatriation purposes
- Personal Affidavit. The applicant must submit a sworn statement explaining the purpose for which she is requesting permanent residence and the necessary evidence to prove the ability to financially support her family and dependents
- A written statement that explains the economic or professional activity carried out by the applicant in Panama
- Proof of Solvency: such as a Panamanian Bank letter that shows that the applicant has at least 5,000 USD deposited, and an additional 2,000 USD for each dependent they have. Or proof of employment issued by the employer
- Dependents will require a letter of responsibility from the Main Applicant, along with proof of consanguinity or relationship.
Now, as it sounds, the reality is quite good, but it should be noted that there can always be delays for government or documentation arguments. For this reason, it is advisable to present revised and complete documents, in order to obtain a smooth and expeditious approval. For a complete advisory in your visa procedures, please contact Globo Consulting. +507 6284 7331, +507 393-8252.