Retirement and Residency in Panama
Panama is a friendly nation where ex-pats from all over the world have made Panama their new home. This quick guide about retirement and residency in Panama will tell you about the different programs. In fact, obtaining a residency in Panama is quite simple
Panama Permanent Resident Visas
Are you buying real estate and plan to spend a lot of time in Panama?. There are many benefits to becoming a resident of Panama. It allows you to enter and exit Panama as you wish. Also, you will have an official Panamanian ID, a driving license. In fact, it makes it a lot easier to set up a bank account as well as to apply for financing. Also, if you want to go the extra mile, you can apply for citizenship in 5 years.
Panama offers several visa programs in order to live here permanently. Below we list the most common types of visas. Also, we can connect you with an attorney who will guide you through the process.
1. Panama Friendly Nations Visa
Are you a citizen of one of the nations in the list below?. If so, you are one step ahead. It allows you to reside in Panama as well as to perform economic business activities. In fact, it is quite easy to apply for this fast track permanent residency. You just need to establish a Panamanian Corporation and open a bank account for a minimum of US$5,000.00
Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Marino, Montenegro, Netherlands, New Zealand, Norway, Poland, Portugal, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay, United Kingdom.
2. Panama Retired or Pensioned Program
Retirees or people with lifetime annuities or pensions can qualify for the Panama pensioner visa. Also known as the retirement visa. This permanent visa is for anyone with monthly pensions of at least US$1,000 for the rest of their lives. You need an additional $250 per month for each dependent. Married couples can combine their pensions to meet the minimum requirement. An exception exists when the primary applicant purchases Panama real estate valued at US$100,000.000. In this case, the monthly pensions requirement is US$750.00.
The pension could come from different institutions. One source could be from the government of your home country, the military, a corporation, a bank, or an insurance company. Also from a trust, or a private company. There are many benefits once you obtain this type of visa. You have discounts on medicine, restaurants, hotels, movie theaters, domestic airfares, utilities. In fact, the list is a bit long.
This is the most common visa people apply for retirement and residency in Panama.
3. Panama Self Economic Solvency Visa
There are 3 options available to qualify for this economic solvency visa.
a) To purchase real estate in Panama with a value of at least US$300,000.00 (without financing). For every dependent, the applicant must invest an additional $2,000 USD. The title can either be in a person’s name or in a Panama Private Interest Foundation. The primary applicant must either be a beneficiary or the founder. The property cannot be in the name of a Trust or a corporation. Also, the primary applicant must prove they are able to support themselves and their dependants while living in Panama.
b) To deposit US$300,000.00 in a time deposit account (TD/CD) in a Panamanian bank and US$2,000.00 for each dependent. Also, the TD/CD has to be in the name of the primary applicant.
c) Combine the first two options: to buy real estate in Panama for US$300,000.00 and open a TD account in Panama bank. The equity and cash amount total should add US$300,000.00 (or foreign currency equivalent). Additionally, US$2,000.00 for each dependent.
4. Panama Business Investor Visa
Foreigners can obtain a business investor visa. The primary requirement is to invest in a Panama business with at least US$160,000.00 in capital stock. Moreover, the investor can apply for the visa as an officer or shareholder of the Panama corporation.
5. Panama Reforestation Investor Visa
Permanent residency leading to full citizenship can be achieved with just a minimum $80,000 USD investment to purchase at least 5 hectares of titled land in a government certified reforestation project. An additional $2,000 will be needed for each dependent.
6. Marry a Panama Citizen
A legal valid marriage to a Panama citizen can lead to permanent residency.
Panama is a country of connectivity and immigrants. We welcome people from all nationalities. Contact us for more information on retirement and residency in Panama. We are here to help.