Panama Friendly Nations Visa is one of the most cost and tax-effective immigration solutions to become temporary, later permanent residents and citizens in Panama. In the case your nationality does not qualify for the Panama Friendly Nations Visa, you still can apply for the Panama Professional Visa.

The Panama Friendly Nations Visa system changed significantly in 2021. The following processes and fees are including only the new requirements in force.

Panama offers temporary, later permanent residence permits and tax-exempt foreign-sourced income for the applicants. Candidates can obtain a residency permit in Panama if they work for a company in Panama as professionals or they invest in the country. In this case, there are some professions reserved only for citizens of Panama, such as architects, attorneys, engineers, and medics.

The other option is that candidates can form a company in Panama (the applicant can be a director or shareholder) and employ themselves.

Cost of the Panama Friendly Nations Visa

Main applicant:

  • Registration of an Ltd (SA) with 10,000 USD capital: 1,700 USD
  • Registration of a Private Foundation: 1,800 USD
  • Annual official agent fee: 350 USD
  • Director services: 200 USD
  • Friendly Nations Visa Residency process
  1. Legal cost: 1,350 USD
  2. State fees: 1,500 USD
  • Work permit under the Friendly Nations Visa:
  1. Legal cost: 550 USD
  2. State fees: 400 USD
  • Bank account opening: 600 USD
  • Due Dilligence: 175 USD

Dependents:

  • Legal fees, expenses and agency fees: under 12 years old from 1,500 USD, over 12 years old from 2,200 USD

Main requirements and necessary documents for the Panama Friendly Nations Visa (Temporary, later Permanent Residency Panama)

  • Passport Registration in the National Immigration Service
  • Five (5) passport-size photos.
  • A full copy of the passport is authenticated by a Notary Public.
  • Criminal record from your country of origin Apostilled or “legalised” by the Embassy or Consulate.
  • Certificate of Good Health. (Requested by us)
  • Form of Sworn Declaration of Personal Background, we provide it for you to complete.
  • A document that demonstrates the purpose to establish your residence, as an economic or professional activity. (except the activities, or professions reserved by law for nationals) The documents must include any of the following reasons:

For Labor Reasons:
• Letter of employment on letterhead, signed by the legal representative of the employer, including position, the salary, and the expenses repatriation.
• Public Registry Certificate of Panama of the employing company.
• Notice of Operations of the employing company. If the employing company is not obliged to
maintain an Operation Notice, you must provide the supporting document.

For Real Estate Investment Reasons:
Certificate from the Public Registry of Panama that verifies the ownership of the real estate, the owner can be an individual/legal person/private interest foundation.. The minimum value of the real estate is of two hundred thousand balboas (B/200,000.00). The property acquisition operation property may be financed through a bank.

For Fixed Term Deposit Reasons:
Certificate from a bank where you deposit at least two hundred thousand balboas (B/200,000.00) for a minimum of three years, without loans.

  • Copy of the identity document or residence card of your country.
  • Bank certification or account statement for the last month that reflects a balance not less than four average figures or another that demonstrates stable income.
  • Certified Check for US$250.00 to the National Treasury. (Our office is responsible for certifying the check).
  • Certified Check for US$ 800.00 to the National Service of Migration. (Our office is responsible for certifying the check).
  • Multiple visa.

Key benefits of the Panama Friendly Nations Visa

  • The process is very fast; applications are approved in a maximum of two months’ time.
  • The applicant can live in Panama and has the right to obtain an identity card and a work permit.
  • Panama is a low-tax country, where foreign-sourced income is tax-exempt.
  • The resident can become a temporary resident for two years, then a permanent resident for three years and then becomes a citizen.

Who is eligible for the Panama Friendly Nations Visa?

Citizens of 50 countries can apply for the Panama Friendly Nations Visa. In 2012, President Martinelli Panama Professional Visadeclared the following countries as friendly nations with Panama with close and professional ties:

Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, San Marino, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Peru, Poland, Portugal, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, United States of America, Uruguay, United Kingdom.

Personal presence in Panama for the residence permit through the Friendly Nations Visa

Panama Citizenship PassportThe applicant must be present two times in Panama during the immigration process if he/she wants only the residence permit, and three times, if he/she also wants the work permit. The first time, the process takes app. three days (official registration and the opening of the bank account). During the second stay in Panama, the resident picks up the permanent residence permit. The third occasion is only necessary if the residents would like to work in Panama and he/she can obtain a work permit. To maintain the temporary, later permanent resident status, the applicant must spend at least three days every year in Panama.

Panama Citizenship and Passport

After the candidate obtained the temporary and after two years the permanent resident status of Panama, he/she will be eligible for the Panamanian Identity Card (cedula), and they can apply for the citizenship after a total of five years.

Panama Professional Visa

Panama Professional Visa is the perfect solution for those applicants, whose country does not qualify for the Panama Friendly Nations Visa. High-skilled candidates with a university diploma are eligible for this residence program.

Cost of the Panama Professional Visa

Main applicant:

  • Legal fees, expenses, bank account opening, agency fees: from 2,800 USD
  • Re-validating the degree at the university: from 1,500 USD
  • Work permit: from 1,500 USD

Panama Professional Visa provides a two (2) years residency, and the permanent residency is obtainable at the moment of the original visa renewal.
The Panama Professional Visa requires the validation of the diploma at the University. This act must be done previous to the immigration process.
Applicants for the Panama Professional Visa don’t need a bank account unless the candidate includes dependents in the application.

Ask here for a consultation about the Panama Friendly Nations Visa or the Panama Professional Visa!

Copyright by Bence Zákonyi