Panama Friendly Nations Visa is one of the most cost and tax-effective immigration solution to become permanent residents and later citizens in Panama. In the case of your nationality not qualifies for the Panama Friendly Nations Visa, you still can apply for the Panama Professional Visa.
Panama offers permanent residence permit and tax-exempt foreign-sourced income for the applicants. Candidates can obtain the permanent residence permit of Panama if they work for a company in Panama as professionals. In this case, there are some professions reserved only for citizens of Panama, as architects, attorneys, engineers, and medics.
The other option is that candidates can form a company in Panama (applicant can be director or shareholder).
Cost of the Panama Friendly Nations Visa
- Legal fees, expenses, bank account opening, agency fees: from 5,000 USD
- Work permit: from 2,000 USD (work permit is optional, the candidate will need it if he/she wants to work in Panama)
- Corporation from 2,000 USD
- Bank Deposit: 5,000 USD (+2,000USD for each dependant)
- Legal fees, expenses and agency fee: 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 (Permanent Residency Panama)
- Bank account with at least 5,000 USD.
- Work offer or form a corporation with the applicant in the board of directors.
- Apostilled Clean Police Records
- Three Passport-sized photos
- Letter about the types of professional or economic activities in Panama
- Letter of Responsibility for your dependents
- Deposit of 5,000 USD in a Panama bank account as proving of solvency
Key benefits of the Panama Friendly Nations Visa
- The process is very fast; applications are approved in maximum two months time.
- The applicant can live in Panama and has the right to obtain the identity card and the work permit.
- Panama is a low-tax country, where foreign-sourced income is tax-exempt.
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 declared 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, Poland, Portugal, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay, United Kingdom.
If your nationality does not qualify for the Panama Friendly Nations Visa but you are a skilled professional, then you can apply for the Panama Professional Visa, see below! Another option is the Panama Residency by Investment Program, click here for the detailed information!
Personal presence in Panama for the permanent residence permit
The applicant must travel two times to Panama during the immigration process if he/she wants only the permanent residence permit, and three times, if he/she also wants the work permit. At the first time, the process takes app. three days (official registration and the opening of the bank account). During the second travel to Panama, the resident picks up the permanent residence permit. The third trip is only necessary if the residents would like to work in Panama and he/she can obtain the work permit. To maintain the permanent residence, the applicant must spend at least three days every year in Panama.
Panama Citizenship and Passport
After the candidate obtained 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 five years.
Panama Professional Visa
Panama Professional Visa is the perfect solution for those applicants, whose country not qualifies 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
- Legal fees, expenses, bank account opening, agency fees: from 4,000 USD
- Re-validating the diploma 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.
Copyright by Bence Zákonyi