Self Economic Solvency Visa
Self Economic Solvency Visa Panama.
Our Lawyers offers the expertise of immigration lawyers who can
assist you in obtaining a Panama Self Economic Solvency Visa. This program, established by Law N° 16 of June 30, 1960, aims to provide international investors with the opportunity to gain legal residency, citizenship, and a passport from Panama by making certain investments in the country.
Currently, the Panama Self Economic Solvency Visa offers three different investment options to qualify for Panamanian residency:
Option 1 - Panama Investment: Invest a minimum of US$300,000 in a three-year time deposit (CD) at any Panama bank with a general banking license. Additional investment of US$2,000 is required for each dependent of the applicant. The time deposit account must be in the primary applicant's personal name, and the interest earned from it will be deposited into a designated savings account, which is not subject to taxation in Panama. However, US citizens are required to report these accounts on their US tax returns.
Option 2 - Panama Investment: Invest a minimum of US$300,000 in titled Panama real estate (equity, not mortgages). Additional investment of US$2,000 is required for each dependent. The real property can be in the primary applicant's personal name or in the name of a Panama Private Interest Foundation, provided that the applicant is either the Founder or a Beneficiary. The applicant must also demonstrate sufficient income to support themselves in Panama.
Option 3 - Combination Investment: This option involves a combination of a three-year Panama bank CD and equity in Panama real estate, with a total investment of at least US$300,000. Additional investment of US$2,000 is required for each dependent. The same stipulations apply regarding the ownership of the bank account and real property, as mentioned in the previous options.
To qualify for the Self-Economic Solvency Visa, foreigners must invest a minimum of US$300,000 in Panama real estate, a Panama bank time deposit, or a combination of both. For each dependent, an additional investment of US$2,000 is required.
The application process for each option involves submitting the required documents and signing a Special Power of Attorney to authorize the law firm to handle the immigration paperwork. Once the necessary investments and documents are in place, the applicant must register their passport at the Panama immigration office and submit the application along with government fees and a Repatriation Deposit if applicable. The immigration department will issue a Temporary Permit (Visa) and Multiple Entry-Exit Visa, followed by a two-year Temporary Permit (Visa). Eventually, a Permanent Residency Permit (Visa) will be granted. After holding Permanent Resident status for five years, applicants may apply for Panama citizenship through the Naturalization process, which enables them to obtain a Panama passport.
It's important to note that applicants must reside in Panama for at least six months per year to be eligible for Panama citizenship. Additionally, when the immigration visa is approved, applicants should plan to visit Panama for approximately two weeks, as the immigration authorities may hold onto their passport for 1-2 business days to complete the necessary stamping and documentation process.