Self-Economic Solvency Visa or Person of Means Visa PANAMA IMMIGRATION
Why Immigrate to Panama? Panama is a highly sought after location for many foreign investors seeking residency. It is strategically geographically situated for international business relations particularly with America, and is considered a tax haven by foreign investors due to its bespoke tax regime. Panama boasts a strong and stable economy and solid political infrastructure based largely on the US legal and political infrastructure. It is a safe country, peaceful and welcoming to foreign residents. It offers good levels of health care and education and generally a high standard of living with reasonable living costs.
Panama Real Estate:
The 2nd option is to invest at least $300,000 into titled Panama real estate. This must be cash equity as the loan amount from a
mortgage will not qualify. An additional $2,000 USD must be invested for each dependent. As opposed to a CD, the titled Panama real estate can be in either the individual’s name or in a Panama Foundation’s name if the applicant is either a beneficiary or the founder. Title in a Panama Trust or Panama Corporation will not qualify. The primary applicant must still provide proof that he or she will be able to economically support him or her and the family.
Self Economic Solvency Visa Certificate of Deposit (CD
A foreigner needs to invest a minimum of $300,000 USD in a Panama bank CD for a minimum of 3 years. The applicant must invest an additional $2,000 USD for each dependent. The CD must be in the applicant’s personal name. The monthly interest earned from the 3-year CD can be deposited into any Panama bank savings account. The earned interest is not subject to income taxes.
Combination of Options:
The 3rd option is a combination of the other two options. A minimum total of $300,000 can be invested in Panama real estate
and a Panama bank CD. In addition, $2,000 USD must be invested for every dependent.
General requirements and typical documentation requirements when applying for any type of visa in Panama
Valid Passport
Police Report
Medical certificate
Bank reference letter
Passport sized photos
Birth Certificate (for children under 18 if applying as dependents)
Marriage Certificate (for spouse if applying as a dependent)
All visa applications must be made through a lawyer in Panama. All overseas documents to must be certified by a Notary and by the Panamanian consulate, or by a Notary and the Apostille. All documents must be issued within two months of visa application and passports must have at least one year to run.
Applying for Panama Immigration Permanent Residency
An explanation of the documents required by Panama immigration when applying for permanent residency can be found
In addition to the usual required documents for application to Panama immigration to become a permanent resident, here are the documents required for the Self Economic Solvency Visa:
Required Documents for a Panama Bank CD Option
Certification from a Panama bank that the applicant has a personal CD account with the bank for the minimum $300,000 USD and for the minimum 3-year time period, plus an additional $2,000 USD for every dependent.
Copy of the Panama bank’s CD certificate authenticated by the bank.
Required Documents for the Panama Real Estate Ownership Option
Panama Public Registry Certificate of the titled deed in the applicant’s personal name valued at least $300,000 free and clear of debt.
Note: If the title deed is in the name of a Panama Foundation, the applicant must show that he or she is either the founder or a beneficiary.
Note 2: If the applicant paid at least $300,000 USD in cash for the Panama real estate, the remainder of the balance can be financed with a mortgage loan.
Required Documents for the Combination Option
Certified copy of the title deed registered with the Panama Public Registry;
Authenticated copy of the Panama bank CD certificate;
Panama bank certification that the minimum requirements have been met by the applicant by depositing at least $300,000 USD in a minimum 3-year CD account.
Self-Economic Solvency Visa or Person of Means Visa
- One of the most popular type of resident visa is the Self-Economic Solvency visa, which requires a minimum of US $300,000 investments in any one of the following ways:
- 1.In Real Estate in the Republic of Panama,
- 2.In a three year time deposit at a Panamanian bank,
- 3.A combination of both options up to the amount of US $300,000.
- 4.In case of dependents the applicant will need an additional US $2,000 for each dependent. The Self-Economic Solvency visa offers permanent residency after 2 years of being a temporary resident and after 5 years of been a permanent resident the applicant may apply for a citizenship through naturalization.
- Under the Self-Economic Solvency visa the applicant may apply for a work permit in order to be employed under a labor contract.
- Does not include attorneys' fees and miscellaneous expenses
Advantages of Panama residency:
- Right to live and work in Panama.
- The permanent residency can be obtain after 2 years of temporary residence and can lead to a citizenship after 5 years.
- Family members can be included in the application.
- Right to own a property in Panama.
- Advantageous tax regime for foreign investors.
- No age limit required for applying for any type of visas. The minimum legal age is 18 years old.
- Low cost of living.
- High standard of living.
- Warm climate all year round.
- Low crime rates.
- Excellent health care system.
- Improved infrastructure including roads and buildings.
The Application Fee Calculator is an easy way to estimate the fees payable to the Department of Immigration and the extra expanses , such has notary , legal translations, medical attest, Lawyers etc.. When making a application.
Fees associated with the application
- If your documents (such a degrees, work documents etc.) are not in Spanish , you must provide a translation of these documents. This has to be done by an authorized translator from Panama .
- You must include several photographs and the rules are quite specific (yes, Panamanians are weird with passport pictures!). Depending where you live, it adds up. — not cheap if you immigrate as a family!
- You may need to have your foreign degrees recognized in Panama. This is called a credential evaluation, and it’s done by specific organization, such as World Education Services. A basic official evaluation cost about $115 and up.
- If you are from a country where nor Spanish is the official language, you will have to prove your language abilities. This is one of the 6 selection factors for skilled workers. The language proficiency test must given by an organization that is approved by Citizenship and Immigration.
- A medical exam is compulsory for each applicant and their dependents (spouse, children)
Here is a list with a short explanation of every Panama immigration visa that grants permanent residency:
- Panama Friendly Nations Visa.
- Panama Self Economic Solvency Visa.
- Panama Business Investor Visa. Panama
- Reforestation Investor Visa.
- Panama Retired or Pensioned Program.
- Marry a Panama Citizen
- Special agreement for Italian citizen
- Domestic Workers Temporally
Panama immigration programs
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