Panama's Visa Option: A Popular "Plan B"
As economic and social conditions worsen in their home countries, an increasing number of individuals worldwide are turning to their backup plan, often referred to as their "Plan B." Panama has emerged as an appealing alternative for many, ticking all the right boxes, including one of the most sought-after "Super Visa" programs globally.
According to an analysis conducted by Investment Migration Insider, Panama took the lead in visa application approvals in 2021. Surpassing Australia and Spain, the runners-up in the Super Visa race, Panama approved a total of 4,659 visa applications last year.
Panama's own version of the Investment Visa has gained significant popularity in its two years of existence. This program provides a swift path to residency for foreign citizens who are willing to make a $500,000 investment in the country. Such an investment qualifies the buyer for permanent residency status.
The Investment Visa has been widely embraced due to its simplicity and the advantages it offers to individuals seeking a stable haven away from the turmoil present in other parts of the world. This notion is supported by data from Investment Migration Insider, revealing that Panama boasts over a dozen investment-based visa categories, contributing to its reputation as a welcoming country. Additionally, Panama is renowned for its generous retirement visa programs, further attracting individuals seeking a new home.
In contrast, investment-based visas in countries like Portugal, Greece, and Malta have a limited impact due to the lengthy and burdensome process involved in obtaining a residency visa. Conversely, Panama's Super Visa program stands out for its simplicity. Most of the required paperwork can be handled remotely, and the initial application process should not exceed 30 days. Notably, the department of commerce, rather than the immigration department, handles these applications.
For those considering a Plan B, the prospect of less paperwork is undoubtedly appealing. Panama offers all the advantages of a backup plan without the associated hassles, all within the stunning backdrop of one of the world's most beautiful tropical destinations.
Panamá: The Perfect Plan B
If you find yourself not quite prepared to relocate overseas but still desire a backup plan, consider making Panama your Plan B.
Suppose you have concerns about the future direction of your home country and seek a more stable environment, increased freedom, and affordable prices. In that case, Panama should be on your radar. With the rise of remote work due to COVID-19, individuals from diverse backgrounds are choosing to relocate to other countries, in pursuit of a lifestyle offering greater freedom and a lower cost of living.
Moving to Panama is not limited to budget-conscious individuals. In a recent report, a staggering 92% of affluent Americans and Europeans expressed intentions to move overseas. Perhaps they possess knowledge that you may not be aware of.
However, not everyone can simply sell their possessions and relocate immediately. Various factors such as lack of remote job opportunities, mortgages, children attending school, or elderly parents may tie you to your current location.
If this resonates with your situation, don't fret. You can take steps today to make your dream location a reality in the future. This article focuses on creating a Plan B for those who recognize the prudence of doing so.
While some people choose to sell everything and embark on a new journey, not everyone has that luxury now. However, it is perfectly fine to dream and take actions now that will pave the way for your dreams to materialize someday.
If you are interested in learning more about Panama's visa programs, feel free to contact our Experts