PANAMA REFORESTATION VISA IMMIGRATION
About the Panama Reforestation Visa
This Panamanian program grants permanent residency to foreigners who invest a minimum of USD $100,000 in a reforestation project approved and managed by a forestry company regulated by the Ministry of Environment of the Republic of Panama.
This investment must be maintained for at least 5 years after obtaining permanent residency.
The USD$100,000 investment is utilized as follows:
- $90,000 for the land. The area depends on the project of your choice from our list of partners.
- $10,000 for maintenance, and management for a period of up to 8 years (see application process)
Following Executive Order # 320 from August 8, 2008, if the investor plans to include his dependents (e.g. family) in the application, he must increase the investment by $2,000 for each dependent.
You can also use a Corporation or a Company as an investment vehicle. In that case, the residency application can include any number of applicants as long as each applicant invests USD $100,000 in a reforestation project.
Application Process & Minimum Investment Period
This immigration program first grants a 2-year provisional residency permit, prior to applying for and obtaining the permanent residency permit. In general, it takes 3 years to obtain permanent residency based on these steps:
- The process begins by submitting the initial application at the immigration office (refer to the application requirements below).
- When the initial application is accepted at the immigration office, the applicant receives a temporary residency permit.
- The immigration office usually takes 6 months (sometimes less) to resolve this initial application.
- Once the initial application is approved, the immigration office issues a provisional residency permit.
- The provisional residency permit is valid for 2 years. Afterward, the holder may apply for permanent residency.
- The immigration office usually takes 6 months (sometimes less) to resolve the application for permanent residency.
- Once the application is approved, the provisional residency permit is replaced with a permanent residency permit.
- Following existing laws, the permanent resident must hold the investment on the reforestation project for at least 5 years once permanent residency is approved.
- During these 5 years, after permanent residency is granted, the permanent resident must submit yearly documentation to the immigration office proving he still holds the reforestation project under his name.
For this reason, the applicant needs to budget and consider maintenance and administration expenses for the reforestation project for at least 8 years.
Requirements for the initial application to obtain Provisional Residency
The following documentation is required for the initial application to obtain Provisional Residency:
- Criminal Background Check
- Applicant’s certificate of clearance from fees and taxes owed to the government (Paz y Salvo)
- Proof of direct investment in reforestation activities for at least USD $100,000
- If using a Corporation or a Company as an investment vehicle:
- A sworn declaration from the Treasurer or Secretary, stating the activity of the entity, share a percentage of the applicant, and the capital invested for these shares.
- CPA certificate detailing the total investment directly related to reforestation projects and the percentage of such investment attributed to the capital invested by the applicant.
- Authenticated copy of the applicant’s shares certificate.
- Copy of the latest income tax return, detailing the capital invested in reforestation projects. If such does not exist because the entity has not completed its first fiscal year, then a copy of RUC inscription and copy of annual tax (Tasa Unica) payment.
- Company’s original public registry inscription certificate.