RELOCATION POSSIBILITIES PANAMA

RELOCATION POSSIBILITIES PANAMA

Relocation Possibilities Panama

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Why Immigrate & Become a Resident of Panama?

  • Relocation a Panama Panama, Why Immigrate & Become a Resident of Panama?
  • Relocating to Panama could make it possible for you to retire early with a quality lifestyle without sacrificing.
  • You can see a doctor in his private office for $12 or go to a public hospital to see a well-trained doctor for only $2.
  • Have a second home in Panama, a tropical country where one can peacefully live in Panama, or visit Panama on a part-time basis.
  • Have a “safe haven” in Panama to escape to in the event of war or any type of political or civil unrest that may threaten ones’ family.
  • Actually live in Panama permanently, perhaps after retirement and obtain a Panamanian residency visa.
  • Relocating to Panama to a tropical, stable, safe country where it is very economical to live in comparison with most other developed countries such as the US, Canada, Europe, etc.
  • Relocate to a more “tax friendly” country and enjoy the benefits of Panama’s territorial tax system (only pay taxes on locally sourced income). NOTE: this does not apply to US persons (citizens or residents) who are taxed world-wide regardless of second residency or second citizenship status.
  • Relocate to a country where one can do business operations economically, and without heavy restrictions.
  • Relocate to a country where real estate is still affordable for purchasing homes in the city or land at the beaches, mountains, lakes, beautiful weather all year .

Permanent Residency Panama Visas

This is a summary of some permanent residency Panama visas currently available:

1. Panama’s Pensioner (Retiree) Visa:

Anyone over 18 years of age with a lifetime pension or annuity paying a minimum of $1,000 USD per month qualifies. Another $250 must be paid per month by the annuity or pension for each dependent. The annuity or pension can be paid by a private company, military, government agencies, corporations, a bank, an insurance company, or a Trust. This Panama visa provides several discounts from movie theaters, restaurants, hotels, pharmacies, concerts, and domestic airlines along with other products or services.

2. Friendly Nations Visa:

Citizens from any of the 50 nations considered “friendly” to Panama can move here with their immediate family and acquire a permanent residency visa. To qualify, citizens of the 50 friendly nations can either buy a property in Panama for a value of US$200,000 or be employed by a Panama company. The 50 friendly nations are: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Marino, Montenegro, Netherlands, New Zealand, Norway, Poland, Portugal, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay, United Kingdom (Great Britain & Northern Ireland).

3. Professional Employment Visa:

Foreigners working for a Panama company in a “professional” capacity paying social security taxes and holding a college degree and a professional license (if required by his or her country) can become a permanent resident after two years of being a temporary resident. The term “professional” is not limited to the definition in Panama’s Constitution or the laws defining a professional for citizens.

4. Panama’s Reforestation Investor Visa:

Panama’s Reforestation Investor law recently changed, and now offers these options:

  1. A minimum investment of US$80,000 in a reforestation project certified by the government, grants temporary residency for a period of 5 years.
  2. A minimum investment of US$100,000 in a reforestation project certified by the government, grants a 2 year temporary residency and then one can apply for the permanent residency status.
  3. A minimum investment of US$350,000 in a reforestation project certified by the government, grants permanent residency status within a period of 30 days.

All of the above reforestation investments must be held for a period of 5 years, and they can be made in your personal name or in the name of a Panama entity, corporation or foundation.

5. Panama’s Self Economic Solvency Visa:

Three options exist to qualify for this visa created to attract wealthy foreigners:

  1. Minimum US$300,000 investment of equity in any Panama real estate with an additional $2,000 USD for each dependent.
  2. Minimum US$300,000 investment in a 3 year Panama bank CD. An additional $2,000 deposit is required for each dependent.
  3. Combining the first 2 options by investing in both a Panama bank CD and Panama real estate where the cash and equity total a minimum of US$300,000 (or foreign currency equivalent). An additional $2,000 USD must be invested for each dependent.

6. Panama’s Qualified Investor Program:

Investors have 3 options to obtain expedited (30 days) permanent residency in Panama (leading to citizenship and Panama passport after 5 years) with this program:

  1. Invest $300,000 in a property in Panama (with no mortgage).. Please note that after the 15th of October of 2022, the minimum required investment will be increased to Five Hundred Thousand US Dollars (US$500,000) for the purchase of real estate in the Republic of Panama, free of any mortgage.
  2. Invest in the purchase of securities on the Panama Stock Market, through any qualified and licensed Panamanian securities brokerage firm. The investment must be for a term of five (5) years.
  3. Invest Seven Hundred Fifty Thousand US Dollars (US$750,000) in a time deposit at a bank in Panama (the bank must have a general banking license), for a term of five (5) years.

All 3 of the above Qualified Investor investment options may be made in the personal name of the investor, or in the name of the investors Panama corporation or Panama Private Interest Foundation so long as the investor is the exclusive 100% final beneficiary of the Panama corporation or Panama private interest foundation. The funds invested must have originated from banks outside of Panama.  Learn more about the Qualified Investor Program

7. Panama’s Business Investor Visa:

A minimum US$160,000 investment in capital stock of a Panama corporation. The foreigner can be a shareholder and/or an officer. An additional $2,000 must be invested or each dependent.

8. Married to a Panama Citizen Visa:

This must be a valid marriage (not a sham) to a Panama citizen, and the applicant can apply for a permanent resident status.

9. Parents of Child Born in Panama Visa:

The parents of a child born in Panama who is over five years old can apply for this permanent visa.

APOSTILLE IN CANADA

ALSC Canada

ApostilleCanada.org

Locally, the Panama Ministry of Foreign Relations is the Competent Authority to apostille Panamanian public documents and notarized documents by authenticating the notary public as being legitimate. You can find the Panama Ministry of Foreign Relations located at Edison Plaza in Panama City.

For any questions as to what you’ll need to get apostilled for your immigration to Panama, opening of a Panama corporation, opening a Panama bank account, or starting a business in Panama, please reach out to Padilla Lawyers for a consultancy!

For United States Residents

The United States of America has three tiers of authorities competent to issue the apostille certificate. The U.S. Department of State Authentication Office affixes apostilles to documents issued by Federal agencies of the United States. The U.S. Department of State, Bureau of Consular Affairs, Passport Services, Vital Records Section affixes apostilles to Consular Reports of Birth, Death and Marriage of U.S. Citizens abroad and certificates of birth and death originally issued by the Panama Canal Zone Government between 1904 and 1979.

The Clerks and Deputy Clerks of the Federal Courts of the United States are also authorized to issue apostilles on documents issued by those courts. As an alternative, the U.S. Department of Justice may authenticate the seal of the federal court and the U.S. Department of State Authentications Office will then place an apostille over that seal. Public documents issued by U.S. states, the District of Columbia and other U.S. jurisdictions may be legalized with an apostille by designated authorities in each jurisdiction, generally the state Secretary of State’s office.

For more resources online of services within the United States that will process your apostille document, check out (click):

Apostille Services

National Apostille

One Source Process