Self-Economic Solvency Visa or Person of Means Visa

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.

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

1050 Usd Basic Government fees Include- Stage 1

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

Self-Economic Solvency

All of these visas give a right to indefinite permanence or "residence" in the National Panamanian Territory.
After a two (2) year term, the applicant may opt for a permanent residency, except for the cases in which the current regulations, special laws and agreements establish something different.
Foreigners that invest the minimum amount of three hundred thousand balboas (B/.300,000.00) in real estate or in a fixed deposit account or a combination of both, that proves that the funds come from abroad, may apply for this visa.

By Opening a Fixed Deposit Account

This visa is for foreigners that have opened fixed deposit account in their favor, with a minimum duration of three (3) years, (the fixed deposit account must be unburdened) in any bank with a general license in the national territory, with a minimum value of three hundred thousand dollars (US$300,00.00), or its equivalent in foreign currency.

Requirements
Police and Criminal Records, issued in the place of residence for the last two (2) years, duly stamped, sealed and authenticated by a Panamanian consulate.
Original passport with a minimum of 6 months left of validity.
Four (4) carnet sized pictures.
A certification from the bank stating that the fixed deposit account has been opened under the name of the applicant with a minimum duration of three years in any bank with a general license in the national territory, for a minimum value of three hundred thousand dollars (B/.300,000.00) or its equivalent in foreign currency; this fixed deposit account must be completely unburdened.
A copy of the fixed deposit account certificate that is authenticated by the bank.

In case of dependents:
The investment must be incremented by two thousand dollars (US$2,000.00) for each dependent, which may be justified with a local bank reference letter.
Marriage and birth certificates for any children under the age of twenty five (25) that depend on the applicant, duly sealed and authenticated by a Panamanian Consulate.
A letter of responsibility for the dependents.

By Real Estate Investment

Any foreigners that have purchased a real estate property with a value above three hundred thousand dollars (US$300,000.00) with said property completely unburdened may apply for this visa.

By Mixed Investment (Fixed Deposit Account and Real Estate Property)

Foreigners that invest a total of US$300,000.00 within the national territory may apply for this visa. This amount may be a product of the purchase of real estate property and a fixed deposit account, where the sum of both must reach US$300,000.00. For the Real Estate Property as well as for the fixed deposit account (which must be for a minimum term of three (3) years) which must be unburdened.

Requirements
Police and Criminal Records, issued in the place of residence for the last two (2) years, duly stamped, sealed and authenticated by a Panamanian consulate.
Original passport with a minimum of 6 months left of validity.
Four (4) carnet sized pictures.
A certificate from the Public Registry that proves the ownership of the real estate (in the name of the applicant), which must be unburdened.
A bank certification that a fixed deposit account has been opened for a minimum duration of three (3) years in any bank with a general license in the national territory; this fixed deposit account must be unburdened.
A bank authenticated copy of the fixed deposit certificate.

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