PANAMA RESIDENCY PROGRAMS
Due to the increasing number of foreigners from different countries in Panama, the government has implemented a new immigration regime with the idea to guarantee the security and legality of visitors coming to the country for business, tourism or residence purposes.
The law 20 of February 25th, 2008, implemented by the Executive Decree No. 320 of August 8th, 2008, fundament of the new immigration regime.
TYPES OF VISAS:
1. NON RESIDENT VISA:
This visa is for foreigners that enter the country occasionally and don’t have interest to settle down and get Panama residency and have enough economic resources to finance their stay in the country. These visas are for: tourist, transit passengers, sailors, and people visiting the country for a short period of time.
Requirements for a tourist visa: This is to say, that every foreigner who enters the national territory can do it as a tourist for a maximum stay of 90 days, for as long as all the documents requested by the Immigration Department are presented to this institution.
Extension of the Tourist Visa: After the 90 day period is over, the foreigner can request a visa extension for another 90 days, by power of attorney or personally the reasons for the extension and prove the require economic solvency.
2. TEMPORARY VISA The Temporary Resident Visa applies to foreigners and their dependents who want to enter Panama for work, special political reasons, education, culture, religion, humanitarian, family reunion, among other subcategories for a period of up to six (6) years, except for the cases in which special laws and international treaties establish other periods.
3. PERMANENT RESIDENT VISAS The Permanent Residency Visa applies to foreigners and dependents who want to stay in Panama after a period of two (2) years, except for the cases in which special laws and international treaties establish other periods.
4. VISA FOR STAFF WORKING FOR MULTINATIONAL CORPORATIONS
The law 41 of 2007 lets a foreign corporation who wants to establish administrative headquarters in the Republic of Panama apply for a License for Multinational Corporation Headquarters, and be able to contract foreign staff to take high positions as high and medium managers required for the operation, for as long as the transactions are improved, consumed or distributed outside of Panama.
TYPES OF PERMANENT RESIDENT VISAS
Panama law identifies as Economic Reason Visas the following: Forestry Investor, Macro Corporation, Self Economic Solvency, special political reasons and demographic reasons.
Economic Reason Visa:
- FORESTRY INVESTOR The foreigner who invests in its personal name or through a corporation in reforestation or forestry projects approved by the National Environment Authority, in a minimum of (20) hectares and with a minimum investment of eighty thousand dollars (USD $80,000.00) will be able to apply for this permit.
If the purchase of the investment is made through a Corporation, two foreigners would be able to apply for this permit, for as long as each one of the individuals invests the minimum amount just mentioned in this article.
MACRO-CORPORATION INVESTOR
The foreigner who invests in a macro-corporation with a minimum social capital of one hundred and sixty thousand dollars (USD $160,000.00) per applicant will be able to apply for this permit, for as long as they are the shareholders and officers of this corporation. The foreigners who apply for this permit must be the unique share holders that reflect the minimum investment (USA 160,000.00 per applicant). The corporation can only have Notice of Operation to invest in licit activities not reserved for nationals.
The company must enroll five (5) Panamanian employees (per applicant), working full time and earning a salary above the minimum wage established by the Law of each region and explaining in detail the position and activity of each employee. The company must register their employees with the national Social Security and fulfill with the respective obligations with this entity.
SELF ECONOMIC SOLVENCY
This permit is for foreigners investing a minimum of three hundred thousand dollars (USD $300,000.00) in real estate or a certificate of deposit account. It can also be a combination of both; also, the funds must be proven to come from outside of Panama. In case of including dependents, an additional proof of solvency for two thousand dollars (USD$ 2,000.00) per individual is required.
REQUIREMENTS FOR ECONOMIC REASON VISAS:
1. Copy of passport dully stamped by a Panamanian Notary Public, or a copy with a certificate from a diplomatic representation accredited to Panama or the correspondent authority from the place where the passport was issued. The National Immigration Department will request to the applicant to certify the authenticity of the passport if necessary
2. Police Record from the country of residence. If the country of residence doesn’t issue this document, the applicant must present a certificate from a diplomatic or consular agent from the country of residence accredited to the Republic of Panama explaining the non existence of such certificate and an affidavit stamped by a Notary Public, specifying the non existence of criminal records.
3. Certificate of good health issued by a licensed doctor no older than three months before presenting the application (Issued by a Panamanian doctor).
4. Payment of USD$ 250.00 (two hundred and fifty dollars) to the National Treasury in concept of rights to an application for immigration, and US$850.00 (eight hundred and fifty dollars) in favor of the National Immigration Service in concept of repatriation.
5. Affidavit of personal records.
6. Power and application presented through a lawyer or law firm.
7. Proof of the Investment: As follows if the investment is made through a Certificate of Deposit or Real Estate:
a. CERTIFICATE OF DEPOSIT
1. Bank Certificate stating the opening of the Certificate of Deposit account in the applicant’s name, with a minimum maturity date of three (3) years, (the Certificate of Deposit must be free of all burden) from any bank with a license in the national territory, for a minimum amount of three hundred thousand dollars (USD$300,000.00), or its equivalent in other foreign exchange;
2. Copy of the certificate of deposit authenticated by the bank.
b. REAL ESTATE INVESTMENT
1. Certificate from the Registry Public proving that the real estate property is titled in the name of the applicant and for a minimum value of three hundred thousand dollars (USD $300,000.00), free of burdens.
In case that the title for the real estate is in the name of a private interest foundation, the foreigner can apply for the permit for as long as he can prove to be the founder and beneficiary owner of the foundation, in case bringing dependents, they have to also be beneficiaries of the foundation. The certificate from the Registry Public must show he designation of the founder and beneficiaries.
c. MIXED INVESTMENT SELF ECONOMIC SOLVENCY (CERTIFICATE OF DEPOSIT ACCOUNT AND REAL ESTATE INVESTMENT)
To apply for the permit, the applicant must present proves of the investment in Real Estate and Certificate of Deposit account that will add up to USD$300,000.00 (Three Hundred Thousand Dollars)
SPECIAL POLICIES PERMANENT VISAS:
1. RETIREE: This permit is for foreigners that have retired from active life and yields a minimum rent of two thousand dollars (USD$2,000.00) monthly, coming exclusively from an interest yielded by a Certificate of Deposit Account at the National Bank of Panama or Caja de Ahorros, free of all burden or guarantees of any nature, for a minimum period of five (5) years.
2. PENSIONED RETIREE: This permit applies to foreigners who receive a pension or retirement from a foreign government, international organization or private company and enter the national territory with the purpose of expatriating in it and have enough economic solvency to cover his/her survival expenses as well as the dependents while living in the country. The rent or monthly pension cannot be inferior to one thousand dollars (USD$1,000.00).
In case that the solicitant can prove the purchase of a property in his/her personal name in the national territory for an amount superior to one hundred thousand dollars (USD$100,000.00), the pension can be for a minimum of seven hundred and fifty dollars (USD$750.00).
3. PERMANENT STAFF CONTRACTED BY THE AUTHORITY OF THE PANAMA CANAL
This visa is given to any person hired permanently by the Authority of the Canal.
4. INVESTOR OF THE PANAMA-PACIFIC SPECIAL ECONOMIC AREA
This permit is for foreigners investing no less than two hundred and fifty thousand dollars (USD$250.000.00) in the risk capital of a Company of the Panama Pacific or in a Development or Operational Company of this area. The staff contracted for the corporation within the 10% of ordinary staff can qualify for a permanent visa.
5. INVESTORS IN PROCESING ZONES FOR EXPORT
This permit is for the foreigner that can prove an investment of no less than two hundred and fifty thousand dollars (USD$ 250,000.00) coming from outside of the country in a company dully authorized, as a promoter or operator of a Processing Zone for Export or in companies established within these exporting areas.
6. INVESTOR IN A CALL CENTER FOR COMMERCIAL USE FOR EXPORT
Any foreigner who would invest in a company dedicated to offer the service of call center for commercial use for export would be able to apply for a Permanent Resident Visa.
7. INVESTOR IN THE MOVIE AND AUDIOVISUAL INDUSTRY
This visa requires an investment in the Movie Industry for an amount above one hundred and fifty thousand dollars (USD$150,000.00).
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