Migration

Panama Migration

Our country has created residency programs for those foreigners who wish to settle temporarily or permanently. We present in brief the main permanent permits, their characteristics and benefits. For more information please contact us.

Panama Friendly Nations Visa

This permanent Visa was created by Executive Order 343 of May 16, 2012 and modified by Executive Decree No.226 of July 20, 2021, also known as “Friendly Nations Visa”. Citizens of the following 50 countries can obtain residency in Panama: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece , Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, San Marino, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Peru, Poland, Portugal, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay, United Kingdom (Great Britain & Northern Ireland).

After the last modification made to this permit in the month of July 2021, the applicant will first be granted with a Provisional Residence Permit for a period of 2 years, so once this period has expired they can opt for the Definitive Residency Permit. The applicant must demonstrate their requirement for this Residency Permit by any of the following reasons:

1. For labor reasons, with the contribution of a letter of employment, certification of the Public Registry of the employing company and Notice of Operation of the employing company.
2. For reasons of investment in real estate, with the contribution of the certificate of the Public Registry of Panama, where it is verified that the applicant has acquired a property with a minimum value of US$200,000.00; either as a natural person or a legal person where he is the final beneficiary of the shares, founder and final beneficiary of the private interest foundation.
3. For reasons of Fixed Term Deposit in Panama, with the provision of a certification from a bank with a general license that operates in Panama, with a minimum validity of 3 years and for a value not less than US$200,000.00; either as a natural person or a legal person where he is the final beneficiary of the shares, or founder and final beneficiary of the private interest foundation.

Key Benefits of Panama Friendly Nations Visa

• Simple requirements and simplified procedure
• In approximately 6 months, the Provisional Residence Permit is obtained for a period of 2 years.
• After the 2 years have elapsed, you will obtain a Panama ID (cédula).
• Spouse, parents and children under the age of 25 may qualify as dependents.

Opportunity to apply for citizenship after 5 years

Panama Retired Pensioner’s Visa (Rentista Retirado)

Grants residence in Panama for a 5-year period, which may be prorogued, as long as applicant can prove that he has enough to pay for his expenses in the country, for a minimum monthly amount of US$850.00 per month plus US$250.00 per additional dependent, exclusively as product of a fixed term deposit in the National Bank of Panama or Caja de Ahorros (both States Banks), in the concept of interest. At the moment, a fixed term deposit for the amount around of US$210,000.00 is enough, but this amount varies all the time, depending on the interest rates.

Key Benefits

• Immediate Passport for applicant and dependent.
• No income tax is paid in Panama for the pension received nor the interest gained from the fixed term deposit.
• Tax franchises to import households or personal items once, up to the total amount of Ten Thousand Dollars (US$10,000.00).

Pensioned Visa (Pensionado)

This program allows foreigners to obtain legal permanent residency in Panama under the condition that they are retired or pensioned. According to the Immigration Department of Panama, there is no minimum age required to qualify. The applicants’ retirement income (or pension income) must be at least a lifetime US$1,000 per month plus US$250.00 per additional dependent.

If the applicant can provide documentation showing that he or she owns a real estate property in Panama, in their personal name for over US$100,000.00, the minimum pension income required starts from US$750.00 per month. The property must me mortgage free.

Key Benefits

• Grant indefinite resident visa.
• Tax free importation of new or used household goods for up to USD 10,000.00.
• Tax free importation of a car, for personal or family use, every two years.
• All benefits given to Panamanian retired persons by Law No. 6 of 1987 (discounts in restaurants, hotels, and some tax benefits).

Panama Qualified Investor Visa

The Executive Decree 722 of October 15, 2020, created a new category of permanent residency for economic reasons. Through this program, the applicant can become a permanent resident by making a qualified investment in Panama, including the following options:

• Properties Invest US$300,000 (until October 2022), or US$500,000 afterwards, free of liens.
• Real Estate projects in pre-sale: sign a purchase and sale contract for the sum of US$500,000 or more, free of liens.
• Investment in the Panamanian Stock Market: Purchase securities through a qualified and licensed Panamanian brokerage firm, for US$500,000 or more.
• Fixed term deposit in the Banking Sector: open a time deposit of US$750,000 or more, free of liens, in a qualified Panamanian bank.
• Pay the Panamanian State US$5,000.00 as Repatriation rights and an additional US$5,000.00 in migratory rights.

Key Benefits

• Permanent Residency in 30 days.
• Ability to live, work and study in Panama and gain access to health and welfare systems provided by the Panamanian government upon approval
• Spouse, parents and children under the age of 25 may qualify as dependents.

Opportunity to apply for citizenship after 5 years.

Macro Business Investor Visa

This visa is designed for foreigners who invest directly in a Panamanian company, that is constituted with a minimum share capital of One Hundred Sixty Thousand Dollars US$160,000. The investment must increase in Two Thousand Dollars (US$2,000.00) for each additional dependent. There is no minimum age required to qualify.

The foreigner must be the shareholder and Director / Officer of the company, which in addition, must have an initial list of Five (5) Panamanian workers, working fulltime and earning a wage not inferior than the minimum established by Law for each region of the country, specifying the position or activity that each one performs. The company must register its employees in the Social Security System, thus complying with the legal obligations in respect to the social issues. It is important that the foreign investor considers that at the time of requesting the visa extension, after exceeding the provisional permission that is issued with Immigrant’s Visa, he/she will have to prove that it has fulfilled the commitment to contract Panamanian personnel and to be up-to-date in the payment of the obligations towards the Social Security System.

Key Benefits:

• Acceptable Investment parameters for establishing a business and legalize foreigner status as investor.
• This visa allows the applicant to become a Panamanian Citizen after being a permanent resident for 5 years.

Self Economic Solvency Visa

This permanent permit is for those who wish to live permanently in Panama, on their own means. There is no minimum age required to qualify. There are 3 options available for this visa category:

• Invest a minimum of US$300,000 in a 3 year time deposit at any licensed bank in Panama.
• Invest a minimum of US$300,000 in a titled property in Panama to your personal name or in the name of a private interest foundation.
• Invest a minimum of US$300,000 combined through a 3 year time deposit at any licensed bank in Panama, PLUS a titled property in your personal name or in the name of the foundation. The two principal stipulations for this visa are: a. The real estate property or time deposit has to be free and clear of any liens. b. The primary applicant must also prove that he or she has an income to support his or her general costs of living. This can be accomplished by providing a bank reference letter showing deposits from 4 mid to high figures.

Key Benefits:

• This visa allows you to become a Panamanian Citizen after being a permanent resident for 5 years.

Team of attorneys – Migration and Visas