Panama ranks high among the preferred destinations for individuals from United States. Its attractive climate, thriving economy, lively social atmosphere, and deep-rooted cultural traditions make it a coveted choice. The country’s tropical terrain, rich biodiversity, and verdant rainforests provide a backdrop for modern conveniences and an elevated lifestyle.
As a prominent financial center, the nation offers a wide array of economic prospects, and its pivotal geographical position links it to a multitude of worldwide locations.
If you’re thinking about relocating to Panama, it’s crucial to familiarize yourself with the various residency options. This knowledge will assist you in choosing the most suitable option for your requirements.
Different permits and residencies to travel to Panama
Understanding the various types of visas and residency permits is crucial to know the requirements for each case. While this article provides an overview of some conditions, it is always advisable to consult with an expert for detailed information and guidance on the procedures.
The various categories of residency permits encompass:
- Investor: If you can prove an investment in real estate or a term deposit at a bank totaling USD 300,000 or more, you may qualify for a residence permit.
- Friendly Countries: This permit can be obtained for work, investing in property, or making a fixed-term deposit of at least USD 200,000.
- Family Reunification: Designed for foreigners married to Panamanian citizens or those with children living in Panama.
- Retired or Pensioned: This permit allows retirees to settle in Panama. A monthly income or pension must be at least USD 1,000 or its equivalent in another currency.
- Professionals: Aimed at individuals who wish to advance their professional careers within Panama.
- Headquarters of Multinational Companies: This permit is for expatriates working in multinational firms located in Panama. It includes:
- SEM Special Events Permit: For participants in special events.
- SEM Permanent Personnel Visa: Valid for a duration of up to five years, with the option to renew for an additional five years.
- SEM Temporary Personnel Permit: Valid for up to three months, with the possibility of renewal.
- Education/Students: This permit grants individuals the opportunity to study in Panama.
- Technical 15%: For specialized staff recruited within the 15% quota, requiring a minimum monthly salary of USD 850.
- Foreigner 10%: For general staff hired within the 10% quota, also necessitating a minimum monthly salary of USD 850.
Criteria for a Residency Permit for Friendly Nations
Panama provides a unique residency option for individuals from Friendly Countries, facilitated through agreements with many countries. This initiative streamlines the steps to securing Panamanian residency.
The Friendly Countries initiative encompasses 50 nations, including the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, to name a few. For individuals from United States, this visa option is particularly advantageous.
To apply for this residence permit, you need to meet specific requirements. They are detailed below.
- All citizens of these countries can apply for a provisional residence permit. This visa is valid for two years.
- The cost of applying for the provisional residence permit includes notary fees, certifications, processing, and the residence card. The total value is approximately USD 2,257.
- The documents required to apply for a Friendly Countries Visa in Panama are:
- Power of attorney and application notarized and countersigned by a qualified Panamanian attorney.
- A copy of the applicant’s passport, verified by a Panamanian notary.
- Criminal record certificate emitted the last three months.
- Health certificate.
- One USD 250 check for the National Treasury and another USD 800 for the National Immigration Service.
- Personal background affidavit form.
- Documentation showing the purpose of establishing, based on the applicant’s economic activity.
- A copy of the applicant’s Identity Card or similar ID.
- A recent bank statement or certification. It must show a balance of at least four average figures.
- A receipt for water, electricity, telephone, or a hotel stay indicating the applicant’s address.
Legal Solutions Panama: consult the experts for help
Every residence permit comes with unique requirements and factors to consider when relocating to Panama. Therefore, engaging professional help can greatly simplify this process, turning your aspiration of residing in this charming Central American nation into a reality from United States.
The expert attorneys at Legal Solutions Panama offer assistance to foreigners wanting to stay in Panama. They deliver professional advice, address all your inquiries, and help manage the complex paperwork. To arrange a complimentary consultation and discuss your concerns, you can visit their page.