Panama ranks among the top destinations for people from United States, credited to its inviting weather, strong economic stability, lively social environment, and diverse cultural legacy. Featuring tropical vistas, extensive biodiversity, and verdant rainforests, Panama combines contemporary conveniences with an elevated quality of life.
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 different visa alternatives. This knowledge will assist you in choosing the one that aligns best with your requirements.
Different permits and residencies to travel to Panama
Grasping the different visa and residency permit categories is key to comprehending the specific requirements for each scenario. Although this article offers a summary of certain criteria, seeking advice from a specialist is always recommended for comprehensive details and procedural guidance.
The different types of residence permits include:
- Investor: if you can demonstrate an investment in real estate or a fixed-term deposit in a bank amounting to USD 300,000 or more, you may be eligible to apply for a residence permit.
- Friendly Countries: people can obtain it for work, investing in real estate, or making a fixed-term deposit of at least USD 200,000.
- Family reunification: for foreigners married to a Panamanian citizen or have children in the country.
- Retired or pensioned: this permit allows individuals to enjoy their retirement in Panama. The monthly income or pension must be at least USD 1,000 or the equivalent in foreign currency.
- Professionals: This visa is for those who wish to pursue their professional careers in Panama.
- Headquarters of Multinational Companies: this permit is for foreigners working in multinational companies based in Panama. It includes:
- SEM Special Events Permit: individuals participating in special events.
- SEM Permanent Personnel Visa: Valid for up to five years, with the possibility of a five-year extension.
- SEM Temporary Personnel Permit: Valid for up to three months, with the option for extension.
- Education/Students: this permit allows individuals to study in Panama.
- Technical 15%: for specialized personnel hired within the 15% quota. The salary must be at least USD 850 per month.
- Foreigner 10%: for regular personnel hired within the 10% quota. The salary must also be at least USD 850 per month.
Criteria for a Residency Permit for Friendly Nations
Panama extends a unique residency program to citizens from Friendly Countries, facilitated by agreements with multiple nations. This initiative streamlines the path to securing residency in Panama.
The Friendly Countries initiative encompasses 50 nations, such as the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, to name a few. If you’re from United States, this visa option is particularly advantageous.
To obtain this residence permit, certain criteria must be fulfilled. These requirements are outlined below.
- Citizens from these eligible countries can submit an application for a provisional residence permit, which is valid for two years.
- The application process for the provisional residence permit entails expenses covering notary fees, certifications, processing, and the issuance of the residence card, totaling approximately USD 2,257.
- To apply for a Friendly Countries Visa in Panama, the following documents are necessary:
- A notarized power of attorney and application, endorsed by a licensed Panamanian attorney.
- A copy of the applicant’s passport, authenticated by a Panamanian notary.
- A criminal record certificate issued within the last three months.
- A health certificate.
- Two checks: one for USD 250 payable to the National Treasury and a second one for USD 800 designated to the National Immigration Service.
- A personal background affidavit form.
- Documentation outlining the motive for establishing residency, related to the applicant’s economic activities.
- A copy of the applicant’s identity card or equivalent identification.
- A recent bank statement or certification demonstrating a balance with a minimum average of four figures.
- A receipt for utilities such as water, electricity, telephone, or a hotel bill showing the applicant’s address.
Legal Solutions Panama: Seek Expert Assistance
Every residence permit involves distinct requirements and factors to consider when moving to Panama. Therefore, obtaining professional guidance can greatly simplify the entire process and help realize your aspiration of living in this stunning Central American nation from United States.
The expert attorneys at Legal Solutions Panama support foreigners looking to reside in Panama. They offer professional advice, address your questions, and help manage the detailed paperwork. To arrange a free consultation and clarify any uncertainties, you can visit their webpage
