There are many reasons why Panama is such a popular destination for people who are looking to move or retire abroad. First things that come to mind are warm climate, many sunny days and relatively low cost of living. Panama is also considered very stable and peaceful country. Besides that, Panama has a growing international population.
This program is designed for younger people still in their income generating yours, or even retirees, which fell that they are not yet done working, and may want to participate in some economic activity in panama, by starting their own business. You must remember, that if you opt in for Panama’s other popular visa, the Pensionado Visa, you can never work in Panama.
Panama is actually very open and foreigners will feel very welcomed here. That’s why Panama Friendly Nations Visa program was created. Compared to similar programs in other countries, this program is easier to enroll in and it costs less. That’s why it became so popular in recent years. The purpose of this program is to make the process of applying for permanent residence easier for the citizens of 50 countries, listed in Panama Friendly Nations Visa list. (see list at the bottom of this article) Selected countries are the countries that have professional or economic ties with Panama.
To sum it up, requirements for this program are following: You have to be resident of one of the countries on the list, you need to have a proof that you are financially solvent, you need to pay some fees and have requested documentation. The financial solvency does not mean you need to be wealthy, just showing your last two years of tax returns that you are earring income, and how you earn that income, will be enough. As we already mentioned, it is also necessary to demonstrate that you have some kind of professional or economic relation with Panama and that can be done in three ways:
1.Employment contract with company from Panama
Contract with some company from Panama is considered as a valid professional tie to Panama. It is necessary to obtain Panama work permit and show documents that can prove that you have job or at least a job offer from some company in Panama. Good thing is that people from Panama friendly countries also have a priority when it comes to obtaining work permit, and they get it faster.
2.Establishing or buying a corporation in Panama
This option is considered as an economic tie to Panama. Many expats decide to open new company in Panama, which has to be done according to the laws of Panama. It takes only 3-7 days to establish and register company in Panama. The good thing is that company does not need to have any employees, it just needs to have three directors. You can be one director your spouse another, and even a friend or family member back home is suitable to be a director.
3.Owning a real estate in Panama
The condition is to own real estate that has at least $100,000 USD value and that is registered in Panama Public Registry. You will be asked to prove that with a Property Certificate, that is less than 6 months old. The property must be titled and clear of any liens.
It is good to know that foreigners can do almost all business activities in Panama, except for professions such as: doctor, vet, lawyer, architect and engineer, hairdresser and a few other protected jobs.
Some of the things you will have to prepare when you apply for residency in Panama are: your passport, passport-sized photos, proof that you do not have criminal background, copy of your ID, good health certificate, proof of financial solvency as well as professional or economic ties to Panama and proof of residency in your country of origin.
It is possible to bring your spouse and children with you. So if one spouse meets all requirements, it is possible to ask for other spouse to join him or her. This process can sometimes take from 3 to 6 months, but it is still faster than in most other countries.
When it comes to cost, everything depends on whether you are registering your own company in Panama or not. The total cost for this visa will be between $3000 and $5000, depending on the option you choose above, and this includes all government, lawyer, and corporation fees, as well as bank deposit of $ 5000. Fortunately, you will be able to get back bank deposit very soon.
Panama Friendly Nations Visa program was first introduced in 2012, with only 22 countries on the list. In the meantime, many other countries have been added to the list. As a result, there is a growing international community in Panama. Panama is constantly working on improving the conditions it offers to its residence and expats. It has many urban centers, great health care and rich cultural offer. This visa, is probably the easiest to get at the lowest cost of any country that you may want to move to.
Thanks to this program, many people from around the world have chosen to obtain residency in Panama and get many benefits. It is a great program, that helps both professionals and individuals, as well as society in general.
Join us on one of our Retire in Panama Tours, and we will be discussing all Visa options in Panama, and which one is right or you.
It’s more than a tour . . it’s an experience.
List of 50 Friendly Nations for Panama Visa
If you are of Italian nationality, you will not see your country listed below, as Panama and Italy have an immigration treaty, that allows their citizens to be residents of either country, with even fewer requirements than the country below.
Republic of Korea