Retire in Panama Tours Visa Options
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Panama Visa Options
Panama offers different Visa options for permanent residency, and each one is completely unique. Here, we’ll be talking about the three most widely known. Don’t forget to contact a certified Panamanian Lawyer, before getting any kind of Visa. Again, you can still find more options that may fit your situation better other than these three mentioned below.
Option 1.) Panama Retirement Visas (Visa Pensionado)
This Visa is best for retired persons who already received a monthly pension. But it is very important to note that this particular visa will never lead you to a work visa, or even to Nationalization.
Retired individuals with “lifetime” pensions are entitled to the Panama retirement visa, generally known as the “Panama Pensionado Visa”.
The Panama Pensionado Visa permits foreign people to acquire legal residency in Panama in the condition that they have a guaranteed source of income for their whole life. In accordance with the Panama Immigration Department, there’s no minimum and maximum age criteria for application, you only required to submit all the necessary requirements and documents cited below.
To qualify, the applicants’ pension income should be for a lifetime, and should be no less than one thousand US Dollars (US$1,000) monthly. In case your lifetime retirement income is below US$1,000 monthly, but equal or above US$750 monthly, you could buy any Panama real-estate property having a worth of around US$100,000. By doing this, it lowers the lifetime monthly pension income qualification to no less than US$750.
The Panama retirement visa applicant’s pension income should be verified by supplying documents like a letter coming from the company or institution which pays the amount for the pension income. Any official document should be notarized and authenticated by the nearest Panamanian Consulate (or by apostille).
Summarized below are the benefits of Panama Retirement Visa:
One time Duty tax exemption for home items to as much as a total of $10,000.
Duty exemption for importing a brand new car every 2 years.
50% off entertainment any place in the nation (films, concert events, sports)
30% off in public transportation (bus, boat, and train)
25% off in airplane tickets
50% off in hotel accommodations from Monday to Thursday
30% off in hotel accommodations from Friday through Sunday
25% off in restaurants
15% off in fast-food restaurants
15% off in hospital fees (when no insurance is applicable)
10% off in prescription drugs
20% off in healthcare consultation services
15% off in eye and dental checkups
20% off in expert and specialized services
50% decrease in settlement costs for house loans
25% discounts in power bills
15% off in loans done in your name
1% less in home mortgages for houses utilized for personal dwelling
#2.) Panama’s Friendly Nations Visa
This Visa is great for those who are not in their retirement age, and this could lead into a work visa and even Naturalization.
Former Panamanian President Ricardo Martinelli issued a Presidential Decree 343 on May of 2012, declaring that 22 friendly countries can qualify for this fast track permanent residency program.
Other Decrees have increased the number of friendly nations to around 50 after that.
This permanent Panama residency visa has this formal wording: “citizens of friendly nations with professional and economic ties with the Republic of Panama”.
Below are the lists of 50 Friendly Nations for Panama Visa:
Republic of Korea
Residency Requirements Clarification
With the words “professional and economic ties with the Republic of Panama”, this simply suggests that those people living in these 50 countries should establish professional or economic relationship with Panama. To achieve this, there are two options available:
Either start a new Panama corporation or buy an existing Panama corporation.
This choice demonstrates an “Economic Activity”, meaning that the applicant owns a company or corporation in Panama (whether freshly started company, or buy an existing firm). Keep in mind that Foreign people (non-Panamanian citizens) are not allowed to own a Panama “Retail” enterprise.
Become an employee or work for an existing Panama corporation.
This other choice demonstrates “Professional Activity”, which means that the applicant should be hired by any professional Panama firm, should have a Panama work permit, and should be signed up with Panama’s Social Security system. In cases like this, proof of earnings like the employment salary should be supplied by the company. All the papers verifying these activities should be presented. Keep in mind that Foreign people (non-Panamanian citizens) are not allowed to do particular occupations including: veterinary and medical doctors, lawyers, architects, as well as engineers.
In both options mentioned above, Proof of Economic Solvency is really a requirement. This particular requirement could be attained by simply opening up a Panama bank account, and depositing a minimum of $5,000 USD and an addition of $2,000 for every dependent.
#3.) Panama Self Economic Solvency Visa
Law N° 16, of June 30,1960 made this program to provide global investors the chance to acquire Panama legal residency, Panama citizenship (plus a Panama passport) through doing specific Panama investments.
At present, the Panama Self Economic Solvency Visa provides 3 various Panama investment choices in order to be eligible for a Panama residency:
Panama Investment: Make an investment for no less than US$300,000 within a 3 year time deposit or “certificate of deposit” (CD) in any specific Panama bank account. In case the applicant has got dependents, he/she must invest another US$2,000 for every single dependent.
Stipulations: (1) The Panama bank time deposit (CD) account should be within the personal name of the primary applicant – it should not be within the name of a Panama firm, Panama foundation, or trust. The interest gained from the Panama bank time deposit (CD), shall be deposited every month into any savings account in the Panama bank of your choice (the Panama savings account can be a personal account, or even a business account. The interest gained is NOT subject to taxes by the Panamanian government, nor will it be subjected to any kind of tax reporting requirements.
Dependents: Every other dependent which applies for residency within this Panama immigration program, an investment should be raised by US$2000, not to mention the primary applicant should verify that he/she has sufficient earnings to sustain the daily living expenses of every single dependent.
Option # 2:
Panama Investment: Make an investment of no less than US$300,000 in titled Panama real-estate. This should be equity, since mortgages don’t count up. In case the applicant has got dependents, he/she must make an investments of extra US$2,000 for every single dependent.
Stipulations: (1) The titled Panama real estate may either be within the personal name of the primary applicant or within the name of a Panama Private Interest Foundation; provided that the primary applicant is the Founder or the Beneficiary (it should not be within the name of the Panama Corporation or trust). (2) The primary applicant should also verify that he/she has enough earnings to sustain his or her daily expenses.
Dependents: For every single other dependent which applies for residency within this particular Panama immigration program, an investment should be raised by US$2000, not to mention that the primary applicant should verify that he/she has sufficient earnings to sustain the daily living expenses of every dependent.
Option # 3:
The 3rd choice is a blend of the 3-year Panama bank CD with Panama real-estate acquisitions equity (not including mortgages) having both a sum of no less than US$300,000. In case the applicant has got dependents, the applicant must make investments of another US$2,000 for every single dependent.
Self-Economic Solvency Visa Requirement
Foreign people which make investments of no less than US$300,000 in Panama real-estate or a Panama bank time deposit or even both are qualified to get this visa. In case the foreigner has got dependents, he/she must invest another US$2,000 for every single dependent.