Avenida Balboa in Panama City, Panama. The road is named after Vasco Núñez de Balboa—a Spanish explorer, governor, and conquistador.
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For those looking to make a move overseas, either full- or part-time, Panama makes sense for a whole host of reasons.
Chief among them… year-round warm weather, a low cost of living, a foreign-resident-friendly tax system, one of the best banking systems in the world, a stable political situation, a bright economic outlook, and the world’s best program of discounts and perks for foreign retirees.
Plus, Panama uses the U.S. dollar making things easy for those making a move from the States.
It’s also centrally located, giving easy access to all of the Americas—it’s an 80-minute flight from Panama City to Medellín, Colombia, or you could even hop a bus to Costa Rica. You also have several options for direct flights across the Atlantic if you’re planning a trip to Europe.
In country, you can take your pick from cool-weather mountain towns, bustling beach resorts, jungle escapes, or cosmopolitan Panama City.
If you want to seek residency in Panama, here are some of your best options.
1. The Retiree Visa
The pensionado visa works for anyone who is receiving a pension, either private or government. For Americans, that means if you’re on Social Security, you can qualify for this residency permit.
The minimum pension income required is $1,000 for a single person and $250 for each dependent, i.e. $1,250 for a married couple.
The government fees are cheaper for the pensionado visa than they are for the other options on this list.
2. The Golden Visa
The most straightforward is the permit that allows you to invest $300,000 and apply for residency. This minimum amount had been set to rise to $500,000 this month but the good news is the Panamanian government have just announced it will remain at the $300,000 threshold.
The investment you make can be in real estate (you have to hold title in your own name) or a bank CD in any combination you choose. For example, you could buy a $250,000 condo and put $50,000 in the CD.
Besides being easy, the Golden Visa grants you permanent residency with the first application.
3. The Friendly Nations Visa
If you’re interested in doing business or working in Panama… nationals of 50 countries, including North Americans, as well as EU and U.K. citizens, are eligible for the Friendly Nations visa.
To qualify, you must invest $200,000 in real estate in Panama; or, invest $200,000 in a fixed-term deposit in a Panamanian bank; or, secure a contract of employment.
You will also need to open a local bank account with a minimum deposit of $5,000 for the main applicant and $2,000 for each dependent.
You first get a temporary residency card that is valid for two years. After that time you may apply for permanent residency.
4. The Business Investor Visa
To qualify as a business investor, you must invest a minimum of $160,000 in a new or established business in Panama. Plus, you will be required to hire a minimum of five Panamanian employees.
For those applying with dependents, the minimum investment increases by $2,000 for each. Alternatively, you can deposit that amount in a bank account in Panama.
This route also gives you a two-year temporary residence permit. And then you can make your application for permanent residency.
5. The Forestry Investor Visa
Designed to encourage the replanting and preservation of Panama’s forests, you can apply for the reforestation visa with an investment of at least $100,000 in timber (plus $2,000 for each dependent) in an approved reforestation project.
This route gives you two-year temporary residency; after that, you can apply for a permanent residence permit.
However, an investment of $350,000 will get you near-immediate permanent residency.
All visa applications must be made through a Panamanian lawyer.
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Publish date : 2024-10-31 12:45:00
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