Panama’s dollar-based economy relies primarily on a well-developed service sector that accounts for more than three-quarters of its GDP. Services include operating the Panama Canal, logistics, banking, the Colon Free Trade Zone, insurance, container ports, flagship registry, tourism and Panama is a hub for offshore banking.
The citizenship by investment (CBI) programs available in Panama are a popular option for investors who are looking to obtain a second passport and the benefits that come with it, such as visa-free travel to over 180 countries, access to quality education and healthcare, and the ability to live and work in a safe and stable country.
There are many benefits to be realized from these programs. Let’s take a look.
- Panama is home to several opportunities. You can invest and start your own business or even pursue a career. The country thrives on its service economy. Other sectors such as transportation, finance, and tourism have begun to contribute as well.
- Panama is officially considered as one of the best retirement locations in the world. You are eligible for a pensioner’s visa, which entitles you to many federal benefits.
- Panama boasts a low cost of living with food, transportation, and utilities being much cheaper than in the US or Canada.
- Panama is uniquely positioned geographically, being located close to the US and various other countries in the Caribbean and South America.
- No upper age limit for applicants.
- Inclusion of dependent family members.
- No language proficiency requirement.
- No specific investment or business obligations.
- Access to Panama’s quality healthcare system.
- Favorable tax policies, including income exemptions.
- Strategic location for travel and business.
- Economic stability and financial sector growth.
- Diverse natural landscapes and urban areas.
- Friendly and streamlined visa application process.
The petitioner receives a Temporary Residency for two (2) years and once this period has expired he may apply for his Permanent Residency. After completing five (5) years from the first Immigration Resolution, the petitioner may apply for Panamanian nationality (the process takes approximately 2-3 years).
To qualify for the programs, you must:
- Be 18 years old or above.
- Submit all your applications via a Panamanian lawyer.
- Authenticate all documents by a Notary and the Panamanian Consulate or, by a Notary and an Apostille. The second option is faster and can be done through the Foreign Office if you are in the UK, and the Secretary of State Office, if you are in the US. For other countries, check with the nearest Panamanian Embassy or Consulate.
- Submit birth certificates for dependents (children below 18) and marriage certificates.
- Submit only the latest and most relevant documents.
- Obtain a health certificate after undergoing tests, including an HIV test.
- Photocopy of valid passport with entry/exit stamps.
- Original notarized and authenticated police record.
- Original notarized and authenticated marriage certificate (if applicable).
- Original notarized and authenticated birth certificate (if applicable).
- Three passport-sized photos.
- Authenticated Financial Reference Letters from a financial institution.
The following citizenship by investment visas are available in Panama:
Qualified Investor Permanent Residency Visa
Friendly Nations Visa
Reforestation Investor Visa
Qualified Investor Permanent Residency Visa: This visa is available to investors who make a qualifying investment in Panama. The investment options are as follows:
$300,000 investment in real estate
$500,000 investment in government bonds
$300,000 investment in a business
Friendly Nations Visa: This visa is available to citizens of one of the 50 friendly nations listed by the Panamanian government.
Reforestation Investor Visa: This visa is available to investors who make an $40,000 investment in a government certified reforestation project.
All three of these visas offer a path to citizenship after 5 years of permanent residency.
The Panama 50 Friendly Nations
|Great Britain||USA||Singapore||Lithuania||Hong Kong|
|Republic of Korea||Netherlands||Poland||Serbia||Andorra|
|Canada||Czech Republic||Croatia||South Africa||Mexico|
Visa Type Government Fees Other Fees Qualified Investor Permanent Residency Visa $5,000 for the main applicant and $1,000 per dependent Legal fees, due diligence fees, real estate transfer taxes, and other associated costs Friendly Nations Visa $300 for the main applicant and $100 per dependent Legal fees, due diligence fees, and other associated costs Reforestation Investor Visa $5,000 for the main applicant and $1,000 per dependent Legal fees, due diligence fees, and other associated costs
FAQs about Panama & The Citizenship by Investment Program
- Is it necessary to come personally to Panama to incorporate the Company?
No. It is not necessary to be present in Panama for incorporating a Panama IBC Company
- Can I hold personal ownership of real estate property in Panama?
Yes. Foreigners have the same property ownership rights as local Panamanians
- DO FOREIGNERS NEED ANY SPECIAL DOCUMENTS TO PURCHASE PROPERTY?
The simple answer is NO
- IS IT TRUE THERE IS NO PROPERTY TAX IN PANAMA?
It is true for most condo buildings in the city. There is a 20-year exemption on any property from the date of occupancy. For example, a building that received its occupancy permit in 2011 would be exempt until 2031. The exemption does not apply to the value of the land for the condo building and on average there is a small annual tax to be paid of $150 to $250 per year per apartment
Make Panama your second home
GDP (per capita)
GDP (purchasing power parity)
“Balboa (PAB) & USD $”
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