Panama

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.

Panama offers residency through the Self-Economic Solvency Visa, which is an attractive program that will allow you to obtain Panamanian Residency.

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.

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.

As mentioned earlier, there are two programs/investment options through which you can apply for residency.

• Self-Economic Solvency Visa

This immigrant visa and the relevant residency permit may be requested by the members of a family group that wish to immigrate as a group and establish their permanent residence in the Republic of Panama.  The family group must have the economic means necessary to cover the family expenses for housing, food, education, health, transport and others.When applying for a Self Economic Solvency Visa the applicant must provide evidence of an investment of at least US$300,000 in Real Estate or Fixed Term Deposit or a Combination of Both.

• Friendly Nations Immigration Program

If you are a citizen from one of the 50 friendly nations listed below and wish to relocate to Panama in order to conduct economic or professional business activities, you can qualify for this fast track permanent residency program.

The Panama 50 Friendly Nations

• 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 

Visa-Free Countries

4,176,869
POPULATION
$28,456
GDP (per capita)
$121.749 billion
GDP (purchasing power parity)

CAPITAL CITY
Panama City
TIME ZONE
EST (UTC−5)
TOTAL AREA
75,417 km2
LANGUAGES
Spanish
CURRENCY
“Balboa (PAB) & USD $”
MAIN INDUSTRY
Tourism, Agriculture

KEY ADVANTAGES

• Steady and stable economic growth
• Panama is known for its free economy
• Politically stable democratic country

PROGRAM MATCH

Compare the different programs in a nutshell and discover their features

PROGRAM COST

Check the cost estimates for each offered program

PROGRAM MAP

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Disclaimer
The materials contained in this page are provided for general information purposes only and are not intended to provide legal or other professional advice. Processing times and costs will vary depending on a number of factors. CitizenMatch is not responsible for any changes to the time and cost estimates; we can provide specific information on an individual basis. All rights reserved.