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How to get residency and guaranteed income in Panama
Panama investment visa
In October of this year, Panama issued Decree 722, opening the door to obtaining permanent residency through investment. This new visa program makes Panama one of the most attractive destinations for foreigners, and you can begin the process before arriving. Here is what you should know about the Panama investment visa.
What are the requirements?
What are the requirements for the new investor visa? There are three requirements, investing $300,000 USD ($500,000 after October 2022) in real estate, including unfinished properties with a purchase agreement. You can also purchase $500,000 in securities in Panama’s stock market (the companies must have a physical presence in the country) or a $750,000 deposit in a bank operating in Panama. It should be noted you have to hold on to the investments for five years.
What do I need to get started with my Panamanian investment visa? The process can be started before you arrive in Panama. The Mundo team is your direct link to our partners, a real estate and credit risk group with over 400 million dollars in rental property assets. The first step is a conditional purchase agreement, and there are no residency requirements for the first five years. You do not even have to visit Panama during that time. When arriving in the country, the process is fast and simple and takes no more than 30 days. They have made the process easy with a “one-stop shop” for processing your permanent residency visa. There is no need to visit multiple government agencies or wait months without an answer. Moreover, you can get your residency without even visiting the country and acquire your ID in the nearest Panama consulate.
Mundo help you obtain your residency in Panama?What services do we offer, and why choose Mundo and its partners? Besides our expertise, the purchase agreement is conditional pending the approval of your permanent resident visa. We will even cover the cost of it and your real estate fees. Furthermore, your purchase agreement is registered with the Panamanian government. As in, there is a legal record and title of your property. Lastly, real estate projects under construction also qualify for the resident visa as well.
You can make money off your property even if you decide not to live in Panama immediately. This includes deposits on property under construction where your deposit earns 8% annually and qualifies for the investment visa. Our partners can manage your property for completed residences, and you can earn rental income prior to arriving. With our management services, we manage and rent the property for you to obtain the income from your home country without having to worry about anything. We take care of it all.
However, the time to invest is now as property values have been steadily climbing over the last few years. Not to mention, take advantage of the $300,000 minimum requirement before October of 2022.
Another incredible advantage is that you can sell your property and acquire a new one, thus benefiting from the capital gains and the difference of value between the properties if you find a convenient deal. The only condition to maintain residency is that you hold a property for five years; if you sell your previous one and buy a new one, that is accepted.
Located in Central America, this small country has a lot to offer. According to Forbes and other leading publications, it has long been regarded as one of the best places to retire in the World..
Panama is one of the more stable and fastest-growing countries in the region in the last decade. Inflation has been low thanks to a dollarized economy. It is the second most competitive economy in Latin America, second only to Chile. The Panamanian government's business-friendly approach is one reason many of the world's largest companies have relocated to Panama.
However, Panama has a lot to offer for individuals as well. The standard of living is quite high and affordable. The healthcare system is on par with western Europe and the US. There are beautiful beaches and a vibrant cosmopolitan culture in Panama City. It is easy to see why many people worldwide have decided to make Panama their home.
The tax advantage
Lastly, there are tax benefits to living in Panama, whether for business or for a private individual. There are no taxes on income earned abroad, unlike many countries and low capital gains taxes. Also, no inheritance tax and possible tax savings by incorporating in Panama.
Whether you plan on living in Panama or are looking for an opportunity to invest, Mundo and its partners are your go-to source. We have several projects in the country focusing on luxury living with several high apartments located in the heart of the cosmopolitan district in Panama City. If city living is not your preferred choice, the Buenaventura resort is located on the Pacific coast. We will tell you more about the projects in further articles.
The time to act is now
At Mundo, we will help you take advantage of the new investor visa and maximize your investment return. However, with property rates appreciating around 8% yearly and now being low due to the Covid-19 pandemic, the time to purchase is now. Demand will only increase next year, and you only have until October of 2022 to take advantage of the $300,000 requirement. After that, the minimum will rise to $500,000. Moreover, purchasing real estate in Panama is an investment in itself. It opens the gate to tax residency in Panama, which allows for huge benefits if you create the proper structure. Remember that Panama does not levy tax on foreign income. This is an incredible opportunity for family offices that want to protect and grow their assets.
This is one of the most generous permanent residency programs in the world. Not only is Panama a beautiful country, but it has a high standard of living. Its generous tax laws and being open to business are why many individuals and companies have relocated here. The Mundo team is here to help you make your dream of relocating to Panama become a reality.
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