Get residency plus company for only 23,000 USD: the best path to becoming a Panama resident
If you want to open a company in Panama, you may not be aware that this is a path to residency. A friendly nations company allows you to get residency without a major investment allowing you to become a legal resident in this beautiful country. All in all, this is the perfect option, except for one major downside which we will disclose in this article. Get to know Panama immigration best-kept secrets and get the second residency that you need before the end of the year.
Company plus residency in Panama: What is the Friendly Nations Visa?
Through the Friendly Nations, eligible candidates can access a residency permit valid for two years, after which they can get permanent residency. To be eligible they must meet two main requirements: be citizens of one of the friendly nations and have economic ties with Panama.
Currently, there are three alternative ways to prove having economic ties:
- Purchasing real estate
- Being hired legally by a Panama company
- Open a company in Panama and self-hire
Among these options, Mundo considers Panama company plus residency to be the best one and this article explains why. Keep reading and find out one of Panama immigration best-kept secrets.
Residency plus company in Panama: low-cost and safe
In Panama, you can get residency by establishing a company and hiring yourself, thus, you’ll be the main shareholder and an employee. This will be sufficient for you to demonstrate having economic ties. After this, you’ll have to undergo the standard Friendly Nations visa procedure, which includes:
- Depositing 5,000 into a local bank account (if you have dependents and adding 2,000 per dependent)
- Presenting a medical certificate indicating that you are in perfect health
- Presenting a police record indicating that you don’t have a criminal background
- Presenting a copy of your passport
This will grant you residency for 2 years, after which, if you maintain the company according to the law (this includes paying your own salary, social security, and educational insurance), you can apply for permanent residency and get a Panamanian ID card.
However, you’ll find one major downside: the residency plus company presented in this article is only viable within the framework of the friendly nations, which means it’s only available for citizens of those 50 countries. For other applicants, there are other visas available whose information you can find in the following banner:
But if you are among the lucky ones, your company plus residency comes with the following benefits.
Non-dependence (except for your nationality)
With this option, you don’t depend on a third party or a different company to grant you a working contract which, by the way, must be duly registered. Many think that with any professional services contract, they will be able to access friendly nations, but this is far from reality. Applicants must find a local company that hires them through a contract and with all the benefits stipulated by law, being such a contract registered in the Ministry of Labor. So, if you’re not lucky to find such an opportunity, there’s the possibility presented in this article: open a company in Panama and grant yourself the said contract. In other words, the applicant doesn’t depend on a third party to become eligible.
Relatively fast path to residency and citizenship
Panama company plus residency through Friendly Nations gives you a temporary permit for 2 years, in which you have to maintain your company and your own contract. After that, you will be eligible for a permanent permit and, once you get it, you’ll have the exact same benefits as a Panamanian except for voting and for working in certain professions that are only reserved for citizens. Besides this, you’ll be able to open bank accounts, invest, buy property, exit and enter the country as many times as you wish, and you’ll have the possibility to establish legal tax residency.
Relatively low costs
You can get your friendly nations company for only 9,000 USD as a first payment, however, throughout the following two years you’ll have to maintain your entity, which comes with expenses such as your own salary, your social security expenses, the renovation of the company, and other costs that may derive from the structure’s activity. All in all, in the course of two years, the residency ends up costing you roughly $23,000, which is a fairly good price if you compare it with, for example, the minimum real estate investment for friendly nations applicants which is 200,000USD.
Disclaimer: in the article, the process has been described as a general overview. Particular details about the process will be given during a legal consultation. Moreover, the fees and requirements here described are approximate and intend to show the average numbers so that the reader can have a general idea of the product and its cost. If you want to open a company in Panama and get residency, consult with a certified professional.
Get Panama company plus residency for only 23,000USD in two years
Now you know one of Panama immigration best-kept secrets. Mundo highly recommends this option because it entails ridiculously low costs. Not only 23,000 USD is quite a low price for a permanent residency, you’ll also be paying this in a 2-year period in which you can use the very same company to produce money. In other words, the company plus residency option practically pays for itself.
Mundo is lucky to have close connections with Panama experts and lawyers who know all the intricacies of the corporate world and the immigration stipulations set out by the Republic of Panama. To start, all you have to do is click and we’ll be right there for you.
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