General Types of Visas to Apply for in Panama
Panama is a small nation located in Central America, just between Colombia and Costa Rica. In fact, the Panamanian Isthmus is the bridge that unites Central and South America.
Thanks to its strategic location, Panama is known for being a melting pot, a place where many cultures are merged to form a unique mixture. Also, this country is known as one of the best places to retire in the Americas.
You can afford a world-class lifestyle at a fraction that it would cost you in the United States or in Europe. In a nutshell, some of the things that make Panama so special are:
-It is by far the safest country in Latin America.
-Since the return of democracy in 1990, Panama has had a sound political and economic stability, something really uncommon in the rest of Latam.
-Panama is the main financial center of Latin America, meaning that you will see dozens of executives and investors from any imaginable country doing business there. It is a melting pot, just like we said above
-It offers a world-class Caribbean lifestyle, with warm weather all year and extraordinary beaches in its coasts.
-Panama also has a really competitive tax regime.
At this point you may be asking how to move to this paradise on earth. The first step is to obtain a visa and we will give you the ultimate guide to do so. No matter if you are a businessman or a freelancer, Panama offers you a wide range of options to legally reside in it.
The Investors Visa
This type of visa is aimed at foreign individuals who invest at least 300,000 USD in Panama. You can have your money in one of Panama’s top banks at a 5% interest or acquire real estate investments for the same value.
The steps to apply for this type of visa are the following:
1. Register your passport at the Migration office and Obtain a temporary ID. It takes between 2 or 3 days.
2. Obtain a multiple entry visa that will allow you to get out and re-enter the country while the residency is processing.
3. The next step is the residence approval process, where the Panamanian authorities will check the requirements. It takes from three to six months.
4. Once the resident visa is approved, now you will obtain the residence card.
More than three decades of outstanding growth have made Panama a jewel in Latin America; the investor's visa is the perfect option to move to this thriving jurisdiction, optimize your taxes and take advantages of the thousands of economic opportunities it has.
Contact us for more information about the Investors Visa
The Pensioneer Visa
This type of visa is aimed at individuals who are seeking a place to retire. However, it is open to all ages. The main requirement is to prove that you have a pension or fixed income of at least 1000 USD for life (another $250 have to be added for each dependent, like a wife or a child). The Panamanian Retirees Visa is considered one of the best visa programs in the planet, as it has no investment requirements, gives great discounts and benefits in medical bills and has no age restrictions.
The steps to apply for this type of visa are the following:
1. Register the passport at the Migration office and obtain a multiple entry visa that will allow you to re-enter the country while the residency visa is processing. This process takes up to a week.
2. Submit the requirements and wait for the residence approval process. This takes between three to six months.
3. Obtain the residency card.
The pension or fixed income can be paid by a private company, a fund, an insurance company, a military institution, the government or even a bank.
Contact us if you want to know more about the Pensioneer Visa;
The Nomad Visa
The 21st century broke paradigms regarding the way a job is conceived. Now it is not 100% necessary to physically be in a certain place to perform a service or to work. Remote working is expanding in ways unimaginable three decades ago.
Now is possible to work, have a conference or attend a client in China or in Japan from a lovely beach in the Caribbean. E-working is becoming really popular for a new generation of workers who value flexible terms rather than a good-looking offices or a high salary.
The Panamanian authorities know this. That’s why they launched a new short-term Nomad’s Visa program, especially aimed at remote workers.
This visa was announced in an Executive Decree in May, 2021.
The main requirements for this visa are the following:
-Have a minimum income of at least USD 36,000 or its equivalent on another currency.
-Have a contract with a foreign company or be a self-employed worker in telecommuting.
-To perform activities whose implications are seen abroad.
The Digital Nomads Visa is valid for 9 months and will allow the individual to telecommute in Panama without other additional requirements or permits.
In order to apply for the Digital Nomads Visa program, you must submit the following documents to the National Inmigration Service.
1. Fill out a form that states that the applicant will assume the costs of return to his/her country of origin.
2. Three card-size photographs
3. A copy of the applicant’s medical insurance. It must be valid in the Republic of Panama during the stay time.
4. Letter from the company that states: general data, position in the company, monthly income and (if necessary) the commitment to assume the expenses of repatriation of the applicant.
5. A sworn declaration of non-acceptance of a job or service offered in the Republic of Panama.
6. Pay 250 USD to the National Inmigration Service
If the applicant is an autonomous worker, he/she will omit steps 4 and 5, providing the following requirements instead:
-A notarized certification of the registration of the company through he or she will do business.
-A sworn declaration that states the status of the clients that he or she provides services, detailing general data of the clients, the type of services provided, the amount and periodicity of the payments.
All the documents must be properly translated and apostilled prior to the application.
Professional Employment Visa
The Professional Employment Visa is specially designed for foreigners who have been residing in Panama for at least two years and have been working for a Panamanian-based company.
In order to be eligible, the applicant must pay social security, taxes and have a college degree certificated by a Panamanian university.
Contact Mundo experts in order to have more information about this type of visa
About the Friendly Nations Visa
The Friendly Nations Visa is a permanent residency process available to citizens of 50 countries, such as the United States, Mexico, South Africa, the European Union and New Zealand.
When it was first launched in 2012 it was groundbreaking, as it offered citizens from 12 countries the possibility to become permanent residents of Panama in a fast and easy process.
However, in May 2021 the government updated the requirements for the Friendly Nations Visa in an Executive Decree signed by President Laurencio Cortizo. Changes included the elimination of the possibility to obtain permanent residency by having 5,000 USD in a Panamanian bank account.
Now on, owners of local businesses are allowed to apply for a temporary visa valid for two years and for a work permit. However, Panama will still issue a Friendly Nations Visa to people employed by a Panamanian-based company and create a new way for application via purchase of a property valued at at least 200,000 USD.
The main point of this Visa is to show the purpose of residing and having ties with Panama, for example, a job or a property.
Contact us if you want to know more about the Friendly Nations Visa
What can we do for you?
In Mundo, our main goal is to help our clients in their pursuit of freedom. This means optimizing their taxes and keeping money flowing through their pockets.
We love Panama because it ensures freedom. Thanks to extraordinary conditions and a sound political stability, this country is headed to be the richest nation in Latin America.
Becoming a Panamanian resident can give you great benefits in terms of taxes, a life-style improvement and sound business opportunities.
In Mundo we have a wide set of partners that can help you to become a Panamanian resident in record time. They can assist you in every step of the process.
Become a Panamanian resident.
Now that 2024 is a just few weeks away it's time for the yearly balance and today is Grenada's turn....
Panama, with its strategic geographic location and robust legal infrastructure, has emerged as a s...
In the complex world of financial planning, strategic wealth management stands as a crucial pillar...
Caribbean programs have been among us since 1984 when Saint Kitts and Nevis established the first CB...
There will come a time in which your financial plan will need a reliable company. Then you'll be rea...
For those who are looking for rental income, Panama is a great place to invest and live off rents. B...
Inflation issues, in one way or the other, concern us all. One of the most common apprehensions of a...