Citizenship and Residency

Panama Residency Options

Many publications, experts, and expats consider Panama to be one of the best destinations in Latin America, and one of the best places to live worldwide. There are many reasons why Panama is so popular, and this includes the ample variety of Panama residency options. Moreover, the country has a very low crime rate and diverse weather. When you think about Panama, you immediately think about beaches, but the truth is that there are also mountain landscapes with a cooler climate near the border with Costa Rica.

Foreigners find here international schools, including bilingual and trilingual education options, high-end medical facilities, and a fantastic lifestyle environment, especially in Panama City.

For all these reasons, it's not strange to see many Americans, Europeans, and Chinese moving to Panama with their families. Moreover, and lucky for them, getting residency in Panama is relatively easy thanks to its programs.

Panama has a great advantage which lies in its multicultural scenery. Since day one it has received foreigners which means the country is very tolerant and respectful of different ethnicities and religions. Walking down Via Argentina, Albrook Mall, Multi Plaza, or Calle Uruguay you can see Arabs, Italians, Russians, Germans, Jews, Chinese, and all kinds of cultures. Here you can forget about discrimination, intolerance, or terrorism. If this sounds like paradise, it's because it's quite close to it.

The best news is that all these people have a wide variety of Panama residency options available for them, depending on their objectives and particular cases. In this section, we highlight what we consider the best ways of getting residency in Panama legally and safely.

Panama Residency options: The Friendly Nations visa

Friendly Nations used to grant immediate permanent residency, but this has changed. Now, getting residency in Panama through the Friendly Nations is easy but you obtain a 2-year permit first. This permit is granted within three months after applying and you will receive a document that states you have been accepted as a resident.

These requirements are quite simple, however, the visa is restricted to citizens of certain countries including the EU, The United States, Brazil, South Africa, Australia, The United Kingdom, and New Zealand.

The main requirement is being from one of these countries and proving you have economic ties to Panama. This can be done in any of the following ways:

• Obtaining a fully legal work contract from a Panamanian company.
• Registering your own company and hiring yourself including salary and social contributions.
• Investing $200,000 in real estate which must be already constructed and registered.

Once this is achieved, you only need to deposit $5000 in a local bank account. After this, you find no language requirements and no investment requirements except for the real estate alternative. All in all, this is one of the simplest Panama residency options and one of the simplest residency programs in the world today.

The purpose of the program is to attract talented people who will contribute to Panama’s economic and cultural scenery.

Another advantage is that after five years of living in Panama as a permanent resident, the person can apply for citizenship which is granted after a simple test.

When it comes to residency, there's no need to live in Panama to maintain it. Getting residency in Panama is easy and also maintaining it, being one of the only countries in the world offering such flexible conditions.

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Next, we invite you to check out the details of the procedure.

Getting Residency in Panama: Friendly Nations Procedure

• Five passport photos.
• Reference letter from a local bank certifying to have at least $ 5,000 in an account.
• Original and Copy of your passport and a second identification, this may be your country's ID or driver's license.
• Corporation created on behalf of the applicant (the applicant must be an employee)/proof of real estate purchased/job contract by a Panamanian company hiring the main applicant.
• Criminal record.
• Payment of USD 800.00 for possible repatriation, through Certified Check.
• Payment of USD 250.00 for application fees, by certified check.
• Health Certificate issued by a local doctor.
• Affidavit, according to the migration requirements.

In most cases, applicants are not alone. Getting residency in Panama with your family is possible with the possibility of adding the spouse and the children. Naturally, marriage and birth certificates must be submitted for proof.

Note: documents in foreign languages must be translated to Spanish and apostilled.

Process

• Open a bank account (1-2 days)
• Register passport in Migration and Obtain temporary ID (2 - 3 days)
• Obtain multiple entry visa (2-3 days)
• Permanent residence approval process (3-6- months)
• Obtain permanent residence card (1-2 days)
• Obtain permanent residence card (45-60 days)

Panama Residency Options: Pensionado Visa

We know that the first thing that comes to mind is that this visa might be age-restricted, but this is not so. The Pensionado Visa is open for people of all ages as long as they have a lifetime pension. This can come from private or government sources and must be at least $1000 a month per person.

Getting residency in Panama through Pensionado is very easy with no language and no investment requirements, except for an optional real estate alternative.

Moreover, retirees in Panama enjoy a variety of benefits including 25% discounts in movie theaters, restaurants, medical bills, and lots of other services. After all, there's a reason why this is one of the best Panama residency options. All you have to do is prove that you have a steady income for life. Also, another advantage is that it doesn't have citizenship-related restrictions.

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Getting Residency in Panama: Pensionado Requirements

• Five photos.
• Passport.
• Letter issued by the Institution or Entity that proves the monthly lifetime income (minimum of USD 1,000.00).
• Criminal record.
• Medical certificate issued by a local doctor.
• Affidavit, according to the migration requirements.
• Proof of Panama address, this may be utility bill, rental agreement and / or hotel letter.

Note: remember that all these documents must be duly translated and apostilled.

When adding dependents like spouse or children, the monthly income must have an additional $250 for each.

Application process

• Register the passport at the Migration office and obtain a temporary ID (2 - 3 days)
• Obtain multiple entry visa (2-3 days)
• Residence approval process (3-6- months)
• Obtain residence card (1-2 days)
• Obtain residence card (45-60 days)

Panama Residency Options for Investors: Qualified Investor Visa

With $750,000 you can get immediate permanent residency in Panama. This path is by a $750,000 investment into a fixed deposit in a Panamanian bank, obtaining 5% annually. Another option is to invest $500,000 in the local stock market. However, our favorite option is real estate because you can get residency in Panama after investing $300,000 in a property. When the program was opened, the minimum was $500,000 but it was lowered to $300,000 in 2024.

For us, this is one of the best Panama residency options because it offers immediate permanent residency, and it's not restricted to any citizenship. Moreover, it provides a direct entrance to the Panamanian real estate market which is booming with the possibility of short- and long-term rental.

We're proud to say that the investment possibilities are outstanding through state-of-the-art projects and high-end units. All projects are located in top areas in the city center or near the beach, and have excellent amenities including gyms, infinity pools, incredible views, saunas, yoga studios, playgrounds for children, and many others.

Getting Residency in Panama for Investors: Requirements

• Five photos.
• Notarized copy of passport.
• Criminal record.
• Health Certificate issued by a local doctor.
• Payment of USD 800.00 for repatriation, through Certified Check.
• Payment of USD 250.00 for application fees, by certified check.
• Affidavit, according to the migration requirements.
• Fixed Term Deposit Certificate proving that you have deposited USD 300,000.00 or more, for a term of 3 years or more and that additionally it is free of encumbrance; or,
• Certification of the Public Registry of Property that proves ownership of a property in a personal capacity or in the name of a private interest foundation and that the property is free of encumbrance.

Application with dependents (spouse and children) is possible and it becomes necessary to prove the family connection. Therefore, the applicant must present a marriage certificate and birth certificates.

It's important to remember that documents in foreign languages must be translated into Spanish, and all documents must be apostilled.

Procedure for Obtaining Qualified Investor Visa

• Register the passport at the Migration office and Obtain temporary ID (2 - 3 days)
• Obtain multiple entry visa (2-3 days)
• Residence approval process (3-6- months)
• Obtain residence card (1-2 days)
• Obtain residence card (45-60 days)

Getting Residency in Panama through Reforestation Programs

If you believe in sustainability there's a possibility of investing $100,000 in teak land. This brings solid returns yet in the long term after all the trees have grown and started producing the wood.

This long-term approach is ideal for Americans and Canadians who want to invest in something that will fund their children's college education in the future. The foreseeable returns are expected in 25 years after the investment.

Getting Residency in Panama for Professionals: Professional Visa

Panama welcomes those people with professions that can contribute to the country. People with those professions and with the corresponding degrees can apply for a professional visa. The degree will have to be certified by the University of Panama, and it has to fit the list of possible occupations. This list includes food technologists, IT staff, computer managers, and managers in general.

Nonetheless, Mundo doesn't recommend this option because it’s lengthy, however, it doesn't require any investment and is one of the most cost-affordable ones.

An important note: some professions are restricted and can be conducted only by Panamanian citizens. Some of these are medicine, veterinary, and law. That is, you can only work as a lawyer, a doctor, or a veterinarian if you are a Panamanian citizen. If you're interested in this visa, please ask about the full list of restricted professions.

Disclaimer: The costs and requirements described here are valid at the time of publication but may be outdated at the time of reading. We recommend consulting a certified professional before making any immigration decisions. Mundo is not responsible for the interpretation readers may make of this article or the decisions they take.

Getting Residency in Panama is Easy through these Programs and with Mundo

All in all, Panama residency options are many since the country offers a solution for every case. Some visas are ideal for investors and offer a quick path to permanent residency. Others are less expensive, like the Friendly Nations Visa, but they are restricted by nationality or by the possibility of obtaining a job contract.

An outstanding option is certainly the Pensionado Visa, which is also available for everyone, but it requires a lifetime income.

Mundo has an on-site team and connections with lawyers, advisors, and realtors specialized in Panama and its possibilities. Send us a message and we'll be happy to provide advice in your journey towards getting residency in Panama.

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