|
Second Passport Programme offering Immediate
Panamanian Passport:
Immediate Passport Programme
This programme allows foreigners to obtain immediate
Panamanian Passport under the condition that they make
a 5 year time deposit (certificate of deposit - "CD"),
at the Banco Nacional de Panama, which earns a minimum
of US$750 per month in interest income. More
on Immediate Panamanian Passport Programme…
Visas:
Panama has very attractive visas for pensioners and
investors. The most popular visas to relocate to Panama
are described hereinafter:
A. GENERAL RULES:
• All visa applications must be made through
a Panamanian lawyer.
• All documents from overseas must be authenticated,
please see below “C: Documents required from
Home”.
• There is no age limit or maximum required
for applying for any of these visas, save for the
minimum legal age of 18 years. Youngsters under 18,
will qualify for a visa as dependents of their parents.
• None of these visas grant work permits.
B. VISA DESCRIPTION:
(Please note that these descriptions are updated
where applicable to reflect new amendments made by the
government as of May 2004.)
1. Tourist Pensioner Visa (Turista Pensionado):
This visa is designed for persons whose pension
from a Government entity or private corporation is
$500 or more ($600 or more for a couple).
It is granted indefinitely and includes benefits
such as a one-time exemption of duties for the importation
of household goods (up to $10,000) and an exemption
every two years of duties for the importation of a
car.
A provisional residence permit, valid for a one-year
period will be granted to the applicants. At the end
of the one-year period, a petition for permanent residence
must be filed. The permanent residence permit, once
approved, grant the applicant a Panamanian Identification
Card and the right to apply for Panamanian Nationality
after 5 years.
2. Private Income Retiree Visa (Rentista
Retirado):
This visa is for persons who despite not receiving
a monthly pension, are no longer working and have
a lump sum which may be deposited on a 5-year Certificate
of Deposit with the National Bank of Panama, yielding
at least $750 a month (at current rates approximately
$225,000).
The visa is renewable every five years, so long as
the Certificate of Deposit keeps being renewed.
The Private Income Retiree Visa includes such benefits
as a travelling Panamanian passport (does NOT grant
nationality); a one-time exemption of duties for the
importation of household goods (up to $10,000) and
an exemption every two years of duties for the importation
of a car. The passport needs to be renewed every five
years.
3. Person of Means Visa (Solvencia Económica
Propia):
Designed for those who wish to live in Panama, not
being employed or starting a business, but living
of their own means.
There are now three options available for this visa
category:
- The person must have a two-year certificate of
deposit in any local bank with a minimum of $200,000
or
- Buy in his own name, a real estate property in
Panama for the minimum sum of US$200,000, and provide
proof of the source and sum of the revenues with
which he will cover his living expenses in Panama;
or
- Buy in his own name, a real estate property in
Panama for the minimum sum of US$80,000, plus also
have a time deposit in his name, in a bank located
in Panama, with a 2 year duration, for a minimum
of US$120,000, and provide proof of the source and
the sum of revenues with which he will cover his
living expenses in Panama.
It is granted provisionally for one year and after
renewal it is granted permanently with the right to
be issued a Cedula (local identity card).
Five years after obtaining the permanent visa, holders
will be eligible to obtain Panamanian Nationality.
4. Investor Visa (“Inversionista”):
Designed for those who wish to establish a business
in Panama (retail businesses and some professions
are reserved to Panamanians).
There must be a minimum investment of $150,000 and
minimum of 3 Panamanian employees hired.
It is granted provisionally for one year and after
renewal it is granted permanently with the right to
be issued a Cedula (local identity card).
Five years after obtaining the permanent visa, holders
will be eligible to obtain Panamanian Nationality.
5. Forestry Investor Visa (“Inversionista
Forestal”):
This programme has been suspended by the government.
It is possible that a new version may be offered sometime
in the future but until that happens there is nothing
to discuss. The investment itself is still a very
lucrative long term option to consider for the astute
investor, as the global demand for hard woods continues
to escalate and is only likely to continue to do so
for the foreseeable future. See
reforestation investment.
6. Immigrant Artist and/or Self-Employed
Visa
A new visa is available now for immigrants who wish
to apply for provisional and then permanent residency
in Panama as self-employed professionals or as artists
of some type.
This visa applies to the following professions and
artists: sculptors, writers, musicians, painters,
recognised or emerging artists, sound technicians,
lighting technicians, tailors, designers, artisans,
chefs, cobblers or shoe makers, saddlers, plumbers,
mechanics, electricians, ship and plane mechanics,
investigators and/or consultants of high technology,
electrical and digital instrument repairers, electrical
instrument repairers, and any other profession, art
or craft whose practice is not reserved by the Constitution
or the law to Panamanian Citizens.
Please note that the National Immigration and Naturalisation
Department may adopt resolutions at any time which
restrict the immigration of any of the above professions
should they deem that the labour market in the country
is saturated and that therefore the admission of foreigners
of such professions is not in the national interest.
This is entirely at their discretion.
The purpose of this visa is to permit the immigration
into Panama of persons whose profession, art or craft
is of benefit to the development and advancement of
the country.
Professionals and artists under this program are
required to declare all Panamanian source income in
tax returns in Panama, as well as pay social security
and income tax contributions as required by law. NOTE:
This is particularly important with respect to the
Proof of Income requirement, if you are not registered
with the Ministry of Economy and Finance for the purpose
of payment of taxes and with the Social Security Board,
then you will not be considered to be able to provide
proof of your income.
It is granted for one year, and needs to be renewed
three more times before it is granted permanently
with the right to be issued a cedula (local identity
card).
7. Tax Free Processing Zone Investor
This program allows foreign investors to obtain legal
residency in Panama under the condition that they
must rent a plot of land or an office or building
(rented through a 10 to 20 year concession) within
one of the new tax free processing zones in Panama,
for the purpose of operating a business from Panama
that exports its products or services.
8. Executive Visa
Normally obtained for persons coming to work to Panama
of from Panama on a temporary basis. This type of
visa requires that there must exist an established
connection between a mother company abroad and the
activities that the representative performs in Panama.
9. City of Knowledge (Ciudad de Saber) Work
Visa Programme
This program allows foreign investors to obtain up
to 5 work visas (valid for an initial term of 2 years,
and renewable for an additional 2 years) for their
company in Panama under the condition that they must
rent an office or building within the City of Knowledge
of Panama (located within the former Fort Clayton
military base), for the purpose of operating a business
from Panama.
Note that options 7, 8 and 9 are work programmes
only and do not lead to permanent residency.
C. Documents required from home:
Please note the following requirements for documents
from overseas:
• All documents must be authenticated by a
Notary and by the Panamanian Consulate nearest you,
or by a Notary and the Apostille. The Apostille (The
Hague Convention of 1961) is a faster way of authenticating
documents and is normally obtained through the Secretary
of State Department in your home state (in the USA)
or through the Foreign Office (in UK and Canada).
• All documents must be fresh (within 2 months
of visa application) and passports must have at least
1 year to run.
• Dependents: If your spouse will be covered
by your visa, you need to bring Marriage Certificate.
However, original marriage certificates are not acceptable
if over 2 months old, you need to request fresh ones.
If your children (under 18), are to be covered by
your visa, you need to bring fresh Birth Certificates
(not the original ones).
You must bring the following documents with you
for the visas listed below:
TOURIST PENSIONER VISA:
1. Valid Passport.
2. 6 passport-size photos (gentlemen in suit and
tie; ladies in blouses or dresses with sleeves)
3. Evidence of Pensioner Status (stating entitlement
to a pension of more than $500 and an additional
$100 for each dependent).
4. Good Standing certificate, issued by the Registrar
of Companies if the pension is granted by a private
corporation.
5. Police Record of your place(s) of residence for
the past five years.
6. Marriage Certificate (if your spouse is to be
included as dependent in your visa).
PRIVATE INCOME RETIREE VISA:
1. Valid Passport.
2. 6 passport-size photos (gentlemen in suit and
tie; ladies in blouses or dresses with sleeves)
3. Police Record of your place(s) of residence for
the past five years.
4. Marriage Certificate (if your spouse is to be
included as dependent in your visa).
5. Enough funds to establish a Certificate of Deposit
with the National Bank of Panama for 5 years, with
a monthly yield of $750.00 (at present rates, approx.
$225,000).
PERSON OF MEANS VISA:
1. Valid Passport.
2. 6 passport-size photos (gentlemen in suit and
tie; ladies in blouses or dresses with sleeves).
3. Police Record of your place(s) of residence for
the past five years.
6. Marriage Certificate (if your spouse is to be
included as dependent in your visa).
4. US$100,000 to establish a Certificate of Deposit
with any bank in Panama, for two years.
INVESTOR VISA:
1. Valid Passport.
2. 6 passport-size photos (gentlemen in suit and
tie; ladies in blouses or dresses with sleeves).
3. Police Record of your place(s) of residence for
the past five years.
4. Marriage Certificate (if your spouse is to be
included as dependent in your visa).
5. US$150,000 to invest in a company plus US$4,000
for each dependent.
This visa will also require setting up a corporation.
IMMIGRANT ARTIST AND/OR SELF-EMPLOYED VISA:
1. Valid Passport.
2. 6 passport-size photos (gentlemen in suit and
tie; ladies in blouses or dresses with sleeves).
3. Police Record of your place(s) of residence for
the past five years (unless the applicant has been
residing in Panama for the last 2 years or more).
4. Marriage Certificate (if your spouse is to be
included as dependent in your visa).
5. Good Health Certificate (should be obtained in
Panama, at an approved clinic). Must be less than
3 months old on the date of presentation.
6. Proof of an Income of at least $500.00 for the
applicant, plus a further $75.00 per dependent person.
D. Documents to be obtained in Panama:
There will be a number of documents which must be obtained
or issued in Panama, for example, Health Certificate,
HIV test, Applications, etc.
We will assist you with all documentation to be obtained
in Panama.
E. Additional issues:
The following are answers to the most frequently asked
questions:
1. You will need to travel to Panama in order to
obtain your visa. You will need to be present for
the filing of the application, then you receive an
interim card lasting 3 months and within that time
the visa will be issued. You need to be in Panama
when the visa is issued and you should preferably
be in Panama from the filing of the application to
the issuance of the visa. If you decide to travel
outside Panama before your visa is granted, you will
want to obtain a multiple entry permit.
2. We recommend that if you obtain a visa to reside
in Panama, but you wish to live overseas, that you
make plans to visit Panama at least once a year (legally
you may be away up to two years). In any case, you
must obtain a multiple entry permit valid for up to
two years before leaving. We may assist you on obtaining
this permit.
3. Once you obtain a visa in Panama, even if you
decide to live here permanently, but you wish to travel
often, we recommend obtaining a Multiple Entry Permit.
F. Further information:
The above is a very brief outlook of some of the visas
offered by Panama. An evaluation of your individual
case may be necessary to determine the visa most suited
to your circumstances.
Summary
Many international investors and companies find Panama
to be an excellent location for investing in reforestation,
manufacturing plants, assembly plants, distribution
facilities for import/export, e-commerce, call centers,
and a variety of other business activities. Many times,
investors find that legal residency qualification is
just an "extra benefit" to the investments
that they are making in Panama.
Obtaining a second residency in Panama is useful for
those who wish to:
- Have a second home overseas in a tropical country
where they can live at or visit.
- Have a "safe haven" to escape to in the
event of war or any type of civil unrest that may
threaten their family.
- Actually live in Panama permanently, perhaps after
retirement.
- Relocate to a tropical, stable, safe country where
it is very economical to live in comparison with most
other developed countries such as the US, Canada,
Europe, etc.
- Relocate to a more "tax friendly" country
where foreign earned income, capital gains, and interest
income is not taxed.
- Relocate to a country where frivolous lawsuits are
not recognized by courts, and assets can be truly
protected through a corporate shield, without the
risks of "piercing the corporate veil".
- Relocate to a country where one can begin business
operations economically, and without heavy restrictions,
regulations, or taxes that hinder the growth of the
business.
- Relocate to a country where real estate is still
affordable for purchasing homes in the city or land
at the beaches, mountains, lakes, etc.
If you are interested in relocating to Panama, or
obtaining legal residency in Panama, please contact
us for a personal consultation. |
En
Español
