Panama Person of Means Visa
Panama Person of Means Visa Description
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 $300,000 or
- Buy in his own name, a real estate property in Panama for the minimum sum of US$300,000, 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 and invest a minimum of $100,000 in a two-year certificate of deposit in a bank located in Panama for a combined total of US$300,000 and provide proof of the source and the sum of revenues with which he will cover his living expenses in Panama.
N.B. Please note that both time deposits and property purchases must be held in personal name only (not a company) and that the property amount must be free and clear equity.
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.
Panama Person of Means Visa General Rules
- All visa applications must be made through a Panamanian lawyer.
- All documents from overseas must be authenticated, please see below “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.
Panama Person of Means Visa Documents
Documents Required from Home
- 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).
- Valid Passport.
- 6 passport-size photos (gentlemen in suit and tie; ladies in blouses or dresses with sleeves).
- Police Record of your place(s) of residence for the past five years.
- Marriage Certificate (if your spouse is to be included as dependent in your visa).
- US$100,000 to establish a Certificate of Deposit with any bank in Panama, for two years.
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.
If you are interested in relocating to Panama, or obtaining legal residency in Panama, please contact us for a personal consultation.