Panama currently ranks as the number one retirement country globally. Factors such as low crime rate, low cost of living, excellent health care, an all-year-round warm climate, high-speed internet, excellent phone service, and good road networks all make it a desired destination. This article will show you how to get a Panama residency.
Applying for a Panama Residency
If you want to get a Panama Residency, you should hire a Panama Immigration Lawyer to help you submit your residence permit application. This is a compulsory requirement of the local immigration law. The lawyer will give you the necessary information about the documents you need to apply.
Here are a few documents you will need to fill out in your application. More often than not, the document must be translated appropriately.
- Marriage certificate
- Police check
- Birth certificate
- Proof of funds
- Medical report from a health expert in Panam
Panama visa requirements
Before flying to Panama, you need to figure out the visa requirements. If you want to find out if you need a tourist card or visa to enter Panama, ensure you consult the Panamanian Embassy close to you. Citizens of Canada, the US and the EU can enter and stay in Panama for six months with an onward ticket, valid passport and proof of solvency. But, it is recommended that you get up-to-date information in advance.
Panama retirement / pension visa
Retirement is not only restricted to seniors in Panama, as anyone with a lifetime annuity or pension paying at least $1,000 each month can be seen as a pensioner.
Friendly Nations visa
If you come from one of the top 50 nations globally, you can cheaply get into Panama. This type of visa is $5000 for the applicant and $2,000 for their dependents.
People of means
If you intend to hold large amounts of money in Panama, the Person of Means Visa may be the most innovative option. There are two distinct ways you can prove to Panama that you are self-sustaining and don’t need a retirement or annuity plan.
Professional employment visa
This visa applies to foreigners working for a Panamanian company, and such people can become residents of Panama after two years.
Reforestation investor visa
If you consider investing in hardwoods, getting residency through the reforestation investor visa may be the wisest route. However, you will be required to make a minimum of $80,000 investment in a reforestation project identified and certified by the government.
Business investor visa
If you start a business in Panama and don’t qualify for the friendly nation status, the Panam Business Investor visa may be your best bet. You could set up a corporation with $160,000 and qualify for this visa.
Regardless of the route you take to get a permanent residency in Panama, and the process may have several red tapes. However, if you get into Panama legally, you should be able to apply for permanent residence within five years of moving into the country.