You are probably considering moving to Panama or maybe you have already decided to make Panama your home, you most likely will wonder what are the legal steps you need to take to make this official. Thus, to help you consider your options I’ve compiled this article in which you will find everything you need to know about the most common permanent residency options in Panama. And once you get an idea of which one seems best for you I do encourage you to talk about the options you have for permanent residency with an immigration lawyer. This can turn out extremely beneficial for you after relocation, as it can save you a lot of trouble and wasted time.
Why you need a Residency Visa?
Relocating to Panama is an important decision in your life. And this is why you should know you are allowed to stay only up to six months and afterward leave for 30 days before you are allowed back in depending on your nationality. Thus, to avoid such issues when relocating permanently to Panama, you will need a Residency Visa. This will enable you to live in Panama for as long as you want, and you won’t be forced to live here full time. As such, having a residency visa allows you to travel around without any worries and enjoy the economic advantages of being a permanent resident of the country.
How to get permanent residency: different types of residency programs in Panama
Friendly Nations Visa
The Friendly Nations Visa in Panama is as the name suggests. If you come from one of the 50 countries in the world listed in the program considered Friendly Nations, you might become eligible for this type of residency visa. Apart from being a citizen of one of the friendly nations, you will need to own a Panamanian corporation and prove financial solvency by having at least US$5000 in a local bank account for the first applicant and an additional US$2000 for each dependent.
Retirement or Pensionado Visa
Did you know that in Panama, retirement is for everyone, no matter their age? Well, anyone who covers for at least $1000 per month in a pension can be considered a pensioner. Thus, you might get eligible for the pensionado visa in Panama. Of course, if you are an actual retiree, you can too benefit from this type of residency visa which comes along with a package of discounts known as the pensionado program that will get you up to 50% in hotel stays and entertainment and 25% in airplane tickets and restaurants among other discounts. You need to prove you’ve been granted a pension for life or that you have an annuity.
Self-economic solvency visa
When you purchase a home in Panama, you will most likely have to guarantee a cash deposit at a local bank. And this can get you access to the Panamanian self-economic solvency visa. Basically, if you make an investment of at least US$300,000 in a fixed-term deposit at a local bank or in the purchase of a real estate property without a mortgage, you qualify for this residency visa.
Business investor
An interesting fact about moving to Panama is that potential investors get access to additional services and amenities. Hence, if you’re relocating to Panama and planning to start a business and invest at least US$160,000, you automatically become eligible for the Panama Business Investor Visa. Keep in mind that these permanent residency programs are meant exclusively for active companies, which is why passive investments are not eligible for it.
Marrying a Panamanian
If you marry a Panamanian you can apply for a temporary residency in Panama and after two years you can apply for permanent residency. You and your spouse will have to prove stability and continuity in your marriage and immigration could visit your declared legal resident anytime to verify this.
The bottom line is that moving to Panama can get you access to a wide array of benefits ranging from interesting Panamanian real estate offers, help from the local government, and the possibility of choosing the best residency visa for your situation. Always remember that if you want to live here permanently, this visa is not optional, and you need it to be allowed to move to Panama without worries.
