Tom Luxsox Coins

Republic Panama

Types of Visas in Panama

The 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 per month). You will have to prove this under scrutiny. Usually a pension statement from the government or private pension will suffice but backup bank deposit records could not hurt. The Pensionado Visa is granted indefinitely but it is necessary to prove to the Immigration Departmenton on an annual basis that the income is still flowing from your pension. The benefits include 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. There is also a basket of other benefits and discounts available to those holding this Visa. However, please note that under this visa you cannot qualify to acquire Panamanian nationality.

Private Income Retiree Visa (Rentista Retirado)

This visa is for persons who don’t have a monthly pension, are no longer working, and have received a retirement lump sum. As a visa requirement, that money is to be deposited on a five-year certificate of deposit with the National Bank of Panama, to yield at least $750 a month (at current rates the face value of the CD would need to be approximately $260,000). The visa is renewable every five years, as long as the CD is renewed. The Private Income Retiree Visa includes such benefits as a travelling Panamanian passport (that however 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.

Person of Means Visa (Solvencia Económica Propia)

Designed for those who wish to live in Panama off their own means, without the need or desire to work or start a business. The person must have a one-year certificate of deposit in any local bank of at least $200,000. $80,000 of the $200,000 can be in the form of a home purchase. Upon applying for the first, provisional renewal of this visa, the certificate of deposit must also be renewed for one more year. After renewal, the visa is granted permanently with the right to a cedula (local identity card). Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

Investor Visa (Inversionista)

Designed for those who wish to establish a business in Panama (note, though, that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $150,000 and minimum of three, permanent Panamanian employees hired. It is granted provisionally for one year and after renewal is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.

Small Business Investor Visa

(Inversionista de Pequeña Empresa)

Designed for those who wish to establish a small business in Panama (note that retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $40,000 and minimum of three permanent Panamanian employees hired. It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to a cedula. Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian nationality.

Immediate Panama Passport

This program allows foreigners to obtain immediate Panamanian Passport under the condition that they make a 5 year certificate of deposit (CD), at the Banco Nacional de Panama, which earns a minimum of US $750 per month in interest income.

Permanent Residency and Passports in Panama:

Self Economic Solvency Visa

Law Number 16, of June 30, 1960 created this program to offer international investors the opportunity to obtain legal residency, citizenship (and passport) in Panama through certain investments in the Republic of Panama.

The Self-Economic Solvency Visa offers three (3) different investment options to qualify for residency status in the Republic of Panama;

Agricultural Investor Visa

Law number 16 of 1960 created this program (“Visa en Calidad de Agricultor”) as a means to offer foreigners the opportunity to become permanent residents and citizens in Panama by investing in farms and agriculture in the Republic of Panama.

Small Business Investor Program

This program allows foreign business owners to obtain legal residency in Panama under thecondition that they invest a minimum of US$40,000 in either a new business venture, or an established company in Panama. Part of the requirement is that the business must employ at least 3 Panamanian employees paying them at least minimum wage, with social security benefits.

Tax Free Processing Zone Investor Progam

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.

Panama Permanent Residency

This program allows foreigners to obtain legal residency in Panama under the condition that they are retired or pensioned. According to the Immigration Department of Panama, there is no minimum age required to qualify. The applicants' retirement income (or pension income) must be at least US$500 per month. For each dependent, the retirement income (or pension income) amount must be increased by US$100.

Panama Temporary Work Visa:

City of Knowledge Work Visa Program

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. .

Temporary Immigrant Visa

Student Visa

This program allows foreign students to obtain legal residency in Panama under the condition that they will be living in Panama for educational purposes, such as attending a Panamanian university, school, etc.

Multiple Entry & Exit Visa in Panama

The Government of the Republic of Panama provides Residency Visas for foreigners so they can establish residency and permanently reside within the territory of the Republic of Panama. Every Immigrant and / or Resident should have an Entry and Exit Visa if he or she plans to travel into and / or out of the Republic of Panama. The Multiple Entry & Exit Visa allows foreigners to enter and exit the Republic of Panama as many times as necessary during the validity of the Multiple Entry& Exit Visa, or until the expiration date of the Visa.

For more information, please visit:

http://www.panamaexpertos.com

http://www.panamaexpertos.com/info.php?page=content/visas_residency_citizenship

http://www.panamaexpertos.com/info.php?page=content/visas_residency_citizenship&pagenumber=2

About the Author

The author is a researcher, with years of experience in finances and real estate.
For more information, please visit:

http://www.panamaexpertos.com

http://www.panamaexpertos.com/info.php?page=content/visas_residency_citizenship

http://www.panamaexpertos.com/info.php?page=content/visas_residency_citizenship&pagenumber=2

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