DID YOU KNOW YOU CAN BECOME A PANAMA RESIDENT?

9/18/2020

PANAMA RESIDENCY - PANAMA LEGAL CENTER

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DID YOU KNOW YOU CAN BECOME A PANAMA RESIDENT? WELCOME TO PANAMA! Panama is one of the most popular destinations for investors, retirees and tourists. Panama is now rated as #1 country in the world for retirement. The c tropical all year around and cost of living is relatively low. Panama has very liberal immigration law and is considered pro immigrant. It is estimated that more than 1 million foreig and work in Panama. Panama retirees bene t from special discount in medical, pharmacy, restaurants, etc. Below we discuss some of the most popular residency visa programs.

PANAMA FRIENDLY NATIONS VISA was enacted during President Martinelli in 2012 and is a special immigration program where citizens of selected 50 countries who have professional or economic solvency w eligible to apply for permanent residency and have the right to obtain Panamanian ID card (Cédula) and after 5 years to become Panama citizen. This program is one of the most available to obtain residency in Panama.

The Panama Friendly Nations Visa applications include the principal applicant as well dependents, such as applicant spouse and minor children.

Learn more about relocating to Panama https://www.panamalegalcenter.com/panama-relocation/ (https://www.panamalegalcenter.com/panama-relocation/)

50 ELIGIBLE COUNTRIES The following is the list of countries that its citizens qualify to apply for this type of residency visa: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Marino, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay, United Kingdom (Great Britain & Northern Ireland).

NOTE 1 Eligibility: If you are a citizen of the above countries, you are eligible to apply for residency & citizenship in Panama however you need to understand the process requ and need to fully comply with all the documentation needed by Panama Immigration o ces.

Learn more about doing business in Panama https://www.panamalegalcenter.com/how-to-do-business-in-panama/ (https://www.panamalegalcenter.com/how-to-do-business-in-panama/)

PANAMA ECONOMIC SOLVENCY If you are a citizen of one of the eligible countries, you need to provide proof of economic solvency.

1. You are required to have a bank account in Panama in a Panamanian bank.

2. You need to have a minimum of $5,000. In your bank account 3. In addition to applicant deposit, additional $2,000. For each dependent 4. Have a corporation in Panama ( establish a new one or acquire an existing one ) 5. Other proof of income may be required such as investment income

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PANAMA RESIDENCY - PANAMA LEGAL CENTER

Properties income, social security income, IRAs, pension, etc.

PANAMA ATTORNEY IS REQUIRED All eligible Friendly Nations applicants as well as other applicants must be represented by a Panamanian licensed attorney before immigration o ce to le for a foreigner residenc Panamanian attorney is required to submit to the Panama immigration o ce a series of documents depend on the applicant status and immigration requirement. A power of at a formal document that you need to sign before a notary public in order a Panamanian attorney can represent you before the immigration o ce.

PANAMA IMMIGRATION PACKAGE 1. Notarized copy of all pages of your valid passport including the covers 2. Health certi cate from a clinic or a medical doctor in Panama 3. Police report from your home country however in case, you are an American citizen, you need original FBI report. The police report or FBI report needs to be sent to a Panamanian consulate in your home country to be Apostiled.

4. Authenticated by Minister of Exterior in Panama. After the apostile procedure, your apostiled police report as well as other types of documents such as dependen certi cate(s) as well as marriage certi cate ( in case married ) needs to be authenticated in Panama by the Ministry of Exterior & also be translated to Spanish language by a Spanish translator in Panama.

5. Six ( passport size) photos 6. Certi ed Checks– $800. for Immigration & $250. for Treasury for principal applicant. Additional fees for each dependents.

7. Responsibility Con rmation Letter from a Panamanian person & proof of residency 8. Power of Attorney of a Panamanian attorney 9. Judicial Declaration Form to be lled and signed by the applicant ( 9 pages ) 10. Panama Corporation Certi cate & ownership 11. Copy of Driver License 12. Economic Solvency Proof Letter 13. Panama Bank Con rmation of bank account & available funds 14. Passport Registry Stamp at the Immigration O

ce

15. Marriage Certi cate & Children Birth Certi cates to be apostiles ( in case the applicant has dependent/s ) 16. Additional documents may be needed and it depends on each individual applicant.

Learn more about how to become Panama resident https://www.panamalegalcenter.com/panama-residency/ (https://www.panamalegalcenter.com/panama-residency/)

PANAMA RETIREMENT VISA It is very easy to retire in Panama and get RETIREE RESIDENCE VISA. If you have a pension of $1,000. a month, you are quali ed and can retire in Panama and become a Panama r For a single retiree, $1,000. a month is enough to cover his cost for one month especially if you do not have to pay for rent and own your own apartment or home.

In order to receive your residency status in Panama as a retiree, you need to show that you are receiving minimum of $1,000. per month in a form of pension or social security an have a criminal background.

Documents Required For Panama Retiree Residence Visa: A valid passport

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PANAMA RESIDENCY - PANAMA LEGAL CENTER A valid passport A police report ( FBI Report for Americans ) from your country Proof of pension or social security monthly income of minimum $1,000.

Power of attorney notarized Photos Responsibility card A health certi cate from a Panamanian doctor / clinic.

Proof of pension that as long as you live, you would receive a minimum amount of $1000 a month ( additional $250 for each dependents )

Once you have all the above documents, our Panamanian attorney can le on your behalf to the Panama Immigration o ce and you’ll receive your Panama PENSIONADO residen Our experienced immigration attorneys will assist you to get your residency in Panama. CONTACT US FOR MORE DETAILS. (https://www.panamalegalcenter.com/inve opportunities-panama/) IMPORTANT NOTE 1: All American passport holders must apply to get their FBI report. Once you receive your FBI report, you must send it to Panama Consulate in U.S. to have it A by the Panama Consulate.

IMPORTANT NOTE 2: All married couples must send their original marriage certi cate to Panama Consulate in U.S. to have it Apostiled by the Panama Consulate.

IMPORTANT NOTE 3: Applicants with minor children must send original birth certi cate of their children to Panama Consulate in U.S. to have it Apostiled by the Panama Consulate

PANAMA BUSINESS INVESTOR VISA This residency option is designed for foreign businessmen and it leads to Panama residency and citizenship. Business visa best suited for any legal commercial business and requires minimum investment of $160,000. You can start any types of business in Panama as long as it is legal and must employ minimum of 5 Panamanians. The process is fairly simple and Panama immigration o ce will issue temporary residency visa for the owner and it can be renewed every 2 years. At the end of third renewal, you will receive your Panama permanent residency visa.

Business Visa Immigration Requirements: 1. Minimum investment of $160,000. ( Notarized certi cate ) 2. Have minimum of 5 Panamanian employees 3. Pay at least minimum wage to each employees 4. Must have a company registered in Panama & RUC Number 5. Panama Accountant certi cation of capital investment 6. Notary public certi cation of the ownership of company 7. Must have business license in Panama 8. Certi cate of Seguro Social ( CSS ) o ce & Paz Y Salvo 9. Business plan 10. Aviso de Operacion 11. Rental agreement or property purchase ownership certi cate 12. Tax receipt ( ITBMS ) Our experienced immigration attorneys will assist you to get your residency in Panama. CONTACT US FOR MORE DETAILS. (https://www.panamalegalcenter.com/inve opportunities-panama/)

PANAMA SELF ECONOMIC SOLVENCY VISA This residency visa program was initiated in 1960 and is designed for foreign investors to invest in Panama real estate or have certi cate of deposit ( CD ) saving for three years. By investing in this program, investors can obtain Panama residency and ultimately Panama citizenship. There are three ( 3 ) types of Economic Solvency program as follows;

Panama Investment Program 1: Minimum investment of $300,000. in a Panama bank certi cate of deposit ( CD ) for minimum of 3 years.

Panama Investment Program 2: Minimum investment of $300,000. in Panama real estate

Panama Investment Program 3: Minimum investment of $300,000. ( combination of bank CD and real estate ) Immigration requirements for Panama Economic Solvency Visa is very simple and if you can invest sum of $300,000. in Panama real estate or have your money saved in a bank f years ( certi cate of deposit ) , then you can qualify for Panama residency and citizenship. You need to show proof of investment by way of notarized bank certi cation and prop in case of property investment.

Our experienced immigration attorneys will assist you to get your residency in Panama. CONTACT US FOR MORE DETAILS. (https://www.panamalegalcenter.com/inve opportunities-panama/)

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PANAMA RESIDENCY - PANAMA LEGAL CENTER

PANAMA REFORESTATION RESIDENCY VISA Panama Reforestation Residency Visa promotes reforestation of Panama wood and environment. Simply by investing $80,000. in wood program, you can obtain Panama reside citizenship. This residency program is structured and authorized by Panama Authority of the Environment. This residency program is very popular for those investors who wis involved in nature and forest. Panama government encourages individual investors to invest their money in Panama wood and increase the amount of forest in Panama.

Once you invest in Reforestation Residency program, we can apply to the Panama immigration to get your temporary residency visa and after 2 years, you will receive Panama pe residency. Advantages of this residency program is that Panama Teak Wood is in demand and you can easily export your wood to countries such as India and China. Applicants type of residency can become Panama citizen after few years if they choose to.

Reforestation Residency Visa Takeaways –

Investment of $80,000. in Panama reforestation leads to Panama residency & citizenship.

If interested in this type of Panama residency program (https://www.panamalegalcenter.com/panama-relocation/), let us know.

Our experienced immigration attorneys will assist you to get your residency in Panama. CONTACT US FOR MORE DETAILS. (https://www.panamalegalcenter.com/inve opportunities-panama/)

PANAMA FOREIGN PROFESSIONAL RESIDENCY VISA In this residency program, Panama permits foreign professionals to get Panama residency & citizenship as long as the person has a university degree. This Panama residency regulated in 2012 and allows foreign professionals to live and work in Panama. The catch for this visa is that foreign professionals prohibited by the National Constitut Panamanians to practice certain jobs, even though you are fully quali ed, such as: Lawyers, Doctors / doctors, Dentists, Nurses, Civil Engineers, Architects, Pharmac Chiropractors, Psychologists, Nutritionists, Journalists, Agricultural science, Public relations, Social debtors, Economists, Veterinarians, Physiotherapists, Phone Audi therapists, Specialists in Laboratories, Accountants, etc.

In summary, if you have a bachelor degree, master degree or PD, you can become Panama resident and citizen but you can work in limited scope that is granted by Panama con such as: Administration, Logistics, International Trade, Management and International Business.

If interested in this type of Panama residency program, let us know and we can ll you in of more detailed information.

Our experienced immigration attorneys will assist you to get your residency in Panama. CONTACT US FOR MORE DETAILS. (https://www.panamalegalcenter.com/inve opportunities-panama/)

PANAMA EMPLOYMENT RESIDENCY VISA In this Panama residency visa program, you could receive Panama residency via a Panama employment. The Panama employment residency visa requires that the applicant have a Panamanian company that has less than 10 % of the Panamanian payroll.

The foreign worker, who is working for a Panamanian company receives his Panama work permit, from the Ministry of Labor, can apply to the Panama immigration o ce for his r visa. Initial Panama residency would be valid for 2 years and thereafter applicant can apply to receive his Panama permanent residency and ultimately Panama citizenship.

Top 10 Ways to Get Work Permit in Panama 1. City of Knowledge ( Ciudad de Saber ) – Work Visa is designed for foreign investors that own a company within City Of Knowledge. The company can employ up to 5 foreign in and work permit is good for up to 6 years.

2. 10% Rule – A Panamanian company can hire foreigners with this 10% rule. Maximum number of employment is 6 years and the company must pay the foreign worker min $850.

3. Marrakech Treaty – Temporary Visitor via Marrakech Treaty is designed for small companies ( under 10 employees ) and the Panamanian company can hire one foreigne minimum of $1,000 a month.

4. Temporary Residency Visa – This temporary Special Residency visa is designed for special reasons such as actors, producers, Panama Canal workers, etc. This visa is valid for 6 y 5. Specialist Workers Visa – Panama Specialist Workers Visa is valid for a period of 9 months only and is de ned speci cally by the Panama Immigration Agency.

6. Cultural, Sports, or Educational Visa – This type of visa intended to permit Panama residency visa for cultural, sportsmen and educational individuals. This type of visa is valid o months.

7. Domestic Workers Visa – This type of visa allow foreign workers such as domestic workers, cooks, baby sitters, etc. to be employed by a Panamanian citizen for a period of and domestic employment can be renewed up to 4 times.

8. Short Stay Visas – This type of visa is designed for some specialists to stay in Panama for a period of 9 months in order to establish business in Panama, study inv opportunities or other temporary purposes.

9. Temporary Residency Work Permit – This type of residency allows foreigners live & work in Panama for a period of 6 years. Foreign workers may work for Panama government, a Colon Free Zone company, work as non-diplomats, news media, etc.

10. Panama Marriage – Any foreigner can receive his / her Panama work permit if is married to a Panamanian citizen.

Our experienced immigration attorneys will assist you to get your residency in Panama. CONTACT US FOR MORE DETAILS. (https://www.panamalegalcenter.com/inve opportunities-panama/) ______________________________________________________________________________

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TIME ELEMENT IN PANAMA In order to get residency card in Panama under Friendly Nations Visa, applicants need to prepare themselves to have all their necessary documents ready. Upon arrival to Panama, there are a number of documents that need to be prepared & assembled such as establishing a corporation, health certi cate, Notary public procedure, opening a bank account in Panama, bank deposit con rmation, translation, ministry of exterior veri cation, etc. The process could be more time consuming in case you do not have all your documents in order. You could consult with us ahead of time in order to have all required docs ready for further processing in Panama. Since, there are many documents to be prepared and assembled to satisfy the Panama immigration o ce requirement, it may take some time to complete the process and we caution that you to be PATIENT, RELAX & ENJOY your stay in Panama and perhaps try to learn Spanish language and Latino c Our o ce will try to be as e cient as possible but the process is time consuming and may take up to 30 days or more to get your residency card.

NOTE 2 PATIENCE: Once you arrive in Panama with all documents necessary from you own home country, it may take up to 30 days or more to assemble the rest of docs need Panama in order to submit the entire package to the immigration o ces for approval and issuance of temporary residency card.

SUMMARY IMMIGRATION PROCESS IN PANAMA 1. Registering your passport/s with the Panama immigration o ce 2. Forming a Panama corporation and obtaining a certi cate from the Panama Public Registry ( our attorneys will handle this ) 3. Opening a bank account in one of the local Panama banks ( our advisors will assist you with bank account opening ) 4. Power of Attorney ( our attorneys will handle this ) 5. Responsibility Card and Proof ( our sta will handle this ) 6. Judicial Declaration ( our sta will assist you to complete the form ) 7. Economic Solvency Card ( our advisers will assist you ) 8. Health Certi cate from a clinic or a medical doctor ( our sta refer you to a clinic ) 9. Notarizing your passport/s ( our sta assist you ) 10. Passport photos ( there are many places in Panama to take your pics ) 11. Translation Services ( our sta assist you ) 12. Ministry of Exterior Authentication ( our sta handle this )

WHAT DOCUMENTS YOU NEED TO BRING FROM HOME? PANAMA IMMIGRATION REQUIREMEN 1. Your valid passport/s 2. Your original police report ( in case you are an American citizen apply to get your FBI report. Once you have your police or FBI report, you need to send them to nearest Panamanian Consulate in your home country to be apostilled.

3. In case you have dependent/s, we need all dependents docs apostilled as well 4. Bank reference Letter from your bank in your home country 5. Annual tax returns, monthly pension, retirement income or other source of income such as investment / property income veri cation NOTE 3 EXPIRATION: All police reports from foreign countries are valid for a period of 90 days in Panama Immigration o ces. If your police or FBI report is 91 days or older, you apply to receive a new police or FBI report.

PANAMA TEMPORARY RESIDENCY CARD Once we have all the above mentioned docs, our attorneys will apply to the Panama immigration o ce for your residency process & approval. Upon approval, they issue a temp card that is valid for one year. You need to be present in the Panama immigration o ces to take your pic for the temporary residency card.

PANAMA PERMANENT RESIDENCY CARD Normally before the expiration of the temporary ID card ( within 3-6 months ), Panama Immigration o ce will issue a resolution approving your permanent residency status. O permanent residency approval is issued, we will inform you and in this case, you need to come to the Panama immigration o ces to take your pic for getting your permanent r card.

PANAMANIAN CEDULA ( TRIBUNAL ELECTORAL ) Once you have the immigration o ce resolution approving your permanent residency, you may apply to the Tribunal Electoral o ces to get your CEDULA ID card. You need to be at the Electoral Tribunal to take your picture for the ID card.

MULTIPLE ENTRY/ EXIT VISA In the event that you need to travel outside the country of Panama, upon issuance of temporary residency card by the Panama Immigration o ce, we need to apply and receive Entry / Exit Visa for you. This process usually takes less than a week.

NOTE 4 FINE: We do not recommend you to travel outside Panama with temporary residency without receiving the above visa. The

ne is $2,000. HOWEVER ONCE YOU HAV

PERMANENT RESIDENCY CARD , THERE IS NO NEED FOR ANY TYPE OF VISA AND YOU CAN ENTER AND EXIT PANAMA AT ANYTIME WITHOUT ANY TYPES OF VISA.

PANAMA CITIZENSHIP & PANAMA PASSPORT • If one or both of your parents were citizens when you were born, you are eligible to become Panama citizens.

• If your spouse is a citizen of Panama, you are eligible for permanent residency and later you can apply for Panama citizenship.

• Once you are a permanent resident of Panama for 5 years, you may apply to become a Panama citizen and carry Panamanian Passport.

For detailed info about Panama Citizenship and Panama Passport, check out Panama Citizen@ https://www.panamalegalcenter.com/visa-residency/ship”.

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There are two types of cost and expenses associated with this residency Visa program as follows:

1. PANAMA ATTORNEY FEES 2. ASSOCIATED EXPENSES PANAMA ATTORNEY FEE We will be glad to provide you with an estimated attorney fees and other cost however each applicant case is unique and speci c. We advise you to contact us via EM info@panamalegalcenter.com (mailto:info@panamalegalcenter.com) in order we can evaluate your case and give you attorney fees.

ASSOCIATED OUT OF POCKET EXPENSES There are many associated expenses in Panama when preparing applicant case for submission to the Panama Immigration o ce. Such costs include:

1. Notary Public services 2. Translation services 3. Authentication by Ministry of Exterior 4. Photos ( passport size ) 5. Health certi cate by a Panamanian doctor 6. Establishing a corporation in Panama 7. Public registry certi cate of incorporation 8. Bank account opening & deposit con rmation 9. Responsibility card & proof 10. Photocopies 11. Judicial declaration form completed & signed under oath 12. Economic solvency & proof 13. Passport registry process 14. Messenger & Fedex 15. Â Others ( depend on each applicant )

Our Attorneys Will Assist You To Get Your Work Permit In Panama Our immigration and labor law attorneys will assist you to receive your work permit in Panama via applying to the Ministry of Labor in Panama.

Work Permit Application Requirements: Since each applicant may apply under di erent category & law, we advise you to contact us for speci c requirements related to your case.

WHAT KIND OF LEGAL SERVICES WE PROVIDE? Panama Legal Center is a panamanian rm that provides all types of legal services as well as business consulting in Panama. We have experienced, specialized & quali ed a a liated to handle all types legal services in Panama such as:

1. Panama residency & citizenship 2. Panama work permit 3. Setting up a Panama corporation 4. Assisting to open bank account in Panama 5. Setting up a Panama foundation 6. O shore asset protection 7. O shore banking 8. Real estate transactions buy / sell properties 9. Civil litigations 10. Divorce cases 11. Criminal cases 12. Land acquisitions 13. Labor disputes 14. And much more‌

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