DID YOU KNOW YOU CAN BECOME A PANAMA RESIDENT?

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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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