Looking to retire or move to Panama permanently? Then this page is for you. Below is all the information that you need to know about gaining residency in Panama. For the rest of your plans see the other pages Panama Living pages here.
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Panama Residency
The Panama Residency Program, was created especially for those people looking to gain a second residency or second home in Panama. There are many different reasons for people to look into this, including holidays/vacations, privacy, escaping from pressures of work or or to retire in Paradise.
This program not only allows you to buy a second home, or retire to the sun, but provides the opportunity to build an expand an investment portfolio in one of the most desirable tax free areas of the world.
Stages of Residency
- To begin with, the applicant for residency will obtain a 3 month tourist card.
- Once the tourist card has been successfully obtained, the applicant can apply for a temporary residency of a year.
- The next stage is permanent residency, which will commence at the beginning of the applicants second year.
- Once permanent residency has been granted, the applicant will qualify for the right to apply for Panamanian
- Citizenship and Passport. this however is dependant upon 5 years of continuous permanent residency.
Benefits of Residency
With approved residency, an investor in Panama will be protected under the laws of the Republic of Panama at all times.
The resident will be afforded the right to work in Panama, offering their specific services, all under the protection of the Panamanian Labor Code.
Residency Requirements
Documents
The applicant for residency must travel to Panama in order to process all legal documents of the application. Police clearance must be granted, with a verifiable certificate showing the applicant clear of trouble, issued within the last 6 months for the 5 year residency process to begin. Documents that will be required to process the application are as follows:
- A Valid passport, with 6 months remaining
- 2 copies of passport, both front and back
- 4 passport style photographs, (2x2cm)
- A Power of Attorney authorizing to act on your behalf
- An HIV Lab test certificate
- A medical certificate showing good health for a minimum period of 3 months
- Police records from their jurisdiction
- A declaration stating nationality and Parent's names
Capital
In order to gain residence, a minimum investment of $40,000 must be made. This will ensure entry into the residency program, dependant upon the other requirements.
Prior Visits
In order to complete the residency application, the investor will be required to make between 1 and 3 short trips to Panama. These trips must all be made within a 3 month timeframe to qualify.
Investment Package
In return for the investment made by the applicant, they will receive the following, in the form of an investment residency package:
- 3 month tourists card
- 1 years temporary residence
- Permanent Residence
- Panamanian Citizenship after 5 years
- Fixed Annuity of $5,000 per year for a 20 year period, received by BVI Corp.
- Panamanian Passport
- Panamanian Identification as an Investor
- Working privileges in Panama
- Investors Expenses
Pensionado Program
In order to qualify for the the Pensionado scheme, which holds many benefits for the retiree moving to Panama, the retiree must gain Panamanian residency as above, whilst also providing a retirement certificate in the same process, and proof of a pension of at least $500 per month. The partner of the retiree does not have to be retired, but must supply all of the other documentation in order to gain the relevant visa and residency status. For more information on the benefits of the Pensionado program please click here.
For more information about applying for Panamanian Citizenship pleas click here.
For more information about the residency program please contact us.
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