Panama Visas, Residency and Citizenship

Posted By: Panama Expertos on 09.04.2007
Views: 5117, Published in sections: Panama-Expertos ::

Panama is now positioning itself as the �New Costa Rica�. It has put together the most appealing program of special benefits for foreign residents and retirees you'll find anywhere in the world today. We can refer you to a law firm in Panama that has an attorney who does nothing but Immigration Law in Panama. Below are some of the Visas available.

Panama Visa Qualifications

All visa applications must be made through a Panamanian lawyer.
There is no age limit required for applying for any of these visas, save for the minimum legal age of 18 years. Youngsters under 18 will qualify for a visa as dependents of their parents.
All overseas documents to be presented to the authorities in Panama must be authenticated by a Notary and by the Panamanian consulate nearest you, or by a notary and the Apostille. The Apostille (The Hague Convention of 1961) is a faster way of authenticating documents and is normally obtained through the Secretary of State in your home state (in the United States) or through the Foreign Office (in Britain). For Canada, please check with the Panamanian Embassy or consulate nearest to your home city.
All documents must be fresh (within two months of visa application) and passports must have at least one year to run.
Dependents: Bring a marriage certificate. However, original marriage certificates are not acceptable if over two months old, so you�ll need to request fresh ones. If your children under 18 are to be covered by your visa, you�ll need to bring fresh birth certificates (not originals).
None of these visas grant work permits.
All visa applications require that you obtain a health certificate and HIV test in 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 Econ�mica 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 Peque�a 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.

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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.

Panamas Pensionado Program

The following are the benefits and privileges for all those classified as Jubilados & Pensionados (irregardless of age) and for all other residents of Panama be they Panama�ian or foreign nationals residing in Panama in their 3rd and 4th Ages. It sets the age at 55 for women and 60 for men. Law No. 6 of 16 of June 1987, modified by subsequent changes in the law by Law 18 of 1989, Law 15 of 1992, Law 37 of 2001 and Law 14 of 2003.

SUMMARY IN ENGLISH OF BENEFITS AND DISCOUNTS:

Article I
To receive these benefits, it sets the age at 55 for women and 60 for men for all residents of Panama be they Panama�ians or of different nationalities irregardless of age. And it states that all Jubilados and Pensionados (irregardless of age) are also entitled to these benefits:

Discount of 50% of price charged for entrance to recreation and entertainment activities, such as movies, theaters, sports and other public productions. This discount is not applicable for those events marked as benefits for the youth, homeless or those specifically authorized by the competent authorities.
Discounts for the following means of public transportaion:

Inter-Urban buses, 30%
Trains, 30%
Launches and boats, 30%
25% discount in air fares in public and private national and foreign Airlines.

A minimum discount of the regular prices of hotels, motels and pensions:

50% from Monday to Thursday
30% on Friday, Saturday and Sunday

25% discount of food consumed by the individual in all restaurtants except for the Fondas which do not require license to operate.
15% discount in those rapid food establishments.
15% discount in the total cost for services of hospitals and private clinics.
10% discount in pharmacies for those medications obtained with a medical prescription.
Discounts in the following medical services:

20% in consultation fees of general medicine doctors andmedical and surgical specialists.
15% for dental services.
15% for optometry

Insurance companies that include in their policies health benefitsfor illness shall adjust their fees to include the necessary adjustmentso that the benefits of these discounts are transferred in the payment of the premiums when the insured is 55 years old if female, and 60 years old if male and to the Pensionados & Jubilados.
20% discount for technical and profesionnal services.
20% discount for all prosthetic devices as well as those items and accessories of personal assistance.
(12, 13,14, 15, 16, 17 pertain to commercial transactions, loans, etc. and require a better translation than I can give.)
50% discount in cost of passports.
25% discount in monthly electrical consumption of private orpublic entity up to 600KW's and the normal tariffs will be applied to anything above that amount.
Discuss's discounts to properties owned by associations of jubilados and pensionados and the different discounts they are intitled.
25% discount to the basic phone service charges when:

the phone service is in the name of the individual
is for a residential phone
is for one and only one phone. The normal tariffs will apply for anything more.

25% discount in the water bill as long as:

the consumption does not exceed $30.00
by bill is in the individuals name
the bill is residential and is the prime residence. The normal tariffs will apply to all other residences.