In recent years Panama has become a prime choice for people (mainly retirees) wishing to relocate to warmer climes from North America and Europe. Panama welcomes these new immigrants warmly, offering a number of alternative visas.
Types of Visas:
Self Sufficient Funds
Option 1: Open a CD deposit of US$300,000 for 3 years in a Panamanian Bank.
* Permanent residency
* Right to opt for
* Panamanian citizenship
Option 2: Real Estate investment of US$300,000 (if property value is higher than US$300,000, the applicant is entitled to obtain a mortgage for the remaining amount).
Option 3: Mix investment: CD deposit and real estate investment is allowed as long they reach the amount of US$300,000.
Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$1,000 for life, plus $250 for each dependent.
- Permanent residency for principals
- Right to opt for Panamanian citizenship
- Tax free import of a vehicle every 2 years
- One-time tax free import of households up to US$ 10K
- Discounts on goods and services
- 50% off entertainment anywhere in the country (movies, theaters, concerts, sporting events)
- 30% off bus, boat, and train fares
- 25% off airline tickets
- 25% off monthly energy bills
- 30% to 50% off hotel stays
- 15% off hospital bills
The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$1,000.
If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life.
New! Executive Decree 343 for Work/Business in Panama
Panama has announced it is offering more opportunities for professionally active expats and investors who may not qualify for Pensionado status.
It’s called the Executive Decree 343, for nationals of specific countries with an interest in doing business or even working in Panama.
According to government sources, this new permanent residency option will be open to qualifying expats from the U.S., the U.K., and Canada…as well as various other countries.
One Simple Application: The program requires one simple application, with candidates required to deposit a minimum of $5,000 in a local bank account, plus an additional sum of $2,000 for each dependent. Applicants must also show evidence of one of the following: investment in real estate in Panama; ownership of a Panamanian corporation with business license; or an employment letter and contract from a business in Panama. Once an application is approved, those wanting to apply for jobs in Panama may apply for a work permit in keeping with the local labor code.
Required Investment of US$160,000 through a Panamanian corporation.
* Permanent residency
* Right to opt for Panamanian citizenship
Type of investment: All investments, excluding activities restricted by Panamanian constitution.
Company must be registered at the social security program.
5 Panamanian employees as minimum.
USA, UK and Canadian citizens are entitled to visit for up to 180 days without a visa