This article will give options for how to get permanent residency in Panama.
Panama, strategically located in Central America, is renowned for its impressive interoceanic canal, vibrant urban life, beautiful beaches, and reputation as one of the best destinations for relocation.
This country offers great potential for work and investment, thanks to its dollarized economy. Additionally, Panama is one of the safest countries in the region, with a low crime rate and few natural disasters. Its multicultural community, world-class cuisine, quality education, and first-rate healthcare make it an ideal place to settle.
Panama has consistently been ranked as one of the best places to migrate due to its favorable living conditions, affordable cost of living, and attractive pensioner program. According to various sources, Panama is highly valued for its quality of life, especially for retirees and migrants. The Pensioner Program in Panama is one of the most generous in the world, offering significant discounts on a variety of services, including healthcare, transportation, and entertainment.
However, for those wishing to settle in the country, it is essential to know the various options available to obtain legal residency in this tropical paradise. This quick guide will explore some of the most attractive migration programs, their main requirements, and some of their benefits.
Our country offers various permanent residence visa options through economic investments in the country. This can include purchasing property, investing in a business, or a fixed-term deposit. Minimum investment amounts vary by program and must meet certain requirements established by our country’s immigration authorities.
Permanent Residence Programs – How to Get Permanent Residency in Panama
Permanent Resident Visa by Own Economic Solvency: This permit is granted through a minimum investment of US$300,000.00, with funds originating from abroad. This investment can be made in the following ways:
- Fixed-term deposit of at least US$300,000.00 for a minimum of three (3) years in a Panamanian bank.
- Purchase of real estate with a minimum value of US$300,000.00.
- Combined investment in properties and fixed-term deposit, totaling at least US$300,000.00.
Permanent Resident Visa as a Qualified Investor: A program created in 2020 to encourage foreign investment in the country allows international investors to obtain permanent residence approval in 30 days without having to leave their country of origin. There are three ways to qualify for this migration program:
- Invest a minimum of US$300,000.00 in real estate (increasing to US$500,000.00 starting October 15, 2024).
- Invest a minimum of US$500,000.00 in the Panama Stock Market.
- Open a fixed-term deposit in a local bank for a minimum of US$750,000.00.
How to Get Permanent Residency in Panama for Retirement and Second Residence Visas
Permanent Resident Visa as a Retired Pensioner: Designed for retirees receiving a monthly pension of at least US$1,000.00. This program allows for permanent residency in Panama, and spouses can apply jointly if they together meet this required amount. Benefits include discounts on health services, food, and recreational activities.
Permanent Resident Visa as a Retired Rentier: This permit can be requested by those who can demonstrate receiving a monthly income of US$850.00. This income must come exclusively from interest generated by a fixed-term deposit in the National Bank of Panama or the Savings Bank. This program grants a special passport for 5 years.
How to Get Permanent Residency in Panama with Residence Programs for Friendly Nations and Other Agreements
Throughout its history, Panama has been a country with a tradition of welcoming people of different nationalities, especially those who contribute to national development, improve international relations, and promote peaceful coexistence.
Therefore, a Permanent Resident Visa has been created for foreigners from specific countries identified as “Friendly Nations,” with which Panama maintains friendly, professional, economic, and investment relationships.
This list includes around 50 countries, among which Germany, Argentina, Uruguay, the United States, Spain, France, and Japan stand out. Nationals of these countries must demonstrate the purpose of their need to apply for residence in our country, according to their economic or professional activity. This can be shown for the following reasons: a. For employment reasons, through a Work Permit from the Ministry of Labor and Workforce Development. b. For investment reasons in real estate, through the purchase of properties worth US$200,000. c. For fixed-term deposit reasons for an amount of US$200,000, with a minimum duration of 3 years. Both investments can be made personally or through a legal entity.
On the other hand, Panama, through Law 15 of February 1, 1966, approved the friendship, commerce, and navigation treaty between the Republics of Panama and Italy, allowing citizens of each country to enter and remain in the territory of the other party.
This has created the Permanent Resident Visa under this agreement. This agreement offers advantages to Italian citizens, such as the exemption from the repatriation deposit payment. They can obtain indefinite residency, thus not requiring an extension, and the right to receive a Panamanian ID card.
Additionally, they have the possibility of acquiring Panamanian nationality in the future. Spouses and dependents do not need to be Italian citizens to apply in the same process.
It is important to note that Italian citizens must demonstrate the purpose of establishing their residence, whether it is for their economic or professional activity. This will be verified by being a shareholder of a duly registered company in Panama or maintaining an employment contract with a monthly salary of US$850.00.
Benefits of Know How to Get Permanent Residency in Panama
Understanding how to get permanent residency in Panama opens the door to a wide range of benefits that make the process worthwhile. Becoming a permanent resident in Panama provides not only the legal right to live in the country but also access to numerous advantages that simplify both financial and personal growth.
One of the key benefits of learning how to get permanent residency in Panama is the ease with which you can open bank accounts. Permanent residents face fewer bureaucratic hurdles compared to non-residents, making the process of managing your finances much smoother. Additionally, as a permanent resident, you will be eligible for more favorable conditions when applying for bank loans or mortgages, giving you easier access to credit for personal or investment purposes. These financial advantages significantly enhance your ability to settle and thrive in Panama.
Furthermore, securing to know how to get permanent residency in Panama ensures that you are eligible for the same tax exemptions as Panamanian nationals, in cases where applicable. This includes potential exemptions on property taxes, which can lead to considerable savings when investing in real estate. By obtaining permanent residency, you can maximize these benefits and enjoy conditions similar to those of local citizens.
If you are considering migrating to Panama and need guidance on which migration program is best suited for you, at OMC Group, we are here to help. We have a team of migration experts who can advise you on each step of the process, ensuring a smooth and hassle-free transition.
Don’t wait any longer to start your new life in Panama! Contact us today at OMC Group and let us be part of your journey toward a bright future in this wonderful country.
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