Having a lifetime, minimum monthly $ 1,000 foreign government or private entity pension (additional $100/ month per spouse and dependants) qualifies for a Pensionado visa. There is no minimum or maximum age requirement. Alternatively a person who buys a $100,000 property and can show a pension of $750 will also quality for this visa. If a couple both receive pensions the sum of which is $1,000 they also quality.
The benefits include a one-time exemption from duties when importing household goods (up to $10,000) and a tax-exempt car.
A tax exemption every two years when importing or (better yet) buying a car locally.
In addition, a Pensionado is able to get discounts in :
- 30% off bus, ferry, and train fares
- 25% off airline tickets (domestically sourced, domestic point of origin)
- 30% to 50% off hotel stays
- 15% to 25% off at restaurants
- 10% to 20% off a wide range of medical expenses
- 50% off closing costs for home loans
You will receive permanent residency within three month, but you will not be able to become a Panamanian citizen.
This type of visa allows anyone with a minimum of $300,000 to obtain permanent residency and become a full Panamanian citizen. There are three options available:
Purchase a minimum value of $300,000 real property in your personal name.
Purchase a three year $300,000 CD at a Panamanian bank.
A combination of the above – a Panamanian bank CD plus a real estate purchase with both totaling $300,000.
The Panama Bursinos Investor Visa requires an investment of $160,000 in a new business, or a new corporation. A commercial business License must be obtained. The business must be registered with Social Security. Five Panamanian employees must be on the payroll and their social security must be paid. Three temporary two-year resident visas will be issued before permanent residency is acquired.
There are two options available to anyone wishing to invest in a Panamanian government certified reforestation project:
Panama Reforestation Small Investment Visa requires $60,000 minimum investment plus the purchase of at least 3 hectares in a government certified reforestation project. This is a six year temporary resident visa only, extendable every 2 years and cannot be converted into a permanent residency visa leading to Panama citizenship.
Panama Reforestation Large Investment Visa requires a minimum $80,000 investment plus the purchase of 5 hectares in a Panama government certified reforestation project. This visa can lead to permanent residency after two years and eventual Panama citizenship.
For this visa a foreigner must invest a minimum of $60,000 in a Panama agribusiness or a Panama aquaculture business. Investors will have temporary resident status for six years, renewable every two years.
This visa is designed for those who need to stay up to 9 month in order to visit relatives, have medical attention etc. It requires payment of $100 to the National Service of Immigration for migratory services plus a guarantee deposit $ 500. Other documentation is required depending on the reason for seeking the visa. It is best to consult a lawyer on this. Conditions for stays of longer than 90 days to complete business transactions are more stringent. Again it is best to consult a lawyer.
Panama has designated 47 Friendly Nations who do not need visas to enter the country and who, in addition, can be granted fast resident visas. The formal wording of this permanent residency visa is for “citizens of friendly nations with professional and economic ties with the Republic of Panama”.
The words “professional and economic ties with the republic of Panama” means that citizens of these 47 countries must establish professional or economic relationship with Panama. This can be accomplished by starting a new business or purchasing an existing business or being hired to work for a Panama company.
These countries are:
Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxemburg, Malta, Monaco, Marino, Montenegro, Netherlands, New Zealand, Norway, Poland, Portugal, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay, United Kingdom (Great Britain & Northern Ireland).
There's only one application from and applicants are required to deposit at least USD 5,000 in a local bank account, plus an additional amount of USD 2,000 for each dependent. As you can see applying for residence in Panama definitely doesn't cost the earth. Applicants will also have to prove that they have a genuine investment interest in Panama. This could be investment in Panamanian real estate, ownership of a Panamanian company with business license or an employment letter and contract from a Panamanian employer. Other basic requirements are having a crime-free record in your last place of residence and having a valid passport.
Other visas include Tax-free Processing Zone Visa, Student Visa, Specialist Worker Visa, Domestic Worker Visa. For more information on what is required for these visas it is best to consult s lawyer.