Panama’s Residency by Investment Program can fit many people, from investors who travel the world for business to retirees.
Residence by Investment Program makes moving to and living in Panama easier while helping the country grow.
In this article, you will find all the details, including
- Panama Golden Visa Program requirements,
- Visa process,
- Panama Golden Visa benefits and much more.
So you can decide if it’s the right move for you.
Panamanian Golden Visa Benefits
The Panama Residency by Investment Program provides a range of benefits, making it an attractive option for investors and their families.
Here find some of them:
- Panama Residency by Investment Program lets you live, work, and access your children in schools, setting you up for a fulfilling life in Central America.
- Panama’s strategic location and its major logistics role make it a great starting point for businesses in the Americas.
- Panama Golden Visa extends residency to your spouse, kids, primary parents, and disabled relatives, making it family-inclusive.
- Panama’s location lets you easily reach neighboring countries for business ventures in Central and South America.
- Panama doesn’t tax your income from outside the country. No wonder it is a proper destination for entrepreneurs and investors seeking a business-friendly environment.
In summary, the Panama residency by investment presents a package of benefits that cater to global investors, business owners, and families.
Panama Golden Visa Program Requirements
You have multiple options to guarantee the right to reside in Panama, which makes Panama appealing to more people by offering different residence options.
Here are three different routes to become a resident of Panama:
Qualified Investor
The Qualified Investor Visa grants you Panama permanent residency by investment. To be a qualified investor,
- Invest a minimum of $300,000 in Panamanian real estate. This amount is planned to increase to $500,000 after October 2024.
- Invest at least $500,000 in the Panamanian stock market.
- Deposit at least $750,000 in a fixed-term deposit account at a Panamanian bank.
Please note that you must hold your minimum investment for at least five years.
Friendly Nations
The Friendly Nations Visa is for citizens from specific countries that maintain friendly relations with Panama. To get Friendly Nations,
- Start a business in Panama or make a work agreement with a Panamanian company.
- Invest a minimum of $200,000 in real estate.
- Deposit a minimum of $200,000 in a fixed-term deposit account at a national bank in Panama. It must be valid for a minimum of three years.
Forestry Investor
The Forestry Investor Visa focuses on sustainable investment in Panama’s reforestation projects. To be a forestry investor,
- Invest a minimum of $80,000 in an approved reforestation project to get a Temporary Residence Permit for five years, and there is no option to extend it. It does not offer Panamanian Citizenship. Also, note that each of your dependents requires an investment of $80,000 to join you.
- Invest a minimum of $100,000 to get a Temporary Residence Permit for two years, meaning you’ll get temporary residency, and then you are eligible to get a Permanent Residence Permit. After five years, Permanent Residency in Panama opens the way to applying for Panamanian Citizenship.
- Invest a minimum of $350,000 to get immediate permanent resident status and Cédula (Panama ID) for you and your dependents.
You need to maintain the investment for five years. Otherwise, your Panama permanent residency by investment in Panama status will be suspended and possibly permanently revoked.
Panama Golden Visa Process
As we mentioned, there are a few ways to qualify for the Panama Golden Visa, which means a residency visa, and the application process and required documents vary depending on the chosen route.
In general, we can summarize the required documents and process as follows:
- Make sure you have a valid passport
- Collect the necessary documents proving your investment, such as a license, registration document, certificate, and bank statements
- Submit a clean criminal record
- Get a certificate of good health
- Provide your residence address
- Certificate the student status and single status of your children
- Prove your connection with your dependents
- Prepare your photo
- Submit your application and pay the applicant fee
- Wait for confirmation, being aware that the waiting process may vary
The time it takes to obtain a residency by investment in Panama varies depending on your investment and the time required for due diligence. However, it generally takes between one and eight months.
Alternative Investment Programs
You may seek a more expedited route to secure a second passport. Let’s learn about citizenship programs by investing without a residency requirement.
1. St. Lucia Citizenship by Investment (CIP)
St. Lucia CIP is a program designed for foreign investors seeking immediate citizenship in the beautiful Caribbean island nation of St. Lucia.
Investment Options:
- Donate at least $100,000 to the St. Lucia National Economic Fund (NEF).
- Invest in the National Action Government Bonds (NAB) at least $ 300,000 and hold for five years.
- Invest in government-approved real estate valued at at least $200,000.
2. Antigua and Barbuda Citizenship by Investment (CIP)
The Antigua and Barbuda Citizenship by Investment (CIP) program offers a path to immediate citizenship in this amazing Caribbean archipelago.
Investment Options:
- Donate a minimum of $100,000 to the National Development Fund (NDF).
- Invest at least $400,000 in government-approved real estate and hold it for at least five years.
- Invest at least $1.5 million in a government-approved business. Create jobs and help the economic growth of the country.
- Donate $150,000 to the University of the West Indies (UWI) Fund. Your application will cover your family of six (or more). The minimum number of persons per application is six.
Benefits of These Programs
These programs allow you to become a St. Lucian or Antigua and Barbuda citizen and hold a passport that grants visa-free travel to over 140 destinations, including the Schengen Zone and the UK. So you can enjoy the flexibility of traveling the world with ease.
You can typically obtain your citizenship within 4 to 6 months. Moreover, there are no minimum residency requirements to maintain citizenship. Plus, you can include dependent family members in your application for an additional fee.
Considering taxes, you are not required to pay them on worldwide income unless you become a resident of St. Lucia and Antigua and Barbuda.
We highly recommend professional advice to navigate the application process effectively.
Living in Panama
Panama offers a tropical lifestyle with a lower cost of living than many other countries.
As a permanent resident,
- You’ll have access to Panama’s public healthcare system, with excellent private options available.
- You won’t pay taxes on income earned outside the country, making it ideal for retirees and investors.
- You’ll have the freedom to own property, open a bank account, and truly establish yourself in Panama.
Also, Panama’s permanent residency by investment comes with important rights and privileges. Panama even allows dual citizenship, so you can keep your existing passport. A Panama passport by investment grants visa-free travel to many destinations worldwide.
There are several routes to obtain permanent residency, including the Golden Visa Panama program and investment in government-approved businesses. The process typically involves background checks, applying for a Panama investment visa, and meeting residency requirements.
Consulting with an immigration lawyer or consultant can ensure a seamless journey toward making Panama your new home.
Pros and Cons of The Panama Residence by Investment Program
Pros
- Panama is strategically located between North and South America, offering access to a vibrant regional economy and global trade routes.
- Panama has business-friendly policies in its economy.
- They have a system where you might not pay taxes on the money you earn outside of Panama, plus tax rates for residents are often favorable.
- The program opens doors to investing in Panama’s real estate, businesses, and green energy projects, which could diversify your investment portfolio.
Cons
- The official language is Spanish, although many people speak English. So, if you don’t know Spanish, it can be a little difficult to communicate sometimes.
- You will need to deal with paperwork and bureaucracy during the application process. It might take some time and maybe some help from experts.
- You’ll need to meet residency requirements, like holding your investment for a certain amount of time and keeping up with renewals.
- Just like anywhere else, investments in Panama can fluctuate with the market. This is something to keep in mind before deciding.
Before jumping into an investment program, make sure it’s the right fit for your goals.
Overall
Although Panama means relaxing and living in a climate that is similar to an endless vacation, it is also ideal for business opportunities. They have a growing economy, modern infrastructure, and a government that welcomes foreign investment.
Plus, the vibrant real estate market includes everything from beachfront properties to city apartments.
The best part? Becoming a resident of Panama with a Golden Visa Panama is a relatively straightforward process compared to other countries. You can easily complete the steps with a consultant.
So, if you’re looking for a place that’s both proper for business and a vacation spot, Panama could be a good choice for you.
Frequently Asked Questions
Do I have to pay taxes when I reside in Panama?
No. While residing in Panama, you do not have to pay taxes on income you earn outside the country.
Can I bring my family?
Yes, your legally married spouse and your children under 18 or under 25, if they are students, your disabled dependent relatives, and your primary parents can come with you.
However, this may cause extra costs.
How much does it cost to become a resident in Panama?
The cost varies depending on the type of visa you apply for and whether your family will come with you. Many factors determine the cost.
For example, if you are applying for the Forestry Investor Visa alone, your cost will be a minimum of $80,000, plus extra expenses such as application fees.
How long does it take to get residency through an investment program?
The timeframe for getting residency can vary depending on factors such as the chosen investment route and the application process, but it typically takes from a few months to a year.
Who is eligible for the Panama Residency by Investment Program?
Eligibility for the Panama Residency by Investment Program includes individuals who:
- Are over 18 years old.
- Have a clean criminal record.
- Can make a qualifying investment in Panama through one of the approved routes: Qualified Investor, Friendly Nations, or Forestry Investor.
Please note that there may be different criteria depending on the chosen investment route.
What else should I know about Panama’s immigration process?
Panama City, the capital of Panama, is a popular destination. When it comes to relocating to Panama, you need to know that The National Immigration Service in Panama is responsible for processing immigration applications. For example, you will get service from this office if you apply for the Qualified Investor Program to obtain permanent residency in Panama.
Through this residency program, you can obtain permanent residency in Panama immediately upon approval.
Moreover, Panama permits dual citizenship. You can keep your original citizenship while also becoming a Panama citizen. In the visa application process, you’ll need to open a local bank account in Panama as well.
If you’re planning to reside in Panama after becoming a Panamanian citizen, you can enjoy many benefits. Also, you may invest in real estate in Panama for more opportunities. Before you become a citizen, you can also discover new benefits by obtaining permanent residency in Panama.
