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RESIDENCY PERMITS :
Panama has very attractive permanent residency permits for pensioners and investors. These are some of the highlights of the most popular residency permits to relocate to Panama under the new rules which are coming into effect on August 26 th , 2008, you may contact us for full information on these:
- All permanent residency permit applications must be made through a Panamanian lawyer.
- Generally, there is no age requirement minimum or maximum for applying for any residency permit, 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 a Panamanian Consulate or with 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 USA) or through the Foreign Office (in UK). Not available in Canada.
- All documents must be fresh (within 5 months of visa application) and passports must have at least 1 year to run.
- Dependents: If your spouse is to be covered by your visa, you need to bring duplicate original of Marriage Certificate. If your children (under 18), are to be covered by your visa, you need to bring duplicate originals of their Birth Certificates.
- None of these residency permits grant work permits, unless specified otherwise.
- All residency permits require that you obtain in Panama a health certificate. We will assist you with this, as part of the application process.
- All residency permits require that all applicants over 18 years old bring a clean police record of your last place of residence.
- All applications require 6 passport-size photos (gentlemen in suit and tie; ladies in blouses or dresses with sleeves – no hats or scarves).
- For specific additional requirements of each residency permit, please contact us.
PERMANENT RESIDENCY PERMITS:
These permits are granted provisionally for two years and after renewal they are granted permanently, with an identity card which needs renewal every ten years. Five years after obtaining the permanent residency status, holders will be eligible to apply for Panamanian citizenship.
- PENSIONER ( Pensionado):
This residency permit is designed for persons who are receiving a pension from a Government entity or private corporation of $1,000 or more.
It includes benefits such as an exemption every two years of import duties for the importation of a car (sales tax and luxury tax still apply).
All discounts normally associated with the Pensioner permit, will apply to any resident of Panama (under any permit) once they reach the age of 60 for men and 55 for women.
- PRIVATE INCOME RETIREE (Rentista Retirado):
This residency permit is for persons who despite not receiving a monthly pension, are no longer working and have received a retirement lump sum. It requires that you open a 5-year fixed term deposit with the National Bank of Panama or the Caja de Ahorros, yielding at least $2,000 a month (at current rates the fixed term deposit would need to be for approximately $600,000).
The Private Income Retiree Permit includes such benefits as a travelling Panamanian passport (does NOT grant nationality); and an exemption every two years of duties for the importation of a car. These benefits will only be available to the applicant as long as the fixed term deposit is maintained.
- PERSON OF MEANS (Solvencia Económica Propia):
Designed for those who wish to live in Panama, and have independent means of support.
The person must, either:
(1) have a three-year fixed term deposit in any bank located in Panama with a minimum of $300,000; or
(2) invest in real estate worth $300,000 in Panama (must be fully paid up and titled in the name of the applicant o under a Private Interest Foundation, where the applicant is founder and beneficiaries are the founder and/or his dependents)
or
(3) have a combination of the above for a minimum of $300,000.
- INVESTOR VISA ("Inversionista"):
Designed for those who wish to establish a business in Panama (retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $160,000 and minimum of five (5) permanent Panamanian employees hired.
- FORESTRY INVESTOR VISA ("Inversionista Forestal"):
Designed for those who wish to make long-term investments on a forestry plantation, and take advantage of tax break benefits.
There must be a minimum investment of $80,000 in at least 20 hectares in a duly accredited reforestation company. This investment must be kept until final harvest (approximately 20 years).
These are only some of the residency permits offered by Panama. An evaluation of your individual case may be necessary to determine the permit most suited to your circumstances.
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