PANAMA IMMIGRATION
Panama offers many advantages to Pensioners and Investors who wish to take up residency in Panama.
One of the main advantages of having residency in Panama is that Panama unlike many other countries in the world do not seek to tax its residents on their worldwide income and only concerns itself with income actually made in Panama.
Our Panama associates are able to make application for the following visas for clients.
THE PENSIONER TOURIST VISA
To be eligible for this visa you need to show you have a monthly income from a government body or private corporation of $500 for an individual or $600 a month for a couple and also $100 for each additional dependant. There currently is no minimum age for this type of visa.
The visa is granted indefinitely and it grants the holder with the following advantages.
There is a one-time exemption from duties on the importation of personal goods to the value of $10,000.
Every 2 years you can import a vehicle free of import duties.
25% Discount on utility bills (certain restrictions apply)
PRIVATE INCOME RETIREE VISA
The Private Income Retiree Visa has an income requirement established by the Panamanian Government of US$750 per month earned from a CD deposited at the National Bank of Panama. At current rates, the deposit should be around US$200,000. The deposit must be renewed every 5 years to maintain the status.
PERSON OF MEANS VISA
Three options are available:-
1. Purchasing a property of US$200,000
2. Having a CD deposited in a Panamanian bank for two years in the amount of US$200,000 (Does not need to be renewed)
3. A combination of the two options above, purchasing a property of US$80,000 AND having a CD deposit of US$120,000
FORESTRY INVESTOR VISA
The Forestry Investor Visa is another option for those seeking residency in Panama.
Two investment options are available:-
1. US$40,000
2. US$80,000
You would be purchasing land for reforestation/investment and obtaining Panamanian residency.
SMALL BUSINESS INVESTOR VISA
This visa requires you to invest a minimum of $40,000 to $150,000 in any legitimate new business, set up a corporation, obtain commercial business license, register with social security, and hire 3 Panamanian employees and pay social security benefits and at least minimum wage.
This visa offers provisional resident visa for 5 years, then permanent resident visa, and finally citizenship/passport after 5 years of being a permanent resident.
