Panama is one of the most desirable places to live for Canada people, thanks to its appealing climate, robust economy, vibrant social scene, and rich cultural heritage. With its tropical landscapes, abundant biodiversity, and lush rainforests, Panama offers modern amenities with a higher standard of living.
As a prominent financial center, the nation offers an array of economic prospects while its strategic geographical position links it to various global markets.
If you’re thinking about relocating to Panama, it’s crucial to familiarize yourself with the different visa alternatives. This knowledge will assist you in choosing the one that aligns best with your requirements.
Different permits and residencies to travel to Panama
Grasping the different categories of visas and residency permits is essential to comprehend the prerequisites for each situation. Although this article offers a summary of certain conditions, seeking advice from a specialist is always recommended to obtain in-depth information and guidance on the processes.
The various categories of residence permits encompass:
- Investor: If you can prove an investment in real estate or a term deposit at a bank totaling USD 300,000 or more, you may qualify for a residence permit.
- Friendly Countries: This permit can be obtained for work, investing in property, or making a fixed-term deposit of at least USD 200,000.
- Family Reunification: Designed for foreigners married to Panamanian citizens or those with children living in Panama.
- Retired or Pensioned: This permit allows retirees to settle in Panama. A monthly income or pension must be at least USD 1,000 or its equivalent in another currency.
- Professionals: Aimed at individuals who wish to advance their professional careers within Panama.
- Headquarters of Multinational Companies: This permit is for expatriates working in multinational firms located in Panama. It includes:
- SEM Special Events Permit: For participants in special events.
- SEM Permanent Personnel Visa: Valid for a duration of up to five years, with the option to renew for an additional five years.
- SEM Temporary Personnel Permit: Valid for up to three months, with the possibility of renewal.
- Education/Students: This permit grants individuals the opportunity to study in Panama.
- Technical 15%: For specialized staff recruited within the 15% quota, requiring a minimum monthly salary of USD 850.
- Foreigner 10%: For general staff hired within the 10% quota, also necessitating a minimum monthly salary of USD 850.
Criteria for Obtaining a Residence Permit for Friendly Countries
Panama provides a unique residency pathway for citizens from Friendly Countries through agreements with several nations. This initiative streamlines the procedure for securing Panamanian visa.
The Friendly Countries program includes 50 nations: the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, among others. If you’re from Canada this type of visa is convenient.
To qualify for this residence permit, certain criteria must be fulfilled. These requirements are outlined below.
- Citizens from these nations may apply for a provisional residence permit, which remains valid for two years.
- The application fee for the provisional residence permit encompasses notary fees, certifications, processing, and issuance of the residence card, amounting to approximately USD 2,257.
- To apply for a Friendly Countries Visa in Panama, the following documents are necessary:
- Notarized and countersigned power of attorney and application by a licensed Panamanian attorney.
- Copy of the applicant’s passport, authenticated by a Panamanian notary.
- Criminal record certificate issued within the last three months.
- Health certificate.
- Two checks: one for USD 250 made out to the National Treasury and another for USD 800 payable to the National Immigration Service.
- Personal background affidavit form.
- Documentation outlining the purpose of establishment based on the applicant’s economic activity.
- Copy of the applicant’s Identification Card or a similar form of ID.
- Recent bank statement or certification demonstrating an average balance of at least four figures.
- A bill for water, electricity, telephone, or a hotel receipt indicating the applicant’s address.
Legal Solutions Panama: Seek Expert Assistance
Each residence permit comes with its unique set of requirements and factors to consider when relocating to Panama. Therefore, enlisting professional guidance can greatly streamline this process, helping make your dream of residing in this stunning Central American nation from Canada a reality.
The expert attorneys at Legal Solutions Panama support foreigners looking to reside in Panama. They offer professional advice, address your questions, and help manage the detailed paperwork. To arrange a free consultation and clarify any uncertainties, you can visit their webpage
