Panama’s residence permit: benefits of the Friendly Countries visa

Panama is one of the most desirable places to live for United States 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 considering moving to Panama, it’s essential to understand the different types of residency available. This information will help you determine which one best suits your needs.

Various Permits and Residency Options for Traveling to Panama

Gaining insight into the different visa categories and residency permits is essential to grasp the specific requirements for each situation. Although this article offers a summary of certain criteria, seeking expert advice is recommended for comprehensive details and procedural guidance.

The various types of residency permits are as follows:

• Investor: if you can demonstrate an investment in real estate or a fixed-term deposit in a bank amounting to USD 300,000 or more, you may be eligible to apply for a residence permit.
• Friendly Countries: people can obtain it for work, investing in real estate, or making a fixed-term deposit of at least USD 200,000.
• Family reunification: for foreigners married to a Panamanian citizen or have children in the country.
• Retired or pensioned: this permit allows individuals to enjoy their retirement in Panama. The monthly income or pension must be at least USD 1,000 or the equivalent in foreign currency.
• Professionals: This visa is for those who wish to pursue their professional careers in Panama.
• Headquarters of Multinational Companies: this permit is for foreigners working in multinational companies based in Panama. It includes:
• SEM Special Events Permit: individuals participating in special events.
• SEM Permanent Personnel Visa: Valid for up to five years, with the possibility of a five-year extension.
• SEM Temporary Personnel Permit: Valid for up to three months, with the option for extension.
• Education/Students: this permit allows individuals to study in Panama.
• Technical 15%: for specialized personnel hired within the 15% quota. The salary must be at least USD 850 per month.
• Foreigner 10%: for regular personnel hired within the 10% quota. The salary must also be at least USD 850 per month.

Criteria for Obtaining a Residence Permit for Friendly Countries

Panama offers a specific residency opportunity for citizens of Friendly Countries, thanks to agreements with various nations. This program simplifies the process of obtaining Panamanian residency.

The Friendly Countries initiative encompasses 50 nations, including the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, among others. For individuals from United States, this visa option proves advantageous.

To obtain this residence permit, certain criteria must be fulfilled. These requirements are outlined below.

• Residents of these nations are eligible to apply for a provisional residence permit, valid for two years.
• The application cost for the provisional residence permit encompasses notarization fees, certifications, processing, and issuance of the residence card, totaling approximately USD 2,257.
• The necessary documents to apply for a Friendly Countries Visa in Panama include:
• A notarized power of attorney and application, countersigned by a qualified Panamanian attorney.
• A verified copy of the applicant’s passport by a Panamanian notary.
• A criminal record certificate issued within the last three months.
• A health certificate.
• Two checks: one for USD 250 payable to the National Treasury and another for USD 800 to the National Immigration Service.
• A personal background affidavit form.
• Documents proving the purpose of establishing residency, based on the applicant’s economic activity.
• A copy of the applicant’s Identity Card or similar identification.
• A recent bank statement or certification, showing a minimum balance in four-digit figures.
• A utility bill for water, electricity, telephone, or a hotel receipt showing the applicant’s address.

Legal Solutions Panama: Seek Expert Assistance

Every residency permit comes with its own set of requirements and considerations when relocating to Panama. Therefore, enlisting professional guidance can significantly streamline this process, helping you fulfill your dream of residing in this stunning Central American nation from United States.

The specialized lawyers at Legal Solutions Panama help foreigners who wish to stay in Panama. They provide expert guidance, answer all your questions, and assist with the extensive paperwork. You can visit their website to schedule a free consultation and ask about your doubts.