As it is well known, recently Panama has changed the scheme to request Residency in Panama as “Friendly Nations”. Even though the possibility of obtaining permanent residence in Panama continues, the process has varied somewhat.
Currently, by applying, you obtain a Provisional Residence for a period of 2 years. At the end of this period, you will be able to renew your Residence and obtain a Permanent Residence in Panama. Let's move on to explain the new process a little better.
BASIC REQUIREMENTS NEEDED:
Original passport, valid for a minimum of six (6) months.
Five (5) passport-size photographs.
Criminal record certificate from your country, this document must be certified by apostille (legalized).
Bank reference letter from a bank in Panama with a balance greater than $5,000.00 (ONLY if applicable with Dependents)
Documentation that demonstrates the purpose of requesting your Residence according to the economic or professional activity to be carried out, which may be demonstrated for any of the following reasons:
For Work-Related reasons
For Real Estate investment reasons
For Fixed Term Deposit reasons
*If you apply with "Dependents", you must consider certain additional tax receipts and documents. For this, we recommend first confirming the members of your household, so we are able to advise you better.
Let us detail a little better each of the Reasons
FOR WORK-RELATED REASONS
1. Employment Verification Letter on letterheaded paper
2. Certificate of Public Registry of the company
3. Commercial License of the company
For the approval of this option, you will be asked to manage your Work Permit in Panama that must be approved. All this documentation can be managed by PGS Attorneys.
FOR REAL ESTATE INVESTMENT REASONS
The purchase of a property in Panama must be made, with a minimum value of $200,000.00. This purchase can be made as Private Citizens, on behalf of a Corporation or on behalf of a Private Interest Foundation.
Similarly, the acquisition of the property may be financed through a local bank.
FOR FIXED TERM DEPOSIT REASONS
In this option it is allowed to invest the amount of $200,000.00 in a local bank and a fixed-term deposit must be made, with a minimum validity of three (3) years. Likewise, this investment can be made as Private Citizens, on behalf of a Corporation or on behalf of a Private Interest Foundation.
By: Adriano Castillo Morales LL.M
Junior Partner - PGS Attorneys