Panama Italy Treaty Visa

In an effort to foster stronger bonds and commercial exchange, the Panama Italy Treaty Visa was instituted under the Mutual Friendship, Commerce, and Navigation Treaty. This treaty facilitates immediate permanent residency in Panama for Italian citizens, forming part of the Active Investor visa scheme. It thereby enables Italians to establish and operate businesses in Panama without the need for separate work permits or investor-specific visas, and it encompasses immediate family members as dependents.

Many Italians leverage this arrangement to take advantage of the comparatively lower living and operational costs in Panama. The application protocol necessitates submission of identity proofs, unblemished criminal record, a recent health certificate, evidence of financial stability, intent to start a business, alongside a nominal fee. Panamanian citizens are offered analogous benefits in Italy in return

Tabla de contenidos

Program Highlights

How long you can stay

As part of the Mutual Friendship, Commerce, and Navigation Treaty established between Italy and Panama, Italian nationals are granted permanent residence under the Panama Italy Treaty Visa. This provision allows them unlimited stay within Panama without imposing any time restrictions. Nevertheless, if you’re planning a long-term absence from Panama, it would be prudent to seek advice from an immigration lawyer to comprehend potential consequences.

When to Apply and how long it takes

Beginning the process for the Panama Italy Treaty Visa is possible 60 days before meeting the mandatory residence period in Panama. Normally, these procedures are anticipated to span 1-2 months. Regardless of your location, either in or outside Panama, you can kick-start your application as long as you appoint a legal representative to coordinate with Panama’s Immigration Services Ministry.

Government fees

As part of the Panama Italy Treaty Visa program, certain government fees are applicable. This includes a bank-certified cheque of B/.250.00, earmarked for the National Treasury of Panama.

Disclaimer: Besides government fees, applicants must also consider mandatory legal and notary costs required by Panamanian authorities. Consult a legal advisor for a full cost assessment.

Eligibility

The Panama Italy Treaty Visa is designed specifically for Italian nationals who wish to settle indefinitely in Panama. Applicants are required to show proof of their financial ability to support themselves and their dependents. They are also required to submit a personal history affidavit and a business proposal detailing their intended business ventures in Panama.

The treaty aims to stimulate trade activities; therefore, showing a clear intent to start a business in Panama is of the essence. To bolster their application, candidates might consider forming a Panamanian corporation.

Documents you will need

• Power of Attorney (notarized) and application, containing the names and nationality of the applicant’s parents.
• Three (3) photos.
• Notarized copy of the passport.
• Criminal background check certificate.
• Health certificate.
• Certified check for B/.250.00, payable to the National Treasury, as part of the Panama Italy Treaty Visa procedure.
• Completed Personal Background Affidavit form.
• Document indicating the purpose of residency (economic or professional activities):
  • Certificate of paid and nominal shares.
  • Work contract approved by the ministry of work, with a salary not less than «850.00».
  • Public registry of the company in any case.
• Proof of financial solvency, which can be verified through a bank certificate or a recent bank statement reflecting a balance of at least four mid figures, or another proof of income acceptable to the National Immigration Service.

For dependents:

1. Notarized responsibility and repatriation letter.
2. Proof of relationship.
3. Proof of residence.
4. For those over 18 years, a certificate of singleness and certified studies.

Program Benefits

The Panama Italy Treaty Visa presents a wealth of opportunities for Italian nationals seeking to relocate to Panama. The scheme swiftly awards permanent residency status, eliminating the standard immigration processes and the need for an investor’s visa or work permit. This offers Italian citizens the autonomy to launch and manage businesses within Panama.

After maintaining permanent residency for five years, Italians are then able to apply for Panamanian nationality. Additionally, dependents such as spouses, dependent parents, underaged children, and unmarried students below the age of 25 can be integrated into the application.

In terms of economic benefits, the robust Euro in comparison to the U.S. Dollar enables Italians to take advantage of Panama’s relatively affordable real estate market, lower wage rates, and generally reduced living costs. This presents attractive prospects for establishing businesses and diversifying investments.

Overall, the Panama Italy Treaty Visa serves as a streamlined gateway to residency, fostering the potential for business development and investment. This mutually beneficial arrangement not only contributes to Panama’s dynamic economy but also offers Italians an advantageous fiscal and lifestyle environment.

References

Constitución Política de la República de Panamá, Decreto Ley 3 de 22 de febrero de 2008, Artículo 185, 186, 187, 188, 189 y 190 del Decreto Ejecutivo No. 320 de 08 de agosto de 2008, modificado mediante Decreto Ejecutivo No. 26 de 02 de marzo de 2009, Ley 38 de 2000.

FAQs