Even though in Panama no visa is requested from citizens who belong to the panama friendly nations list, without first completing some processes of immigration regularization, you can not just come and reside in Panama.
Panama, a popular destination for expats, has specific immigration rules for those wishing to get permanent residency here. While tourists from Canada and United States can stay for 30 to 180 days.
Panama residency requirements
Compared to other countries in the region, Panama has been stand out for the efficiency of those migration processes and the authorities ensure that every change is in favor of improving the effectiveness of the immigration status of expatriates who seek to make their lives in Panama.
However, the requirements are varied and you must first make sure you know which type of visa best suits your interests to live here in Panama, skipping this step could lead you to waste time money or if you are already in Panama that your immigration status expires and you must pay a monthly fine or you could be deported.
The most advisable thing is to consult a meeting with an immigration lawyer who gives you security in every step of the process until you obtain permanent residence according to the route you choose or apply. We can help you with that! book your free consultation here!
Citizens of other countries may have certain restrictions to be in Panama for less than 30 days, so we always recommend checking with an immigration expert before your trip. Permanent residency requires a visa. Panama offers several visa options catering to different needs.
Pensionado Visa Guide: $1000 Income for Residency
The Pensionado Visa is the most accessible, requiring proof of a monthly lifetime income of at least $1,000 USD, plus an additional $250 for a spouse. This visa is cost-effective, with most government fees waived, and can be obtained for approximately $1,200 – $1,500, depending on your specific situations.
In our firm we believe so strongly in our work that we do not request any advance payment, you make the payment when you have your permanent residency in hand, Contact us.
Residency through investment
For those ineligible for the Pensionado Visa, the Friendly Nations Visa is an alternative. Qualification criteria include:
- Purchasing real estate valued at a minimum of $300,000,
- Depositing $300,000 into a three-year CD at a Panamanian bank
- Securing a job in Panama, which is notably challenging.
The real estate route currently qualifies from USD 300,000, but this threshold is scheduled to end on 15 October 2026. After that date, the minimum real estate investment is set to rise permanently to USD 500,000. Investors considering the property route may benefit from acting while the lower threshold is still available. As with any residency by investment program, thresholds and rules can be modified by future decrees, so timing matters.
Previously, obtaining a Friendly Nations Visa in Panama was easier; you only needed to deposit $5000 in a local bank account. However, the rules have changed. Now, the cost of a Friendly Nations visa ranges from $2000 to $5000, depending on the specific case and whether you are applying individually or for your family.
Work Permit and Driver’s License.
The visa grants a temporary two-year residency, which can be converted to a permanent residency one. Recipients can also obtain a Panamanian driver’s license. It’s crucial to follow legal procedures for this process, as some alternatives may be unlawful.
Regarding business opportunities, this visa allows for both online and physical businesses. Possibilities include managing investments, buying and selling domain names, writing eBooks, or renovating properties.
For non-Panamanian income
The country’s territorial taxing system may exempt you from local taxes, but it’s essential to consult with a Panamanian CPA. U.S. citizens living overseas can benefit from the Foreign Earned Income Exclusion, potentially excluding up to $112,000 of active earned income from U.S. taxes.
In conclusion, the Friendly Nations Visa offers a viable option for those not qualifying for the Pensionado Visa or unwilling to invest heavily in real estate. NDM law firm offers guidance and expert legal services to ensure a seamless transition to Panama, specializing in work permit acquisition, securing permanent residency, and assisting with driver license procedures.