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.
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 $200,000,
- Depositing $200,000 into a three-year CD at a Panamanian bank
- Securing a job in Panama, which is notably challenging.
This method is more practical than a $200,000 real estate investment. It’s advisable to live in Panama for at least a year before purchasing property to better understand the local market and lifestyle.
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.