5 of the best residency options in Panama for expats

For those looking to move abroad, either full-time or part-time, Panama makes sense for a lot of reasons.

Chief among them… warm weather all year round, a low cost of living, a tax system friendly to foreign residents, one of the best banking systems in the world, a stable political situation, a bright economic outlook and the best program in the world. of discounts and advantages for foreign pensioners.

Additionally, Panama uses the US dollar making things easier for those moving from the United States.

It’s also centrally located, offering easy access to all of the Americas—it’s an 80-minute flight from Panama City to Medellín, Colombia, or you can even take a bus to Costa Rica. You also have several options for direct flights across the Atlantic if you are planning a trip to Europe.

In the countryside, you can choose from cool-weather mountain towns, lively beach resorts, jungle escapes or cosmopolitan Panama City.

If you want to look for residency in Panama, here are some of the best options.

1. Pensioner visa

The retired The visa works for anyone receiving a pension, either private or government. For Americans, this means that if you are on Social Security, you may qualify for this residency permit.

The minimum retirement income required is $1,000 for a single person and $250 for each dependent, which is $1,250 for a married couple.

Government fees are cheaper for retired visa than there are for the other options on this list.

2. Golden Visa

The simplest is the permit that allows you to invest $300,000 and apply for residency. That minimum amount was set to increase to $500,000 this month, but the good news is that the Panamanian government has just announced that it will remain at $300,000.

The investment you make can be in real estate (you must own the title in your own name) or a bank CD in any combination you choose. For example, you could buy a $250,000 condo and put $50,000 into CDs.

Besides the fact that it is easy, Golden Visa grants you permanent residence with the first application.

3. Friendly Nations Visa

If you are interested in doing business or working in Panama… citizens of 50 countries, including North Americans, as well as EU and UK citizens, are eligible for the Friendly Nations visa.

To qualify, you must invest $200,000 in real estate in Panama; or, invest $200,000 in a fixed term deposit in a bank in Panama; or, secure an employment contract.

You will also need to open a local bank account with a minimum deposit of $5,000 for the main applicant and $2,000 for each dependent.

You first receive a temporary residence card that is valid for two years. After this time, you can apply for permanent residence.

4. Business investor visa

To qualify as a business investor, you must invest a minimum of $160,000 in a new or established business in Panama. In addition, you will be required to employ a minimum of five Panamanian employees.

For those applying with dependents, the minimum investment increases by $2,000 for each. Alternatively, you can deposit this amount into a Panamanian bank account.

This route also gives you a two-year temporary residence permit. And then you can apply for permanent residence.

5. Forest investor visa

Designed to encourage the replanting and conservation of Panama’s forests, you can apply for the reforestation visa with an investment of at least $100,000 in timber (plus $2,000 for each dependent) in an approved reforestation project.

This route gives you temporary residency for two years; after that, you can apply for a permanent residence permit.

However, an investment of $350,000 will grant you permanent residency almost immediately.

All visa applications must be made through a Panamanian lawyer.

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