Skip to content 
When I was exploring options to move to Latin America, Panama quickly became my top choice. It offers an exceptional blend of economic stability, affordable healthcare, general safety, vibrant culture, welcoming people, and stunning landscapes. What truly sets Panama apart is that it combines all of this with a cost of living that makes it realistic to enjoy such a beautiful place without breaking the bank.
Compared to other destinations with similar tropical beauty—like Costa Rica or Mexico—Panama stood out for several reasons. The cost of living is more affordable than Costa Rica, which has become increasingly expensive in recent years, and the crime rates are generally lower than in parts of Mexico. Panama also has affordable and modern healthcare facilities that are accessible and budget-friendly, a rarity in many countries in the region.
The visa process was another deciding factor for me. While other countries had more complicated or restrictive residency requirements, Panama offered at that time a more straightforward and accessible route to permanent residency. It was noticeably easier compared to other destinations, making the transition to life here much smoother and less stressful.
When I looked at the bigger picture, from the practicalities of safety and healthcare to the vibrant culture and affordability, Panama simply ticked all the boxes. It’s a place where I could build a stable, fulfilling life while enjoying the breathtaking beauty and warmth of Latin America.
Interestingly, there is a visa option under the Friendly Nations Visa that many people don’t know about. While most applicants think they must either secure a job or invest a significant amount of money, there is a fourth pathway that allows you to open a business and hire yourself, making residency more accessible without a massive upfront investment.
So, let’s get into why Panama is such a great place to live and break down the options that make moving here easier than you might think.
Disclaimer: I include affiliate links in my articles. Clicking on these links and making a purchase might earn me a commission without any additional cost to you. I value transparency—find more details in my Affiliate Disclaimer.
Why Panama is the Perfect Place to Relocate
Safety and Security
Panama is considered one of the safer countries in Latin America, with a homicide rate of 12.73 per 100,000 people in 2021. This rate is notably lower than the regional average of 20 per 100,000, although it is higher than the United States’ 6.3 per 100,000. However, crime in Panama is largely concentrated in specific areas, such as Colón, which are easy to avoid.
For women, Panama offers a generally safe environment. Most concerns are limited to minor issues, like street harassment, rather than serious threats. However, as women, we unfortunately have to remain more aware of our surroundings, as no place is truly safe. If you want to learn how to feel safer while traveling, check out this article.
Additionally, the government has taken steps to improve safety for women through initiatives like the Equal Opportunities for Women policy, which focuses on enhancing legal protections, health services, and economic opportunities.
By taking simple precautions, such as sticking to well-lit areas at night and using trusted transportation options, women can feel secure while enjoying the welcoming culture and vibrant lifestyle Panama has to offer.
Economic Stability
Panama’s economic stability is bolstered by its strategic location and robust infrastructure. The Panama Canal significantly contributes to the nation’s economy, accounting for approximately 40% of total economic activity. (NESC)
In fiscal year 2024, the canal generated nearly 4.99 billion PAB in revenue, underscoring its pivotal role in global trade.
Panama’s economy has demonstrated resilience, with a GDP growth rate of 7.3% in 2023, reflecting a strong recovery from previous global economic challenges.
This consistent growth, coupled with a stable banking sector and investor-friendly policies, makes Panama an attractive destination for relocation and investment.
Healthcare Services
Panama’s healthcare system is both high-quality and affordable, making it an attractive option for those seeking medical care abroad. The country offers a dual healthcare system comprising both public and private sectors, both of which provide accessible services. Notably, private healthcare in Panama is significantly more affordable than in the United States or many parts of Europe, such as the UK, Germany, and France, with costs being up to five times lower.
This affordability has led to a thriving medical tourism industry, as patients seek quality care at lower prices. For instance, a doctor’s visit in a public hospital may cost as little as $2, and prescription medications are also reasonably priced.
Cultural Warmth
Panama is renowned for its cultural warmth and welcoming atmosphere. The people, often referred to as “Panameños,” are known for their friendliness and hospitality toward newcomers. This openness is rooted in the country’s diverse heritage, shaped by indigenous traditions, African influences, and a history of international trade due to the Panama Canal.
Community and family are central to Panamanian culture, creating a strong sense of belonging even for expats. Festivals and celebrations are common, reflecting the vibrant spirit of the people. Events like Carnival and the Festival of the Black Christ not only showcase the country’s rich traditions but also invite everyone to participate and feel part of the culture.
Moreover, the large expat community in Panama contributes to its inclusive vibe. Cities like Boquete and Panama City have thriving international communities, where locals and expats coexist harmoniously. This cultural blend makes it easier for newcomers to integrate and feel at home.
Visa Choices in Panama: Which One Works for You?
Panama provides several visa options tailored to different needs, facilitating a smooth transition for those looking to establish residency.
1. Digital Nomad Visa
The Digital Nomad Visa was introduced in Panama only a few years ago. The Short-Stay Visa for Remote Workers allows remote professionals to reside in Panama for up to 18 months. However, this visa does not provide a direct pathway to permanent residency. To transition to permanent residency, individuals must apply through other established programs, such as the Friendly Nations Visa or the Qualified Investor Program. Each program has specific eligibility criteria and investment requirements. I would recommend consulting with an immigration lawyer if you plan to stay in Panama beyond the 18 months of digital nomad residency.
Eligibility Requirements
To qualify for the Digital Nomad Visa, applicants must meet the following requirements:
General Requirements:
- Passport: Valid for at least 6 months.
- Photos: 5 passport-sized photos (2 inches x 2 inches).
- Criminal Background Check: Recently issued, apostilled/authenticated, valid for 6 months.
- Health Insurance: Coverage for Panama, apostilled/authenticated if international.
- Proof of Company: Certificate of incumbency/good standing, apostilled/authenticated.
- Job Letter: Signed by the company, including income ($36,000/year minimum), remote work details, and repatriation responsibility.
- Proof of Income: Bank certification or two months’ foreign bank statements, apostilled/authenticated.
- No Local Job Declaration: Signed confirmation not to work locally in Panama.
Self-Employed Applicants:
- Proof of Business Registration: Apostilled/authenticated certification from a foreign country.
- Declaration: General details, client list, services, payment regularity, and sources.
Other Documents:
- Power of Attorney and Forms: Provided by your legal representative.
But here’s the catch—unlike some other countries where you can get a digital nomad visa online with minimal hassle, Panama’s process is a bit more complex. That’s why I highly recommend starting with a lawyer to help you through it.
Step 1: Contact a Lawyer
I really recommend getting in touch with Kraemer & Kraemer. They’re experienced in handling expat visas and residency issues. They guided me through the entire process when I applied for my permanent residency. All I had to do was prepare the documents and show up on time where they told me to—they handled the rest.
Step 2: Check if You Qualify
Here’s what you need to qualify:
- A valid contract with a foreign company or proof that you’re a self-employed remote worker.
- An annual income of at least $36,000 from abroad.
- Your job responsibilities must primarily impact operations or clients located outside of Panama.
Step 3: Gather Your Documents
This is the part where things can get a little overwhelming, but don’t worry—I’ve broken it down for you. Here’s what you’ll need:
- Passport: Valid for at least 6 months from the application date.
- Photos: 5 passport-sized photos (2 inches x 2 inches).
- Criminal Background Certificate: A recently issued national criminal background certificate, apostilled or authenticated by a Panamanian Consulate in the issuing country, valid for 6 months.
- Health Insurance: A policy covering your stay in Panama. If it’s an international policy, it needs to be apostilled or authenticated.
- Proof of Company Existence: Provide a certificate of incumbency and good standing for the foreign company, recently issued, apostilled, or authenticated by a Panamanian Consulate.
- Job Letter: A job letter signed by the company’s legal representative, stating your name, job position, income (at least $36,000 annually), remote work modality, and a repatriation cost clause.
- Proof of Foreign Income: Submit either a bank certification letter or the last two months of stamped foreign bank statements showing your income source.
- Declaration: A signed statement confirming that you will not accept local job offers or provide services while in Panama.
Step 4: Submit Your Application
Once your documents are ready, your lawyer will help you submit the application. They’ll take care of the legal formalities and ensure everything is correctly filed.
Step 5: Wait for Approval
After submission, it’s just a waiting game. Approval typically takes a few weeks.
And there you have it! If you want to stay beyond 18 months, you might want to look into other visa options, like the Friendly Nations Visa.
Eligible Nationalities
The Digital Nomad Visa is open to applicants of all nationalities.
Benefits
Once approved, this short-term visa is valid for 9 months, extendable for the same time. This is only extendable for one time, and after the 18 months you’ll have to leave the country. Though, you can apply for the digital nomad visa again.
Ideal Candidates
This visa is perfect for those who want to spend a year in the Country or test the waters before committing to a permanent move to Panama.
2. Pensionado Visa
The Pensionado Visa was designed to attract retirees from around the world, offering them a simple and appealing pathway to permanent residency in Panama. Introduced to support the country’s economy, this visa encourages retirees to settle in Panama, where their stable income contributes to local businesses, the housing market, and healthcare services. With its many benefits and straightforward requirements, the Pensionado Visa has established Panama as one of the top retirement destinations globally.
Eligibility Requirements
To qualify, applicants must meet the following requirements:
- Proof of Lifetime Pension: Provide proof of a lifetime pension of at least $1,000 per month from a government or private entity. Under certain conditions, such as investing in Panamanian real estate, the required pension amount may be reduced.
- Clean Criminal Record: Submit a national criminal background certificate, recently issued, apostilled, or authenticated by a Panamanian Consulate.
- Medical Certificate: Provide a medical certificate of good health, recently issued by a licensed doctor in Panama.
- Additional Documents: These may include copies of your passport, photographs, proof of domicile, and any other documents specified by your lawyer or the Panamanian immigration office.
Since the Pensionado Visa offers permanent residency from the start, it’s a popular option for retirees. The process can still be a bit tricky, so again, having a reliable lawyer like Kraemer & Kraemer makes all the difference. They’ll guide you through gathering the necessary documents and submitting your application correctly.
Eligible Nationalities
The Pensionado Visa is open to all nationalities, with no age restrictions.
Application Process
Prepare Documents:
- Proof of pension (authenticated).
- Valid passport.
- National criminal background check.
- Medical certificate of good health.
Submit Application:
- Work with a Panamanian attorney to submit the application to immigration authorities.
- Provide additional documents if applying with dependents.
Approval Timeline:
- Permanent residency is granted after processing, usually within a few months
Benefits
Holders enjoy:
- Permanent residency status.
- Significant discounts on various services, including:
- 50% off entertainment events and hotels (Monday to Thursday).
- 30% off hotel (Friday to Sunday) and transportation
- 25% off utility bills, restaurants and plane tickets.
- 20% off medical consultations, technical services, and prescription medications.
- 15% off fast food restaurants, hospital bills, and loans
- 10% off prescription medications.
Tax exemptions, such as:
- A one-time duty exemption on household goods up to $10,000.
- Import tax exemption on a new car every two years.
Ideal Candidates
The Pensionado Visa is an excellent choice for retirees who want to stretch their retirement income further. Panama’s cost of living is significantly lower than many other countries, allowing retirees to enjoy a high quality of life at a fraction of the expense.
Additionally, English is widely spoken, particularly in expat communities and urban areas, so there’s no immediate need to learn Spanish, though picking up the local language is always recommended to enhance your experience and integration.
3. Friendly Nations Visa
The Friendly Nations Visa was established to attract individuals from countries with strong diplomatic and economic ties to Panama, facilitating their residency and participation in the country’s economic activities. It offers multiple pathways to residency, each tailored to different economic engagements within Panama. However, it’s important to note that significant changes were introduced to the program on August 7th, 2021. These changes include transitioning from a direct permanent residency program to a two-step process, where applicants first receive a 2-year temporary residency permit before becoming eligible for permanent residency. Here’s a detailed breakdown:
1. Employment-Based Residency
Eligibility Requirements:
- Citizenship: Must be from one of Panama’s designated friendly nations.
- Employment: Secure a job offer from a Panamanian company.
Application Process and Timeline:
- Job Offer: Obtain a formal employment contract from a registered Panamanian business.
- Work Permit Application: Submit a work permit application alongside your residency application.
- Residency Application: Apply for provisional residency, valid for two years.
- Permanent Residency: After two years, apply for permanent residency, provided all conditions are met.
Timeline: Approximately 4-6 months for provisional residency approval; an additional two years before eligibility for permanent residency.
Benefits:
- Legal Employment: Authorized to work in Panama.
- Path to Permanent Residency: Clear progression from provisional to permanent residency.
Ideal Candidates:
- Professionals: Individuals with employment opportunities in Panama.
- Skilled Workers: Those possessing skills in demand within the Panamanian job market.
2. Real Estate Investment Residency
Eligibility Requirements:
- Citizenship: Must be from a designated friendly nation.
- Investment: Purchase Panamanian real estate valued at a minimum of $200,000. Financing through a local bank is permissible.
Application Process and Timeline:
- Property Acquisition: Invest in qualifying real estate.
- Residency Application: Submit application demonstrating property ownership.
- Provisional Residency: Receive a two-year provisional residency permit.
- Permanent Residency: Apply for permanent residency after the provisional period.
Timeline: Approximately 4-6 months for provisional residency approval; two years to permanent residency eligibility.
Benefits:
- Investment Diversification: Opportunity to invest in Panama’s real estate market.
- Residency Status: Obtain residency through property ownership.
Ideal Candidates:
- Investors: Individuals seeking to invest in international real estate.
- Retirees: Those desiring to own property and reside in Panama.
3. Certificate of Deposit (CD) Investment Residency
Eligibility Requirements:
- Citizenship: Citizen of a friendly nation.
- Financial Investment: Deposit at least $200,000 in a three-year fixed-term deposit in a Panamanian bank.
Application Process and Timeline:
- Open Fixed Deposit: Establish a qualifying certificate of deposit.
- Residency Application: Provide proof of the deposit with your application.
- Provisional Residency: Obtain a two-year provisional residency permit.
- Permanent Residency: Eligible to apply after two years.
Benefits:
- Secure Investment: Funds remain in a stable banking environment.
- Residency Acquisition: Achieve residency through financial investment.
Ideals Candidates:
- High Net-Worth Individuals: Those seeking residency through financial means.
- Conservative Investors: Individuals preferring low-risk investment options.
4. Employment-Based Residency Through Business Ownership in Panama
I was lucky enough to get my Friendly Nations Visa before the changes on August 7, 2021—in fact, I got it just in time on August 4. Since then, the new visa requirements are not as ‘friendly’ as before.
But there is another option that I have come across from two very reliable sources. Before I go into it, I want to be completely clear that I am not an attorney or a legal consultant. My only purpose here is to share the information I have found. If you are interested in this visa option, I recommend contacting an experienced attorney directly through the sources I mention below.
There is a fourth, lesser-known way to get your Employment-Based Residency under the Friendly Nations Visa for around $10,000:
How it works:
- Open a Business in Panama
- Your business must be properly registered in the Public Registry, Tax Authority (DGI), and Social Security System (CSS).
- It must obtain a commercial license and operate legally in Panama.
- Hire Yourself as an Employee
- Instead of searching for a job, you sign a labor contract with your own company.
- You must pay yourself at least $1,000 per month and be registered with the CSS for at least 9 months before applying for the visa.
- Ensure Compliance with Employment Regulations
- Pay social security contributions as both an employer and employee.
- Your company must generate real economic activity, meaning it should not be a shell company.
- Application Process
- After 9 months of legally working in your business, you can apply for Employment-Based Residency.
- The process requires multiple trips to Panama, and total costs typically range around $10,000 for legal fees, government fees, and business setup.
Important Notes:
This is a legal route, not an ‘unofficial’ method—but it must be done correctly to comply with Panama’s business and immigration laws. Not all professions qualify—Panama reserves certain jobs for Panamanians (e.g., law, medicine, dentistry, architecture, and engineering). Before choosing this path, make sure your business falls within an eligible industry. Your company must be real and active—it cannot be a shell company. You need genuine business activity in Panama.
Where to Get More Information:
If you want more details, you can find helpful insights in the following blog posts on the Panama Relocation Tours website:
If you are looking for a reliable website where you can purchase this visa option directly, check out Staatenlos (Denationalize Me):
- English: Panama Residency → Select Residency in Panama via Company Setup
- German: Wohnsitz in Panama → Select Wohnsitz in Panama durch die Gründung eines Unternehmens
Both Panama Relocation Tours and Staatenlos (Denationalize Me) are trusted sources that I have followed for a long time. Panama Relocation Tours provided valuable insights before I even started my visa process, and Staatenlos is the platform that initially introduced me to the idea of relocation and working online.
That being said, I always recommend doing your own research and speaking with a qualified immigration attorney to ensure this option aligns with your needs and complies with all legal requirements.
Countries Eligible for the Friendly Nations Visa
Citizens from over 50 countries are eligible, including:
- United States
- Canada
- United Kingdom
- Germany
- Australia
- And many others
You can find the complete list of eligible countries here.
Application Process Overview:
- Document Preparation: Gather necessary documents, including proof of citizenship, economic activity, clean criminal record, and financial solvency.
- Legal Representation: Engage a Panamanian immigration lawyer to assist with the application.
- Application Submission: Submit the application to the National Immigration Service.
- Provisional Residency: Upon approval, receive a two-year provisional residency permit.
- Permanent Residency Application: After two years, apply for permanent residency.
General Benefits of the Friendly Nations Visa:
- Family Inclusion: Dependents, including spouses and children, can be included in the application.
- Access to Services: Residency grants access to Panama’s healthcare, education, and banking services.
- Tax Advantages: Panama’s territorial tax system exempts foreign-sourced income from taxation.
4. Qualified Investor Visa
Panama introduced the Qualified Investor Visa in October 2020 to attract substantial foreign investments and stimulate economic growth. This program offers a streamlined pathway to permanent residency for individuals willing to make significant financial commitments to the country. In 2024, adjustments were made to maintain the program’s relevance and competitiveness.
Eligibility Requirements
Investment Options:
Real Estate:
- The Qualified Investor Visa was set to increase to US$500,000 on October 15, 2024, but the government canceled the change.
- The minimum investment remains US$300,000 in Panamanian real estate, held for at least five years.
Pre-Sale Real Estate Projects:
- Sign a purchase and sale contract for a property under construction, with a minimum value of US$500,000, free of liens.
Panamanian Stock Market:
- Invest at least US$500,000 in securities through a licensed Panamanian brokerage firm.
- The investment must be maintained for a minimum of five years.
Fixed-Term Deposit:
- Open a fixed-term deposit of US$750,000 or more in a qualified Panamanian bank, free of liens.
- The deposit must be held for at least five years.
Eligible Nationalities
The Qualified Investor Visa is open to applicants of all nationalities.
Application Process
- Document Preparation:
- Complete copy of the passport, apostilled or authenticated.
- National criminal background check, apostilled or authenticated, valid for six months.
- Five passport-sized photos.
- Certificate of good health.
- Declaration of personal background
- Investment Proof:
- Provide documentation verifying the chosen investment (e.g., property title, stock purchase agreement, or bank certificate).
- Government Fees:
- Pay US$5,000 to the National Immigration Service
- Pay US$5,000 to the National Treasury.
- For dependents aged 12 and above: an additional US$1,000 per dependent to both the National Treasury and the National Immigration Service.
- For dependents under 12 years old: an additional US$1,000 per dependent to the National Treasury.
- Submission:
- Submit the application through a licensed Panamanian attorney to the National Immigration Service.
- Processing Time:
Applications are typically processed within 30 business days.
Benefits
Permanent Residency:
- Immediate grant of permanent residency upon approval.
Family Inclusion:
- Spouse and dependents can be included under the same application.
Pathway to Citizenship:
- Eligibility to apply for Panamanian citizenship after five years of permanent residency.
Economic Opportunities:
- Access to Panama’s growing economy and favorable tax environment.
Ideal Candidates
Investors:
- Individuals seeking to invest in Panama’s real estate, financial markets, or banking sector.
High Net-Worth Individuals:
- Those looking for permanent residency options through significant financial commitments.
Families:
- Applicants desiring to relocate with their families and secure a stable residency status.
5. Reforestation Investor Visa
The Panamanian government offers the Reforestation Visa to encourage environmental conservation through foreign investment. This program provides a pathway to permanent residency for individuals investing in approved reforestation projects regulated by the Ministry of Environment.
Eligibility Requirements
Applicants must meet the following criteria:
- Age: Applicants must be at least 18 years old.
- Criminal Record: Possess a clean criminal record.
- Investment: Invest in an approved reforestation project.
Investment Options:
- Express Process:
- Investment Amount: USD $360,000, allocated as follows:
- USD $350,000 for the reforestation project.
- USD $10,000 for maintenance and management.
- Residency Status: Grants immediate permanent residency within 60 to 180 days.
- Investment Duration: Maintain the investment for a minimum of 5 years.
- Investment Amount: USD $360,000, allocated as follows:
- Regular Process:
- Investment Amount: USD $100,000, divided as:
- $90,000 for the land.
- $10,000 for maintenance and management over up to 8 years.
- Residency Status: Initially grants a 2-year provisional residency, leading to permanent residency after approximately 3 years.
- Investment Duration: Maintain the investment for at least 5 years after obtaining permanent residency.
- Investment Amount: USD $100,000, divided as:
Dependents Requirements:
- Express Process – Additional costs per dependent include:
- Dependents aged 12 and above: US$3,000 (US$1,600 legal + US$1,400 government fees).
- Dependents under 12 years old: US$2,000 (US$1,400 legal + US$600 government fees).
- Regular Process – Additional costs per dependent include:
- Dependents aged 12 and above: US$3,000 (US$1,600 legal + US$1,400 government fees).
- Dependents under 12 years old: US$2,000 (US$1,400 legal + US$600 government fees).
Eligible Nationalities
This visa is open to citizens of all nationalities, with no restrictions based on country of origin.
Application Process
The process involves several steps:
Document Preparation:
- Valid passport.
- Clean criminal background check.
- Proof of investment in an approved reforestation project.
- Additional personal documents (e.g., birth and marriage certificates, if applicable).
Submission:
- Submit the application through a licensed Panamanian attorney to the National Immigration Service.
Processing Time:
- Express Process: 60 to 180 days for permanent residency.
- Regular Process:
- Temporary residency: permit issued upon initial application acceptance.
- Provisional Residency: Granted shortly after submitting the application, typically valid for 2 years.
- Permanent Residency: After completing 2 years of provisional residency, applicants can submit an application for permanent residency, which is generally processed within 6 months.
Benefits
The Reforestation Investor Visa offers:
- Environmental Contribution: Support Panama’s reforestation and environmental conservation efforts.
- Residency Status: Obtain permanent residency, with the potential to include dependents (additional investment required).
- Pathway to Citizenship: Eligibility to apply for Panamanian citizenship after 5 years of permanent residency.
Ideal Candidates
This visa is ideal for environmentally conscious investors seeking residency in Panama while contributing to sustainable development. It suits individuals interested in long-term investment in forestry projects and those from countries not eligible for other visa programs.
6. Self-Solvency Visa
Panama’s Self Solvency Visa, also known as the “Person of Means” Visa, was established to attract financially independent individuals who can contribute to the country’s economy through substantial investments. This program offers a pathway to permanent residency for those who can demonstrate significant financial solvency.
Eligibility Requirements
Investment Options:
Fixed-Term Deposit:
- Deposit at least US$300,000 in a three-year fixed-term deposit in a Panamanian bank.
- Additional deposits of US$2,000 per dependent.
Real Estate:
- Invest a minimum of US$300,000 in Panamanian real estate, free of liens.
- Additional investments of US$2,000 per dependent.
Combination:
- Combine investments in real estate and fixed-term deposits to meet the required threshold of US$300,000.
- Additional US$2,000 per dependent applies.
Eligible Nationalities
This visa is open to citizens of all nationalities, with no restrictions based on country of origin
Application Process
The process involves several steps:
- Document Preparation:
- Complete copy of the passport, apostilled or authenticated.
- National criminal background check, apostilled or authenticated, valid for six months.
- Five passport-sized photos.
- Certificate of good health.
- Proof of the chosen investment (bank certificate, property title, or combination of both).
- Submission:
- Submit the application through a licensed Panamanian attorney to the National Immigration Service.
- Government Fees:
- Pay US$5,000 for the main applicant.
- Pay US$1,000 for each dependent.
- Processing Time:
- Applications are typically processed within 60 business days.
Benefits
The Self Solvency Visa offers:
Permanent Residency:
- Obtain permanent residency upon approval.
Family Inclusion:
- Spouse and dependents can be included under the same application.
Pathway to Citizenship:
- Eligibility to apply for Panamanian citizenship after five years of permanent residency.
Flexibility:
- No employment or pension requirements; financial solvency alone is sufficient.
Ideal Candidates
This visa is ideal for individuals with substantial financial resources seeking residency in Panama. It suits those interested in investing in real estate or banking instruments and who wish to benefit from Panama’s favorable economic environment and strategic location.
7. Business Investor Visa
Panama’s Business Investor Visa, also known as the Macro-Business Investor Visa, was established to attract foreign entrepreneurs and stimulate economic growth by encouraging investment in local businesses. This program offers a pathway to residency for individuals who invest in Panamanian enterprises.
Eligibility Requirements
Applicants must meet the following criteria:
Minimum Investment:
- Invest at least US$160,000 in the capital stock of a Panamanian company.
The applicant must be both a shareholder and an officer (e.g., President, Secretary, Treasurer) of the company.
Employment Obligations:
- The company must employ a minimum of five full-time Panamanian employees, each earning at least the minimum wage and registered with Panama’s Social Security system.
Dependents:
- An additional investment of US$1,000 is required for each dependent included in the application.
Eligible Nationalities
This visa is open to citizens of all nationalities, with no restrictions based on country of origin
Application Process
The process involves several steps:
Application Process:
- Document Preparation:
- Complete copy of the passport, authenticated by a notary public in Panama.
- Police record or background certification from the applicant’s country of residence, authenticated by a Panamanian consulate.
- Medical certificate of good health, issued in Panama.
- Affidavit of personal background.
- Certificate from the Public Registry of Panama confirming the company’s capital and the applicant’s role as a shareholder and officer.
- Certified financial statements of the company, prepared by a licensed Panamanian CPA, confirming the investment.
- Business plan detailing the company’s activities and employment strategy.
- Submission:
- Submit the application through a licensed Panamanian attorney to the National Immigration Service.
- Government Fees:
- Pay US$250 to the National Treasury as a fee for applying for this migration category.
- Pay US$800 to the National Immigration Service as a repatriation deposit.
- Processing Time:
Applications are typically processed within 60 business days.
Benefits
The Business Investor Visa offers:
Temporary Residency:
- Obtain a provisional residency permit, renewable, leading to permanent residency after fulfilling specific criteria.
Business Opportunities:
- Ability to legally operate and manage a business in Panama.
Family Inclusion:
- Spouse and dependents can be included under the same application, provided the additional investment per dependent is met.
Ideal Candidates
This visa is ideal for entrepreneurs and investors seeking to establish or invest in businesses within Panama. It suits those committed to contributing to the local economy through job creation and business development.
8. Panama Private Income Retiree Visa
The Panama Private Income Retiree Visa is an option for individuals seeking temporary residency by demonstrating private income through a fixed-term investment. This visa grants a residency permit for five years, which corresponds to the term of the Certificate of Deposit (CD). While the visa is only valid for the duration of the deposit, applicants can reapply by renewing their CD for another five years, ensuring continued residency in Panama.
Eligibility Requirements
Applicants must meet the following criteria:
- Certificate of Deposit (CD):
- Open a Certificate of Deposit (CD) with sufficient funds to generate a net monthly interest income of USD $850.
- The CD must be opened at Banco Nacional de Panama or Caja de Ahorro, both government-owned banks.
- The interest income must be the only source of income considered for this visa.
- The CD must be free of liabilities or mortgages and held for at least five (5) years.
- Dependents:
- Dependents, such as a spouse or children, can be included under the application by demonstrating additional income or investment to cover their inclusion.
- Additional Requirements for Dependents:
- Valid passports, apostilled or authenticated.
- Birth certificates or marriage certificates for relationship proof, apostilled or authenticated.
- Criminal background checks (for dependents over 18), apostilled or authenticated.
- Medical certificates issued in Panama.
Eligible Nationalities
This visa is open to citizens of all nationalities, with no restrictions based on country of origin
Application Process
The process involves several steps:
- Document Preparation:
- Valid passport, apostilled or authenticated.
- Criminal background check, apostilled or authenticated, valid for six months.
- Medical certificate issued in Panama.
- Proof of fixed-term deposit in a Panamanian bank.
- Submission:
- Submit the application through a Panamanian attorney.
- Processing Time:
- Applications are typically processed within 60 days.
Benefits
Temporary Residency:
- Grants a 5-year residency, renewable upon reinvesting in the fixed-term deposit.
Family Inclusion:
- Spouse and dependents can be included under the same application.
Panama Traveler Passport:
- One of the standout benefits of this visa is the eligibility to apply for the Panama Traveler Passport. This supplementary travel document is valid for the same five-year period as the fixed-term deposit and serves as a secondary travel passport. While it retains the bearer’s original nationality and does not confer Panamanian citizenship, it offers significant advantages.
- Global Travel Flexibility: For individuals from countries with limited travel agreements, the Panama Traveler Passport can enhance mobility by providing access to more visa-free or visa-on-arrival destinations.
- Backup Travel Document: Having a secondary passport can be beneficial for those who travel frequently or wish to avoid potential restrictions associated with their primary passport.
- Privacy and Security: It offers an additional layer of privacy for international travel, especially for those with security concerns.
Ideal Candidates
Retirees:
- Individuals seeking residency without the need for employment or business activities.
Investors:
- Those looking to diversify their investments while establishing residency.
Families:
- Applicants wishing to relocate with their families and secure a stable residency status.
Why Panama is the Perfect Place to Call Home
Panama’s diverse range of visa options makes it one of the most accessible countries for individuals seeking residency or even permanent settlement. While every visa program comes with its own requirements and challenges, the process is well-structured, and the rewards are worth the effort.
Living in Panama offers an opportunity to experience life in an economically stable and politically secure country. It provides a safety level comparable to many Western nations, giving residents peace of mind. In addition, Panama’s high-quality and affordable healthcare system ensures that your well-being is taken care of without excessive financial burden.
One of the most beautiful aspects of Panama is its multicultural environment. With influences from around the globe, the country has built a welcoming and inclusive community where expats can easily integrate. This diversity is reflected in its rich cultural traditions and incredible culinary scene. From fresh seafood to tropical fruits, Panama’s food culture is both delicious and nutritious, which can contribute to better overall health and well-being.
Moreover, Panama’s vibrant atmosphere, stunning landscapes, and warm people create an environment that improves not just your quality of life but also your mood. It’s a place where the stresses of daily life seem lighter, and the opportunities for personal growth and enjoyment are endless.
If you’re dreaming of a life in a paradise that combines economic stability, safety, excellent healthcare, and a multicultural lifestyle, Panama is waiting to welcome you. With its many visa options, it’s never been easier to turn that dream into reality.
