INFORMATION ON RETIRING IN PANAMA, VISAS, PENSIONADO, PASSPORT

INFORMATION ON RETIRING IN PANAMA

VISAS, PENSIONADO, PASSPORT

SECOND PASSPORT

Be careful when buying a second passport. First thing to look for are the laws that contain the spelling out the program you are considering. If there are no laws, run away. If you are told about a special program, not for everyone, run.

Next make sure when buying a second passport you will be going physically to the immigration department or a consulate of the country for processing, photographs and fingerprints. This will greatly cut down the odds of a scam. Normally, the country will want to know who you are, and like to see and copy a valid passport as a minimum.

Panama is an excellent country for a second passport.

There are second passport and second citizenship programs in other countries, but Panama has the only immigration program that provides a true Second Passport. This passport is fully legal and it lasts for 5 years, renewable.

By means of Executive Decree No. 320 of August 8th, 2008, as amended by Executive Decree No. 26 of March 2, 2009, Panama grants a second passport and residence to applicants that establish a time deposit at National Bank of Panama, provided that this deposit produces a minimum of only US$850.00 per month in interest.

We have found that this Panama Second Passport has been useful for Russian & CIS, Middle East and other nationalities with restricted entry into EU. With the Panama Second Passport, they can enter most EU countries without Visa and without any invitation letters.

One important advantage when they travel with this Passport is that Panama has Visa-Free agreements with 40 countries.

 

France
UK (not only England)
Spain
Germany
Israel
Switzerland
Austria
Argentina
Korea
Luxembourg
Denmark
Netherlands
Belgium
Sweden
Finland
Hungary
Honduras
Guatemala
Peru
Uruguay

 

Ecuador
Chile
El Salvador
Colombia
Costa Rica
Bolivia
Brasil
Nicaragua
Paraguay
Poland
Portugal
Dominican Republic
Greece
Norway
Czech Republic
Letonia
Lituania
Monaco
Italy

 

Right now, the deposit must be for US$350,000 to produce the US$850.00 in monthly income that you need to show to the government. Please note that the amount of this deposit will depend on the rate of interest paid by the Bank at the moment when the time deposit is created.

This deposit for US$350,000 covers the Principal (father/husband) and dependants.

This passport also grants permanent residence.

The time deposit must be for 5 years to match the duration of the passport. The passport can be renewed every 5 years, if you renew the time deposit for an equal period.

The advantage of this program is that the client will get a passport almost immediately and the time deposit as well as the interest income is in their name. The deposit is secure in the National Bank of Panama which is the state bank of the Republic of Panama.

The whole procedure may take from 2-3 months depending on the nationality of the applicant, counting from the date that the bank deposit is created and we receive all required documentation and funds.

RETIREE RESIDENCE

Also regulated by Executive Decree No. 320 of August 8th, 2008, the retiree or “pensionado” residence status requires that applicant demonstrates an income on pension of only US$1,000.00 per month and $250.00 for each dependent.

Once the visa petition is filed before the Immigration and Naturalization Directorate, a permanent residence permit will be granted to the applicant within 4-6 months as of the date of filing of the application.

This type of residence is expedite ant the status is granted for life.

Requirements to Obtain the Retiree Status

  • Power of attorney
  • Good health medical certificate, HIV Test
  • Good standing report from police or municipal authorities
  • Complete copy of passport
  • Letter certifying applicant condition as a retiree and amount earned per month. If it is a private entity, proof of its existence must be supplied.
  • Photographs, carnet size
  • Marriage certificate

Note: Except for the retiree certification, the same documents must be supplied by the spouse. All documents must be apostilled or certified before a Panama consulate at the place of issuance.

Panamanian law also grants retirees a very good tax exemption package including:

  • Tax exemption to import a car every 2 years
  • Import tax exemption for households up to US$10,000
  • Multiple tax exemptions and discounts on services in Panama

 

 

Visa Program

 

Basic Requirement

 

Benefits

 

 

2nd Passport

 

Open a CD deposit for US$260,000 that produces US$850 interests per month.

 

  • 2nd passport for travel
  • Residency
  • Tax free import of a car every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

The CD deposit must be opened at The National Bank of Panama for a minimum period of 5 years.

Current Interest rate for 5 years: 4%

 

Self Sufficient Funds

 

Option 1: Open a CD deposit of US$300,000 for 3 years in a Panamanian Bank.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Option 2: Real Estate investment of US$300,000 (if property value is higher than US$300,000, the applicant is entitled to obtain a mortgage for the remaining amount).

Option 3: Mix investment: CD deposit and real estate investment is allowed as long they reach the amount of US$300,000.

 

Pensionado

 

Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$1,000 for life, plus $250 for each dependent.

 

  • Permanent residency for principals
  • Right to opt for Panamanian citizenship
  • Tax free import of a vehicle every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

If the petitioner purchases a property of US$100,000 or more, the pension could be of US$750.

The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$1,000.

If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life.

 

Reforestation

 

Investment of US$80,000 or more on his name or through a Panamanian corporation in a reforestation project.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship
 

Large Investor

 

Required Investment of US$160,000 through a Panamanian corporation.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Type of investment: All investments, excluding activities restricted by Panamanian constitution.

Company must be registered at the social security program.

5 Panamanian employees as minimum.

 

 
 

We offer you a Complete Solution by providing you with the following services:

  • All Legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
  • Incorporation of the company
  • Legal advice regarding property purchase and contracts
  • Relocation to Panama, including purchase or lease of real estate
  • All necessary contacts and arrangements to identify business opportunities in Panama related to the investment in which you may be interested.

For more information, please contact our office at ventas@ventasyalquilerespanama.com.

INVESTORS VISA AND RESIDENCE

This residence status is ideal for persons interested in living in Panamá, and requires that the applicant establishes a proven investment for at least US$160,001.00 in Panama.

This immigration program includes applicant, spouse and children under 18.

Once the visa petition is filed, a provisional residence permit, valid for a period of 1 year is granted to the applicants. At the end of the one year period, a permanent residence permit is granted. The permanent residence permit grants the applicant a Panamanian Identification Card and the right to apply for Panamanian Nationality after 5 years.

Requirements to Obtain an Investor’s Visa and Residence in Panama

In order to obtain an Investor’s Visa, the following documents are required:

  • Certified check for US$500.00 to the order of “Ministerio de Gobierno y Justicia” for each person over 12 years of age
  • Affidavit duly signed by each applicant
  • Police Record form from the country where the applicant and wife resided for the last two (2) years. Persons under 18 years of age are exempt from this requirement.
  • Four (4) photographs, passport size of each of the members of the family (male applicant must be shown wearing coat and tie)
  • Good health certificate issued by a local doctor for each member of the family and AIDS test result
  • Certified check to the order of "TESORO NACIONAL" of US$100.00 for each member of the family regardless of age
  • Signature of a power of attorney in favour of a qualified Panama law firm, addressed to the Ministry of Government and Justice. We will supply you the form
  • Letter from the company's accountant attesting about the investment of the applicant. The investment must be higher than US$150,000.00, plus US$4,000 for each dependent
  • Letter from either Secretary or Treasurer of the company certifying the investment
  • Valid Passports
  • Police record issued in the Republic of Panama for applicant and wife.
  • Certification of the Public Registry that credit the following:
    • Purpose of the Corporation
    • Capital
    • Investors’ appointment as Director of the corporation
  • Copy of the Social Security Payroll certifying that the company is operating
  • Declaration before a Notary certifying the investment
  • Employer’s Social Security payroll (minimum 3 Panamanian)
  • Social Security Good-Standing Certificate
  • First tax return

If the applicant for the visa is married and has family, he must obtain and submit the following additional documents:

  1. Marriage certificate
  2. Birth certificate of each child, if any
  3. Responsibility letter

All documents issued outside of the Republic of Panama must be duly legalized by the Panamanian Consul nearest to their place of issuance.

Once the applicant and his family have been in the Republic of Panama for 30 days, they have to register at the Immigration Office in Panama.

For this purpose, the following documents are required:

  1. Two (2) photographs passport size for each family member
  2. Original Passports

We only need passports at the moment of filing the documents at the Immigration Office.

 

 

Visa Program

 

Basic Requirement

 

Benefits

 

 

2nd Passport

 

Open a CD deposit for US$260,000 that produces US$850 interests per month.

 

  • 2nd passport for travel
  • Residency
  • Tax free import of a car every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

The CD deposit must be opened at The National Bank of Panama for a minimum period of 5 years.

Current Interest rate for 5 years: 4%

 

Self Sufficient Funds

 

Option 1: Open a CD deposit of US$300,000 for 3 years in a Panamanian Bank.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Option 2: Real Estate investment of US$300,000 (if property value is higher than US$300,000, the applicant is entitled to obtain a mortgage for the remaining amount).

Option 3: Mix investment: CD deposit and real estate investment is allowed as long they reach the amount of US$300,000.

 

Pensionado

 

Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$1,000 for life, plus $250 for each dependent.

 

  • Permanent residency for principals
  • Right to opt for Panamanian citizenship
  • Tax free import of a vehicle every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

If the petitioner purchases a property of US$100,000 or more, the pension could be of US$750.

The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$1,000.

If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life.

 

Reforestation

 

Investment of US$80,000 or more on his name or through a Panamanian corporation in a reforestation project.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship
 

Large Investor

 

Required Investment of US$160,000 through a Panamanian corporation.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Type of investment: All investments, excluding activities restricted by Panamanian constitution.

Company must be registered at the social security program.

5 Panamanian employees as minimum.

 

 
 

We offer you a Residence Solution by providing you with the following services:

  • All Legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
  • Incorporation of the company
  • Buying a property or starting a business

SELF SUFFICIENT IMMIGRANTS VISA AND RESIDENCE

By means of Law Decree No. 16 of June 30, 1960, Panama grants permanent residence to applicants who have sufficient income to cover the expenses for all their families' needs while living in the Republic of Panama.

Now to opt for this type of Visa, the applicant will be able to choose one of the following alternatives:

  • Establish a time deposit in a bank located in Panama in the amount of US$300,000.00 (minimum) for a period of 24 months; or
  • Buy in his own name, a real estate property in Panama for the minimum sum of US$300,000, and provide proof of the source and sum of the revenues with which he will cover his living expenses in Panama; or
  • Buy in his own name, a real estate property in Panama, plus also have a time deposit in his name, in a bank located in Panama, with a 2 year duration, for a combination of US$300,000, between real estate and deposit.

 

 

Visa Program

 

Basic Requirement

 

Benefits

 

 

2nd Passport

 

Open a CD deposit for US$260,000 that produces US$850 interests per month.

 

  • 2nd passport for travel
  • Residency
  • Tax free import of a car every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

The CD deposit must be opened at The National Bank of Panama for a minimum period of 5 years.

Current Interest rate for 5 years: 4%

 

Self Sufficient Funds

 

Option 1: Open a CD deposit of US$300,000 for 3 years in a Panamanian Bank.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Option 2: Real Estate investment of US$300,000 (if property value is higher than US$300,000, the applicant is entitled to obtain a mortgage for the remaining amount).

Option 3: Mix investment: CD deposit and real estate investment is allowed as long they reach the amount of US$300,000.

 

Pensionado

 

Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$1,000 for life, plus $250 for each dependent.

 

  • Permanent residency for principals
  • Right to opt for Panamanian citizenship
  • Tax free import of a vehicle every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

If the petitioner purchases a property of US$100,000 or more, the pension could be of US$750.

The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$1,000.

If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life.

 

Reforestation

 

Investment of US$80,000 or more on his name or through a Panamanian corporation in a reforestation project.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship
 

Large Investor

 

Required Investment of US$160,000 through a Panamanian corporation.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Type of investment: All investments, excluding activities restricted by Panamanian constitution.

Company must be registered at the social security program.

5 Panamanian employees as minimum.

 

 
 

We offers you a One Stop Solution by providing you with the following services:

  • All Legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
  • Incorporation of a company
  • Legal services
  • Buying a property or condominium
  • Relocation to Panama
  • All necessary contacts and arrangements to identify business opportunities in Panama related to the investment in which you may be interested.

For more information please contact us ar ventas@ventasyalquilerespanama.com.

PANAMA REFORERSTATION VISA AND RESIDENCE

Panama Reforestation Visa offers 2 options:

1. Panama Reforestation Small Investment Visa with a $60,000 minimum investment and additional requirement of purchasing at least 10 hectares in a government certified reforestation project. This will be a six (6) year temporary resident visa no longer converted into a permanent residency visa leading to Panama citizenship. In addition to the named applicant personally making this investment, a corporation can make the investment. However, if two individuals are the shareholders, then each one must make a minimum $60,000 investment and purchase a minimum 20 hectares. An additional $2,000 investment must be made for each applicant's dependant applying under th Panama Reforestation Small Investment Visa. Dependants include spouse and children. We must reiterate the disadvantages of the Panama Reforestation Small Investment Visa of minimum $60,000 investment once again: The permissions of temporary residents for the Panama Small Reforestation investment Visa will be for the period of six (6) years, extendable every two (2) years. The applicant cannot use this Visa to obtain Panama Permanent Residency or Panama Citizenship.

2. Panama Reforestation Large Investment Visa. This is a permanent Panama Reforestation Residency Visa requiring a minimum $80,000 investment with an additional minimum purchase of five (5) hectares in a Panama government certified reforestation project. This is the only Panama Reforestation Visa leading to Permanent Residency and eventual Panama Citizenship. After a term of two (2) years has elapsed, the applicant will be able to opt for permanent residence. The specific requirements are:

"Foreigners that invest with personal title or through legal entity in activities of reforestation or authorized forest plantation by the National Authority of the Environment, of at least five (5) hectares and whose minimum investment be $80,000 will be able to request this visa."

When using a legal entity, foreigners will be able to request the Panama Reforestation Large Investment Visa for up to two foreigners, provided that they show each one invested $80,000 and purchased five (5) hectares. The omission of this requirement will be cause of cancellation of the application and the obligation to leave the country.

In case of bringing dependents, the investment should be increased by $2,000 for each dependent, which can be justified with a local banking reference.

 

 

Visa Program

 

Basic Requirement

 

Benefits

 

 

2nd Passport

 

Open a CD deposit for US$260,000 that produces US$850 interests per month.

 

  • 2nd passport for travel
  • Residency
  • Tax free import of a car every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

The CD deposit must be opened at The National Bank of Panama for a minimum period of 5 years.

Current Interest rate for 5 years: 4%

 

Self Sufficient Funds

 

Option 1: Open a CD deposit of US$300,000 for 3 years in a Panamanian Bank.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Option 2: Real Estate investment of US$300,000 (if property value is higher than US$300,000, the applicant is entitled to obtain a mortgage for the remaining amount).

Option 3: Mix investment: CD deposit and real estate investment is allowed as long they reach the amount of US$300,000.

 

Pensionado

 

Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$1,000 for life, plus $250 for each dependent.

 

  • Permanent residency for principals
  • Right to opt for Panamanian citizenship
  • Tax free import of a vehicle every 2 years
  • One-time tax free import of households up to US$ 10K
  • Discounts on goods and services

If the petitioner purchases a property of US$100,000 or more, the pension could be of US$750.

The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$1,000.

If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life.

 

Reforestation

 

Investment of US$80,000 or more on his name or through a Panamanian corporation in a reforestation project.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship
 

Large Investor

 

Required Investment of US$160,000 through a Panamanian corporation.

 

  • Permanent residency
  • Right to opt for
  • Panamanian citizenship

Type of investment: All investments, excluding activities restricted by Panamanian constitution.

Company must be registered at the social security program.

5 Panamanian employees as minimum.

 

 
 

Basic Requirements:

Here are the basic requirements for both Panama Reforestation Visas:

  • All visa applications must be processed by a Panamanian lawyer.
  • All overseas documents must be authenticated by a Panamanian Consulate nearest you or by Apostille.
  • All applicants must provide a Police Clearance report on a police department's letterhead, signed by a police official.
  • All documents must be issued no more than 4 months prior to submitting the visa application.
  • Passports must have at least 3 months remaining before expiration.
  • Dependants can be included with both options.
  • Applicant and dependants must present themselves in person to the Immigration office for the initial application and subsequent renewals.
  • Initial Application: Expect to be in Panama for 5 business days. After registering and submitting all documents, immigration will issue a 3-month provisional visa.

Panama Reforestation Small Investment VISA:

In addition to the basic requirements established in Article 28 of the Decree Law, the applicant must submit the following documents:

When using a corporation, the following additional requirements must be met:

1. Affidavit by the secretary or treasurer of the corporation (cannot be by the applicant), attesting to the reforestation activities, attesting that the ownership of the nominative shares emitted in favor of the foreign applicant, said shares are free and full, and attesting to the total capital stock;

2. Certification by the Authorized Public Accountant (CPA) detailing the grand total directly invested in the activity of reforestation and that the capital is from the investor;

3. Authentication of the certificate shares in favor of the reforestation investors;

4. Copies of the tax returns of the business, where the invested capital appears.

5. If a fiscal period has not yet lapsed since the creation of the business, a copy of the inscription in the Unique Registration of the Taxpayer;

6. Copies of the resolution by the National Authority of the Environment certifying the Reforestation Project Registration;

7. Original certification of the inscriptions of the business and the property in the Public Registry;

8. Proof that the investment is directly for reforestation activates with a minimum of sixty thousand dollars ($60,000) proven with documents such as:

a. A Bank Certification of the funds transfer or of the payment (obligatory);

b. Audited Financial Status;

c. Commercial bills of buying and selling;

d. Documents proving importation of supplies & equipment;

To request an extension, besides the requirements mentioned in the previous article, the applicant should contribute the following documents:

1. Paz y Salvo of the applicant;

2. Bill or other documents that show disbursements performed in the last year for the project of reforestation, or certification of the business carrying out the plan of maintenance that the contract continues in force.

We offers you a One Stop Solution by providing you with the following services:

  • All Legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
  • Incorporation of a company
  • Legal services
  • Buying a property or condominium
  • Relocation to Panama
  • All necessary contacts and arrangements to identify business opportunities in Panama related to the investment in which you may be interested.

For more information, please contact us at ventas@ventasyalquilerespanama.com

 

 

INFORMATION ON RETIRING IN PANAMA, VISAS, PENSIONADO, PASSPORT
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