A foreign national may apply for this permanent resident permit as a Forestry Investor if they invest, either personally or through a legal entity, a minimum amount of US$100,000 in reforestation or forestry plantation activities or others authorized by the Ministry of the Environment.
If the foreign national, either personally or through a legal entity, invests a minimum amount of US$350,000 in reforestation or forestry plantation activities or others authorized by the Ministry of the Environment, they may automatically qualify for permanent residency.
To include dependents, an additional investment of US$2,000 per dependent must be made, which can be demonstrated through a local bank reference.
Requirements
- Notarized Power of Attorney and Application: The power of attorney must include the applicant’s parents’ names and nationalities.
- Three (3) Photographs.
- Properly Certified Copy of Passport: Notarized or authenticated as required.
- Criminal Record Certificate.
- Health Certificate.
- Certified Check for $250 payable to the National Treasury of Panama.
- Certified Check for $800 payable to the National Migration Service of the Republic of Panama.
- Sworn Declaration of Personal Background.
- For Legal Entities:
- Sworn declaration from the company secretary or treasurer (the applicant cannot issue this declaration) certifying the company’s activities, the ownership of nominative shares issued in the applicant’s name, fully paid and freed, and the company’s share capital.
- Certification from an Authorized Public Accountant (CPA): Detailing the total amount directly invested in reforestation activities and confirming that the capital belongs to the investor. The accountant must attach a copy of their identification card and professional license.
- Authenticated Copy of the Share Certificate: Issued to forestry investors or a commercial relationship agreement with the reforestation company holding the share certificate, duly authenticated.
- Copy of the Resolution Issued by the Ministry of the Environment of Panama: Certifying the forestry registration of the natural or legal person.
- Certificate of the Company’s Existence: Issued by the Public Registry of Panama, reflecting the company’s activities.
- Certificate of Ownership: Issued by the Public Registry of Panama.
- Proof of Investment in Reforestation Activities: A minimum investment of US$100,000 must be demonstrated through a bank certification showing the transfer of funds to the reforestation company or payment thereof.
- For Automatic Permanent Residency: Proof of a minimum investment of US$350,000 directly in reforestation activities, demonstrated by a bank certification of the fund transfer to the reforestation company or payment thereof.
REQUIREMENTS TO APPLY FOR DEFINITIVE PERMANENT RESIDENCE FOR FORESTRY INVESTMENT REASONS
(PRP-FOR)
To apply for permanent residence, the aforementioned requirements must be presented, except for the Criminal Record Certificate and certified checks. Additionally, the following must be provided:
- Certification from the reforestation company confirming the investment remains active.
- Certification issued by the competent authority validating the existence and current registration of the reforestation company.
Maintaining Permanent Residency
To maintain permanent residency as a Forestry Investor under the terms outlined in Article 180 of Executive Decree No. 320 of August 8, 2008, the investment must remain active for a minimum period of five years. If the investment ceases or terminates before this period, the National Migration Service may revoke the granted permanent residency at its own initiative.
The annual deadline for submitting evidence of the investment will commence from the date the corresponding Permanent Residency Permit is approved.
LEGAL BASIS: Political Constitution of the Republic of Panama, Decree Law 3 of February 22, 2008, Executive Decree No. 320 of August 8, 2008, Articles 180, 181, 182, 183, 184, and 184-A, as amended by Executive Decree No. 26 of March 2, 2009, Law 38 of 2000, Law 199 of May 7, 2021.
If you wish to apply for this type of immigration permit, please call us at +507 6290-3468 or send us an email at info@lawyerinpanama.com.