Residency in Panama: How the Friendly Nations Visa Can Benefit You
Panama, a thriving hub of business and investment, offers an attractive residency program for nationals from specific countries with friendly, professional, or economic ties to the nation. Known as the Friendly Nations Visa, this program provides an opportunity for foreign nationals to secure provisional and eventually permanent residency in Panama, allowing them to engage in professional or economic activities.
Provisional Residency Permit (Two-Year Period)
The National Migration Service of Panama grants a Provisional Residency Permit for an initial period of two years to applicants who qualify under the Friendly Nations Visa program. After this period, applicants may apply for permanent residency.
Required Documents:
Applicants must provide the following essential documents:
- Notarized Power of Attorney (POA) and application, including parental details.
- Three passport-sized photographs.
- Authenticated copy of the passport (notarized or certified).
- Police Clearance Certificate.
- Health Certificate.
- Certified check of US$250 payable to the National Treasury of Panama.
- Certified check of US$800 payable to the National Migration Service of Panama.
- Personal Background Affidavit Form.
Additional Requirements Based on Circumstances:
For Employment Purposes:
- Employment letter from a Panamanian company, notarized and specifying position, salary, and a repatriation clause.
- Certificate of the company’s registration from the Panama Public Registry.
- Copy of the company’s Business License (or justification for its absence as per Law 5 of 2007).
- Copy of a submitted work permit application to MITRADEL, signed by the legal representative and the applicant.
For Real Estate Investment:
- Certificate of ownership from the Panama Public Registry proving property ownership valued at a minimum of $200,000.
- The property may be held under the applicant’s name, a legal entity, or a private interest foundation.
For Fixed-Term Deposit Investment:
- Certificate from a Panamanian general license bank confirming a fixed-term deposit of $200,000, held for at least three years and free of encumbrances.
- The deposit can be in the applicant’s name, a legal entity, or a private interest foundation.
Including Dependents:
Applicants may include dependents such as spouses, children, and legally recognized dependents. Required documents include:
- Letter of sponsorship from the main applicant.
- Proof of relationship (marriage certificate, birth certificate, or guardianship documents).
- For dependents aged 18-25:
- Proof of full-time student status from a recognized educational institution.
- Affidavit confirming single status.
- Proof of financial solvency:
- Income tax return showing a minimum monthly income of $1,000, plus $100 per dependent.
- Employment letter with salary verification and a copy of the work permit.
Permanent Residency Permit
After two years of provisional residency, applicants may apply for permanent residency in Panama. This process requires resubmission of most documents, except for the Police Clearance Certificate and certified checks.
Legal Framework
This residency program operates under the following Panamanian laws and decrees:
- Executive Decree 226 of July 20, 2021
- Decree Law 3 of February 22, 2008 (regulated by Executive Decree 320 of August 8, 2008)
- Law 5 of 2007
- Law 38 of 2000
Why Choose Panama?
With its stable economy, tax benefits, and strategic location, Panama remains a top choice for expatriates, investors, and professionals seeking residency in a business-friendly environment. Whether through employment, real estate investment, or fixed-term deposits, the Friendly Nations Visa opens the door to a future in this dynamic and prosperous country.
If you’re considering residency in Panama, ensure you have the proper documentation and seek professional legal assistance for a smooth application process.
Law Office of Edgardo Espinosa, Esq.
Licensed Lawyer
The Century Tower, 4th Floor, Suite 401
Ricardo J. Alfaro Avenue
Panama City, Panama
Tel: +507 6772-4739
Email: info@lawyerinpanama.com
Website: https://lawyerinpanama.com