Private Income Retiree Residence Program in the Republic of Panama
The Republic of Panama offers temporary resident status for individuals who wish to reside in the country. This immigration permit is designed for foreigners who can demonstrate a stable income from fixed-term deposits. Below are the key requirements and details for obtaining and extending this immigration permit.
Eligibility Criteria
- Income Requirement: Applicants must demonstrate a monthly income of $850.00 from interest on a fixed-term deposit at either the National Bank of Panama or Caja de Ahorros.
- Deposit Conditions: The deposit must be free of liens for a minimum of five years.
Application Requirements
- Power of Attorney: Grant power of attorney to a Panamanian licensed lawyer or law firm in Panama. The power of attorney should include the names and nationalities of the applicant’s parents.
- Photographs: Three recent passport-sized photos.
- Passport Copy: A duly certified (notarized or authenticated) copy of the passport.
- Criminal Background Certificate: Proof of a clean criminal record.
- Health Certificate: A medical certificate.
- Personal Background Declaration: A completed personal background declaration form.
- Bank Certification: Certification from the National Bank of Panama or Caja de Ahorros verifying the fixed-term deposit, its interest, duration, and confirmation that it is free of liens.
- Fixed-Term Deposit Certificate: A bank-authenticated copy of the fixed-term deposit certificate.
- Spanish Translations: If the documents are written in a language different from Spanish, they must be translated into Spanish by a certified Panamanian translator.
For Dependents
- Dependents’ Requirements: Applicants with dependents aged 25 or younger must provide:
- Letter of Responsibility and Repatriation: Notarized.
- Proof of Kinship: Birth or marriage certificate.
- Proof of Address: Documentation showing current residence.
- Single Status Certificate and Academic Transcripts: For dependents who are students.
Important Notes
- Deposit Withdrawal: Withdrawing the fixed-term deposit before the end of five years, or failing to comply with the requirements of Law No. 9 of 1987 and associated regulations, will result in the loss of the incentives and rights granted by this temporary residency program.
- Special Panamanian Passport: The applicant will also receive a Panamanian passport, allowing them to enter countries that permit entry to Panamanians. The passport will still indicate the holder’s actual nationality.
Extension of the Immigration Permit
- Duration: The immigration permit for private income retirees is initially granted for five years and can be extended for an additional five-year term.
- Extension Requirements: To extend the immigration permit, submit the same documentation as for the initial application, excluding the Criminal Background Certificate.
Legal Basis
The Private Income Retiree Residence Program is governed by the Political Constitution of the Republic of Panama, Law 9 of June 24, 1987, Decree Law 3 of February 22, 2008, and other relevant laws and decrees.
For more information, please call us at +507 6290-3468 or email us at info@lawyerinpanama.com.