Residency Visa Overview
Panama has made it fairly easy for foreigners to obtain a residency visa to live here.
Although you will need to hire an attorney to get a Visa, the process is really not that difficult if you follow the step-by-step requirements. Each of the Visa Programs has its own set of requirements, so you should make sure you understand them thoroughly or have a Panamanian attorney advise you on the best option for you.
The two most popular residency visas are:
Pensionado – Retirement Visa
You must be over the age of 18 and able to show a pension or lifetime income of at least $1000 per month, and an additional $250 for your spouse. The source of income can be from a government, military, or a corporation and is usually a pension or Social Security. One stipulation with the Pensionado Visa is that you cannot work in Panama with this visa.
Friendly Nations Visa
This is a ‘fast-track to living in Panama’ residency program available to citizens on the list of 50 countries considered ‘friendly’ by Panama. The countries are: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, Republic of Korea, San Marino, Serbia, Singapore, Slovakia, South Africa, Spain, Sweden, Switzerland, Taiwan, United States of America, and Uruguay. If your home country is on the list, you must deposit $5000 in a Panamanian bank in order to qualify for this visa.
You’ll also need to do one of three things: (1) have a labor contract, (2) set up a corporation with the “intent” of doing business in Panama, or (3) purchase a property worth at least $100,000.
For more information read these posts from our blog: