What do you want to accomplish
NEW UPDATE: The government of Panama just passed a new law (Executive Decree 197 of the 7th of May 2021) that changes the requirements for the Friendly Nations residency program.
Beginning on the 5th of August 2021, Panama’s Friendly Nations residency program will grant a 2 year temporary residency permit, and then the applicant may apply for permanent residency.
OPTION 1
Be employed in Panama by a legal Panama Corporation with a formal labor contract, and a work permit.
OPTION 2
Invest 200.000 in a Panamanian bank CD (returns at least 3.5%)
OPTION 3
Invest 200.000 in Panama Real Estate
In order to encourage immigration from countries considered most favorable, Panama has created an immigration incentive which allows citizens of friendly countries to obtain:
• Permanent resident status.
• Panamanian identity card.
• Right to apply for a permanent work permit.
• Right to apply for Panamanian citizenship (passport) 5 years after obtaining permanent residence.
The 50 countries, whose citizens are eligible
Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Holland, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, New Zealand, Norway, Paraguay, Poland, Portugal, Republic of Korea, Republic of San Marino, Serbia, Singapore, South Africa, Spain, Sweden, Switzerland, United Kingdom, United States of America, Uruguay.
REQUIREMENTS TO OBTAIN RESIDENCE
- For Main Applicant only: • Be employed in Panama by a legal Panama Corporation with a formal labor contract, and a work permit. For each Applicant:
- Passport and second I.D. ideally from applicant’s country of origin (e.g. driver’s license or government issued photo I.D.) - legalization done in Panama
- BEFORE COMING TO PANAMA: Criminal history background check (police record) apostilled or duly authenticated by the respective Panama Embassy/Consulate
- Five (5) passport size photos - done in Panama
- Two certified checks to government institutions – done in Panama
- Original medical examination report from a certified Panama medical doctor for each applicant. NTL helps to provide this.
- Process documentation you need to fill in and sign
Please note, if documents are in a different language than Spanish, extra translation fees will apply depending on number of documents to translate.
Time Frame
To obtain the permanent residency, the following presence in Panama is required:
Initial Visit
5 working days. As a result, the applicant can walk-away with the provisional permanent residence card (of course only if all requirements are duly met.
Second visit
2-3 days, after 2-3 months. As a result, the applicant can walk-away with a provisional 2 year residence card.
Minimum stay in Panama to maintain the permanent residence status
It is not necessary to reside in Panama permanently. You need only to visit Panama once every two years to maintain the residency status. • However, in order to apply for the Panama citizenship (passport), frequent presence in Panama would be required to show ties with the country.
OUR FEES RELATED TO THE PROCEDURE :
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Individual Package (Company employment Option): US$10.000 which includes
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Incorporation of a Panama Company with nominee directors (US$2.000)
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Work Permit (US$1.500)
o All expenses including government fees (US$ 1.500)Personal Bank Account (US$1000) -
Legal fees (US$ 4.000)
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Spouse: US$ 4.500
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Children over 12: US$ 2.000
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Children under 12: US$ 1.200
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Extra if required:Tax ID Number in Panama: US$ 2.500
Package include:
o Tax Id Number
o Lease agreement
o Utility bill managing service for one year
o personal accounting and tax return
Documents to be delivered:
- Immigration card and visa with 3 months validity
- Residency card