What do you want to accomplish
The Panamanian government is committed to environmental protection, and one way they are achieving this is through a reforestation visa program. Foreigners can invest in reforestation projects through this program and obtain permanent residence in the country.
Panama offers two different processes for obtaining residence for individuals investing in a reforestation project:
OPTION 1
Express Process
OPTION 2
Regular Process
The Panama Reforestation Visa allows investors to obtain permanent residence in Panama, provided they make the appropriate investment in an approved reforestation project regulated by the Ministry of Environment of the Republic of Panama.
The reforestation visa program is a mutually beneficial arrangement for all parties involved. Foreign investors can contribute to the environment while gaining valuable residence status. The government of Panama can restore its forests and attract new investments. The local community benefits from job creation and environmental improvements
General Requirements
- Photocopy of valid passport of the applicant (and dependents – if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all pages showing entry/exit stamps (all pages used in the passport).
- Birth Certificate (if applicable – for the dependents only), duly notarized and apostilled or authenticated by the Panamanian Consulate nearest you.
- Original Police record of the applicant, from the place of residence (and spouse & dependents over 18 years of age – if applicable), duly notarized and apostilled or authenticated by the Panamanian Consulate nearest you.
- Three (3) passport sized photographs of the applicant (and dependents – if applicable).
- Original Marriage Certificate (if applicable – for Spouse only), duly notarized and apostilled or authenticated by the Panamanian Consulate nearest you.
- Original Financial Reference Letters: These can be from any bank, brokerage firm, or credit union. They should be on the financial institutions letterhead, signed by a representative of the financial institution, and show the contact information (address, tel, fax, email, etc.) for the reference to be verified.
Express Process
Invest a minimum of US$360,000
Stipulations
Foreigners, either personally or through a legal entity, making the corresponding investment can automatically gain permanent residence.
To maintain permanent residence, the investment must be held for a minimum period of 5 years.
Application and Investment Process
Investors wishing to obtain permanent residence must make an investment of at least USD $360,000, divided as follows:
- USD $350,000 in an approved reforestation project.
- USD $10,000 for maintenance and management.
The process can be completed in 60 to 180 days following these steps:
- Submit the residence application and allow immigration to review and approve it.
- Obtain permanent residence in 60 to 180 days.
Express Residence Requirements
Applicants proceeding with the forest investment residence program in Panama must:
- Be at least 18 years old.
- Have no criminal record.
- Provide personal documentation such as passports, national identity documents, birth certificates, and marriage certificates (if applicable).
- Provide proof of funds along with proof of direct investment in an approved forestry program, which must be maintained for a period of 8 years.
Express Residence Requirements
Applicants proceeding with the forest investment residence program in Panama must:
- Be at least 18 years old.
- Have no criminal record.
- Provide personal documentation such as passports, national identity documents, birth certificates, and marriage certificates (if applicable).
- Provide proof of funds along with proof of direct investment in an approved forestry program, which must be maintained for a period of 8 years.
Fees and Costs Forest Investment Visa - Express
Requires a minimum investment of USD $360,000 Cost for the Principal Applicant: $7,500 ($5,000 Fees + $2,500 Expenses) Cost for dependents over 12 years old: $3,000 ($1,600 Fees + $1,400 Expenses) Cost for dependents under 12 years old: $2,000 ($1,400 Fees + $600 Expenses) The total costs of the forest investment visa (Express) are broken down into 3 payments: Payment 1: Initial fee, including a portion of legal fees and government costs. Payment 2: Upon application submission, for government checks. Payment 3: Upon application completion, for the remaining legal fees and government costs.
Regular Process
Invest a minimum of US$100,000.
Stipulations
Panama has a program designed for foreigners who want to invest in reforestation projects. Applicants can obtain permanent residence in Panama by investing at least USD $100,000 in an approved forest project managed by a forestry company regulated by the Ministry of Environment of the Republic of Panama. This investment must be maintained for at least 5 years after obtaining permanent residence.
The USD $100,000 investment is divided as follows:
- USD $90,000 for the land. The area depends on the project chosen from our partner list.
- USD $10,000 for maintenance and management for a period of up to 8 years.
According to Executive Order #320 of August 8, 2008, if the investor plans to include dependents (e.g., family) in the residence application, they must increase the investment by USD $2,000 per dependent.
A company or corporation can also be used as an investment vehicle. In such cases, the residence application can include any number of applicants, provided it can be demonstrated that each applicant invested USD $100,000.
Application and Investment Process
This immigration program first grants a provisional residence permit for 2 years before applying for and obtaining permanent residence. In general, it takes three years to obtain permanent residence following these steps:
- The process begins with the initial application submission to the immigration office (see application requirements below).
- Once the initial application is accepted at the immigration office, the applicant receives a temporary residence permit.
- The immigration office typically takes 6 months (sometimes less) to process this initial application.
- After approval, the immigration office issues a provisional residence permit.
- The provisional residence permit is valid for 2 years. Afterward, the holder can apply for permanent residence.
- The immigration office usually takes 6 months (sometimes less) to process the permanent residence application.
- Once approved, the provisional residence permit is replaced with a permanent residence permit.
- According to current laws, the permanent resident must maintain their reforestation project for at least 5 years after permanent residence is granted.
- During these 5 years, once permanent residence is granted, the permanent resident must annually submit documentation to the immigration office demonstrating that they are still maintaining the reforestation project in their name. Therefore, the applicant must budget for and consider the maintenance and administration expenses of the reforestation project for at least 8 years.
Provisional Residence
Requirements
- Criminal background check
- Certificate of exemption from fees and taxes of the applicant (Peace and Good Standing)
- Proof of direct investment in reforestation activities of at least USD $100,000
- If a company or corporation is used as an investment vehicle:
- An affidavit from the Treasurer or Secretary indicating the entity’s activity, the percentage of shares owned by the applicant, and the capital invested for those shares.
- A CPA certificate detailing the total investment directly related to reforestation projects and the percentage of that investment attributed to the capital invested by the applicant.
- Authenticated copy of the applicant’s share certificate.
- Copy of the latest tax return detailing the capital invested in reforestation projects. If it does not exist because the entity has not completed its first fiscal year, then a copy of the registration with the RUC and a copy of the annual tax payment (Single Rate).
- Original certificate of registration in the public registry of the entity.
Fees and Costs Forest Investment Visa - Provisional Residence
- Cost for the Principal Applicant: $5,000 ($3,000 Fees + $2,000 Expenses)
- Cost for dependents over 12 years old: $3,000 ($1,600 Fees + $1,400 Expenses)
- Cost for dependents under 12 years old: $2,000 ($1,400 Fees + $600 Expenses) The total costs of the forest investment visa are broken down into 3 payments:
- Payment 1: Initial fee, including a portion of legal fees and government costs.
- Payment 2: Upon application submission, for government checks.
- Payment 3: Upon application completion, for the remaining legal fees and government costs.
Permanent Residence
Those who hold a provisional residence permit through the Regular Process for at least two (2) years are eligible to apply for permanent residence.
Requirements
- Provisional Residence Permit
- All documents, up to date, to obtain the Permanent Residence Permit.
Fees and Costs Forest Investment Visa - Provisional Residence
- Cost for the Principal Applicant: $1,400 ($1,000 Fees + $400 Expenses)
- Cost for dependents over 12 years old: $900 ($600 Fees