Special Features: Reforestation Visa & Residence
By means of Law Decree 3 of 22nd February, 2008 and Executive Decree 320 of August 8th, 2008, the Panamanian government approved new migratory regulations that will be in force as of August 26th, 2008. These regulations modify existent visa programs and create new programs in accordance to existent economic and political situation of Panama.
According to these new regulations, the main requirements of the Reforestation Visa program are as follows:
- Investment of US$ 80,000.00 or more on his name or through a Panamanian corporation
- If petitioner includes dependants to his application, it must increase the amount of investment to US$ 2,000.00 per dependant (for example, showing that you have that amount in a personal bank account in Panama will suffice)
- Type of investment: ecological, agriculture
- Reforestation land area – 20 hectares
- If the investments is going to be performed through a corporation, two petitioners can submit a petition as long as they cover the required amount each (80K)
- Investments funds must come from abroad
This immigration program includes applicant, spouse and children under 18. Once the visa petition is filed, a provisional residence permit, valid for a period of 1 year is granted to the applicants. At the end of the one year period, a permanent residence permit is granted. The permanent residence permit grants the applicant a Panamanian Identification Card and the right to apply for Panamanian Nationality after 5 years.
Other Requirements to Obtain a Reforestation Visa and Residence in Panama
- Power of attorney
- Good health medical certificate, HIV Test
- Good standing report from police or municipal authorities
- Complete copy of passport
- Photographs, carnet size
- Marriage certifícate
- Birth certifícate
- Letter stating parents names
All documents must be apostilled or legalized before a Panama consulate.
If the applicant for the visa is married and has family, he must obtain and submit the following additional documents:
- Marriage certificate
- Birth certificate of each child, if any
- Responsibility letter
All documents must be apostilled or legalized before a Panama consulate.
We only need passports at the moment of filing the documents at the Immigration Office.
| Comparison of Permanent Residence Programs | ||
|---|---|---|
| Visa Program | Basic Requirement |
Benefits |
| 2nd Passport | Open a CD deposit that produce US$ 2,000.00 interests per month. |
|
| The CD deposit must be opened at The National Bank of Panama for a minimum period of 5 years | ||
| Current Interest rate for 5 years: 4% | ||
| Self Sufficient Funds | Option 1: Open a CD deposit of US$ 300,000.00 for 3 years in a Panamanian Bank |
|
| Option 2: Real Estate investment of US$ 300,000.00 (if property value is higher than 300K, petitioner is entitle to obtain a mortgage for the remaining amount) | ||
| Option 3:Mix investment: CD deposit and Real estate investment is allowed as long they reach the amount of US$300K | ||
| Pensionado | Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$ 1,000.00 for life |
|
| If petitioner purchase a Real estate property of US$ 100,000.00 or more , the pension could be of US 750.00 | ||
| The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$ 1,000.00 | ||
| If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life | ||
| Reforestation | Investment of US$ 80,000.00 or more on his name or through a Panamanian corporation in a reforestation field |
|
| Large Investor | Required Investment of US$ 160,000.00 through a Panamanian corporation |
|
| Type of investment: all, excluding activities restricted by Panamanian constitution | ||
| Company must be registered at the Social security program | ||
| 5 Panamanian employees as minimum | ||
The Business Panama Group offers you a Complete Reforestation Residence Solution by providing you with the following services:
- Introduction to Reforestation project where you can make your investment
- All Legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
- Incorporation of the company
- Buying a property or starting a business
- Relocation to Panama
For more information, please contact us.
