Tuesday, October 7, 2008
Special Features: Self Sufficient Immigrant Visa and Residence
By means of Law Decree 3 of 22nd February, 2008 and Executive Decree 320 of August 8th, 2008, the Panamanian government approved new immigration 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.
Now to opt for this type of Visa, the applicant will be able to choose one of the following alternatives:
- Set a CD time deposit of US$ 300,000.00 for 3 years in a Bank located in Panama
- Real estate investment of US$ 300,000.00 (if property value is higher than 300K, the petitioner is entitled to obtain a mortgage for the remaining amount)
- Mixed investment: CD time deposit and real estate investment is allowed as long they reach the amount of US$300,000.00
- Funds must come from abroad
- If petitioner includes dependants to its application, he must increase the amount of investment to US$ 2,000.00 per dependant.
Other Requirements
- 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 certificate
All documents must be apostilled or legalized before a Panama consulate.
| 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 One Stop Solution by providing you with the following services:
- All Legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
- Incorporation of a company
- Legal services
- Buying a property or condominium
- Relocation to Panama
- All necessary contacts and arrangements to identify business opportunities in Panama related to the investment in which you may be interested.
For fees or more information, please click here to contact us
Most photos are courtesy of IPAT and Alfredo Maíquez