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The Republic of Panama ranks as one of the best places to live in Latin America, according to a business survey of close to 200 cities by the Corporate Resources Group. The Republic of Panama ranked among the top three cities in which to live just next to Buenos Aires and Montevideo in Argentina and Uruguay respectively.
In addition the prestigious magazine "The Economist" ranked Panama City in the 95th spot, in its ranking of the costliest cities in the world. Panama city ranked below other Latin American cities like Mexico (57), Guatemala (67), Bogotá (84), Chile (84), Rio de Janeiro (87) and Sao Paulo (87).
Panama has been also rated as the number one place in the Americas for retirement by Modern Maturity magazine of the American Association of Retired Persons and the number one place in the world by International Living. Conde Nast Traveler selected Panama as one of the six best places for a second home in the Americas. Boquete, a city in the mountains close to the Costa Rican border was also listed by Moder Maturity Magazine as the fourth best place to retire in the world.
Moreover, Panama has one of the best retirement programs in the world which offers a wide variety of incentive of up to 50% in car imports, utility bills, airline tickets, bank loans, home mortgages, medical bills, medicines, restaurants, movie theaters and hotels among others.
A) RETIREE PENSION VISA
Any person with a government or private minimum pension amount of $500.00, or $600.00 in case of couples plus an additional $100.00 for each dependent, may apply for this visa.
This visa is granted indefinitely and among the many benefits included with it, there is an exemption of duties for the import of household goods, up to an amount of $10,000.00, and a tax-exempt car every two years.
The requirements for this visa are the followings:
1. A copy of the passport, with at least one year before its expiration, and six (6) passport-size photos.
2. A certification letter from the pension provider, duly authenticated, confirming the entitlement of a pension of more than $500.00, US$ 600.00 for couples, and at least an additional $100.00 for each dependent person coming to Panama along with the applicant.
3. Duly authenticated certificate of Good Standing issued by the Registrar of Companies from the place of his jurisdiction, if the pension comes from private company.
4. A police record from the applicant's place of residence for the past five years, dully authenticated.
5. If the applicant's spouse is to be included as a dependent in the visa application, then a dully authenticated marriage certificate should be provided.
B) PRIVATE INCOME RETIREE VISAS
This visa is use for retired foreigners who support themselves on their own income, on the condition of setting up a term deposit with Panama's National Bank, the Banco Nacional de Panamá (BNP), for a five years minimum period. The bank deposit must generate a monthly interest of no less than US$ 750.00. At current interest rates this requires an investment of approximately US$ 170,000 to US$ 200,000.00.
This visa will be annulled if the Immigration Department finds that the bank deposit placed with the BNP has been cancelled, transferred to another person or has been pledged before the expiration of the minimum period.
This visa comes with the right to a permanent residence in Panama, including the right to obtain a Panamanian Passport. However, this non-citizens passport does not confer the Panamanian nationality nor any other Panamanian citizenship rights as it is issued only as a traveling document.
The holder of this status has also the right to import personal effects duty free, including also the right to invest or start up any kind business adventure in Panama.
C) SELF SUPPORT PERSON VISA:
This visa is designed for any person who wants to live in Panama out of their own income. The applicant person must establish a bank deposit, for a one-year minimum period, in any local bank for a minimum amount of $100,000.00. This visa is only issued for one-year and upon applying for its renewal, the bank deposit must also be renewed for an additional year. Once this visa is permanently obtain, it comes with the right to obtain a local identity card or "cédula". The holder of this visa may also apply, after five years, for Panamanian citizenship.
The following are the requirements for this visa:
1. Validly issue passport, with at least one year prior to expiration, and six passport size photos.
2. An Apositlled police record from applicant's place of residence for the last five years.
3. A Marriage Certificate, dully apostilled, in the event if your spouse is to be included as a dependent in your visa.
4. Proof of having the $100,000.00 necessary to open the bank account in Panama as explained above.
D) FOREIGN INVESTORS VISAS
This visa is for those who to want to establish a business in Panama with an investment of at least of $100,000.00, with the requirement to hired at least three Panamanian workers. This visa, which is provisionally granted for one year, once granted permanently, it allows the holder the right to obtain a Panamanian identity card or "cédula". The holders of this visa are also eligible to apply for Panamanian citizenship after five years.
The followings are the requirements for this visa:
1. Valid Passport, with at least one year left before expiration, and six passport size photos.
2. Duly authenticated police record from applicant's place of residence for the past five years.
3. Duly authenticated Marriage Certificate, in the event the spouse is to be included as a dependent in your visa.
4. Proof of having the minimum required amount to invest in Panama.
This visa requires setting up a corporation and obtaining a business license.
E) SMALL BUSINESS INVESTOR VISA:
Any person wishes to establish a small business in Panama with a minimum investment capital of $40,000, and minimum of three (3) permanent Panamanian staff, may apply for this visa, which is granted provisionally for one year, and needs to be renewed three additional times before it is permanently granted, along with the right to obtain a Panamanian identity card or "cédula". After five years, the holders of this visa will be eligible to obtain Panamanian citizenship.
The requirements of this visa are the following:
1. Valid Passport (at least one year prior to expiration) and six passport size photos.
2. Duly authenticated Police Record from your place of residence for the past five years.
3. Duly authenticated Marriage Certificate (if your spouse is to be included as a dependent in your visa).
4. The US$ 40,000.00 start up investment capital.
This visa requires setting up a corporation and obtaining a commercial license.
F) 2nd PASSPORT
Law No. 9 of 1987 allows the issuance of a special resident status and passports, renewable every 5 years, to any foreign person who opens a time deposit at Banco Nacional de Panama (BNP), Panama's official and largest bank, provided that the monthly interest generated by it is of at least US$ 750.00., even if such person do not reside Panama.
In order to apply for 2nd passports Law No. 9 requires for the applicant to file the following documents:
a) A certification from BNP stating that the applicants received a monthly interest of at least US$ 750.00
b) A good health certificate indicating that the applicant does not suffer any contagious disease, including HIV.
c) Two photocopies of a valid travel document like the applicant's passport.
d) Six Photographs.
The petition then should be file with a sworn declaration from the applicants, along with the documents above.
In the event of needing additional information on this matter kindly contact Lic. Adolfo E. Linares at alinares@talial.com who shall be available to resolve any additional inquires on this matter.
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