As it is known, Panama has recently changed the scheme for applying for residency in Panama as “Friendly Nations.” Although the possibility of obtaining permanent residency in Panama still exists, the process has changed slightly.
Currently, when applying, you obtain a provisional residency for a period of two years. After this time, you can renew your residency and obtain permanent residency in Panama. Let’s explain the new process a little better.
BASIC REQUIREMENTS NEEDED:
- Original passport with a minimum validity of six (6) months.
- Five (5) passport-sized photos.
- Criminal record certificate from your country, which must be apostilled (legalized).
- Bank reference letter from a bank in Panama with a balance of over $5,000.00 (ONLY if applying with dependents).
- Documentation demonstrating the purpose of requiring your residency according to the economic or professional activity to be carried out, which can be demonstrated by one of the following reasons:
- For work reasons
- For investment reasons in real estate
- For fixed-term deposit reasons
*If applying with “dependents,” certain additional precautions must be considered. Therefore, we recommend that you first confirm the members of your family nucleus so that we can advise you better.
Let’s explain each of the reasons a little better.
FOR WORK REASONS
- Certain requirements will be requested for this option, such as:
- Letter of employment on letterhead
- Public Registry Certificate of the company
- Notice of Operations of the company
For the approval of this option, you will be requested to manage and obtain your Work Permit in Panama. All this documentation can be managed by PGS Attorneys.
FOR INVESTMENT REASONS IN REAL ESTATE
You must purchase a property in Panama with a minimum value of $200,000.00. This purchase can be made personally, in the name of a corporation or in the name of a Private Interest Foundation. Likewise, the real estate acquisition operation can be financed through a local bank.
FOR FIXED-TERM DEPOSIT REASONS
This option allows you to invest the amount of $200,000.00 in a local bank and make a fixed-term deposit with a minimum term of three (3) years. Likewise, this investment can be made personally, in the name of a corporation or in the name of a Private Interest Foundation.
By: Adriano Castillo Morales LL.M
Junior Partner – PGS Attorneys