How to get Panama Instant Passport and Residency
If you want to relocate to Panama and obtain permanent residency, you've come to the perfect place. The Panamanian government has passed several laws allowing foreigners to obtain legal Panamanian passports and residency. These laws were created to attract foreign investment in the country that benefits the environment or economy of the Republic of Panama.
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Why do people relocate to Panama?
Panama has the easiest residency process in the world. Permanent residency can be obtained in as little as a few months. It is a comparatively low-cost procedure. Permanent residency in Panama is a fantastic choice, especially for Americans and retirees. Retirees have access to a wealth of advantages, including significant savings on events, restaurants, flights, and movies. The cost of living is extremely low, as is the crime rate. Panama's economy is entirely based on the dollar, and you will only be able to transact with US dollars there. The English language is widely used. Throughout the year, the weather is good. The healthcare system is outstanding. The food is delicious. International flights are available from the airport. Miami is about 2 to 3 hours away. The roads are in excellent condition. There is cell phone service, high-speed internet, and cable television.
How to Obtain a Panamanian Passport, Permanent Residence, and Citizenship?
There are a number of immigration schemes that provide permanent residency. As well as the opportunity to become a Panamanian citizen and receive a passport. Other visa types are dedicated entirely to work or business.
Panama Passport and Visa Details:
Panama has made obtaining permanent residency simple. After five years, you can apply for citizenship and a passport. Because of its low cost, ease, and lack of requirements, it is now one of the most popular places in the world to gain residency.
The main benefit of the permanent residency program is that it allows you to gain full citizenship in a relatively short period. That too for a reasonable cost. It is not, however, as simple as Dominica CBI or St Lucia CBI. In these countries, you can attain full citizenship in as little as two to three months. Panama takes 5 years to complete. You must visit at least once a year during that time.
Permanent residency in Panama is currently possible in a variety of ways.
Panamanian residency requirements are surprisingly simple even in 2021. Let’s look at some of the programs.
Panama Friendly Nations Visa Program:
Panama's Friendly Nations Visa program began in 2012 and was updated in 2014. This program allows citizens of 50 countries with significant cultural and economic ties to Panama to apply for permanent residency. Under the Friendly Nations program, you can get Panamanian citizenship and a passport. This program is probably the simplest way to gain residency in any country on the planet. Only if you are from one of Panama's "friendly" countries.
Firstly, you must form a Panamanian company before you can begin the permanent residency program. Open a bank account with a USD 5000 deposit. However, you are free to leave the country after submitting your Panamanian residency application. You can return a few months later to receive your paperwork and ID card. Furthermore, you do not need to reside in Panama. You do not even have to keep a house there. In fact, to keep your permanent status, Panama's immigration rule currently just requires you to travel once every two years. As a result, the Friendly Nations Visa will work for both people who wish to immigrate to Panama. Also, those who prefer to stay in their native country.
Panama Business Investor Visa Program:
This program is for people who want to start a business in Panama with a minimum investment of USD 160,000 and five employees. As an officer or shareholder of the Panama corporation, the investor can apply for a visa. For each dependent, a total of $2,000 must be invested. You have five years after obtaining a permanent visa to petition for Panamanian citizenship.
Panama Reforestation Investor Visa Program:
A Tourist Pensioner Visa is for people who receive a monthly pension of at least 1000 USD. It can be from the government or a private source. After 60 days, the visa will be given indefinitely.
There are three investment options in this program:
To qualify for a 5-year temporary resident visa, you must invest at least USD 80,000 in a government-approved reforestation project.
If you invest $100,000, you can get a two-year temporary resident visa and subsequently apply for permanent residency.
With a $350,000 investment, the individual can obtain permanent resident status in 30 days.
In this way, you can file a petition for citizenship after 5 years.
Panama Retired or Pensioner Visa Program:
The Panama Pensioner Visa is for retirees or individuals with lifetime annuities or pensions. Anyone above the age of 18 is eligible for this permanent resident visa. They must earn a monthly pension or annuity of at least USD 1,000 for the rest of their lives. Every month, each dependent must receive an additional $250. To achieve the minimum requirement, married couples might combine their annuities or pensions. The monthly minimum is decreased to $750 when the primary applicant purchases Panama real estate valued at least $100,000. The government, the military, a corporation, a bank, an insurance company, a trust, or a private firm can provide the pension or annuity. In Panama, card-carrying retirees are eligible for a variety of discounts. It includes discounts on pharmacies, restaurants, hotels, movie theaters, concerts, and domestic flights.
The Person of Mean Visa Program:
It's for people who want to live in Panama but are not planning on working or starting a business. On the other hand, they are self-sufficient. The requirements are verification of USD 300,000 in a local bank or the purchase of $300,000 in real estate. After 5 years, you can apply for citizenship.
Moreover, marrying a Panamanian citizen is also an option. A valid and authentic marriage to a Panamanian citizen can lead to permanent residency. Keep in mind it should not be a sham marriage.
If you want an instant residency rather than after 5 years?
There is a new Permanent Residency Program that allows anyone to live permanently in the United States. Instead of five years, you can get it in three months. Those who spend $300,000 in real estate are eligible for quick permanent residency under this new program. Hence, obtaining permanent residency and property at the same time allows you to establish a Panama tax residency.
However, there are some limitations. You must spend at least six months of the year in Panama and show that you have personal and commercial ties to the country. Therefore, country property is a fine start to prove these links.