Top 4 Panama Residence Permits

Summary

Panama offers several attractive residency options, including the Red Carpet Visa for investors, the Friendly Nations Visa for citizens from 55 countries, the Self-Economic Sufficiency Visa for those with sufficient funds, and the Pensioner Visa for retirees. Each program has its own investment or income requirements, such as real estate purchases or bank deposits, with varying paths to permanent residency and citizenship. With minimal physical presence required, Panama presents a unique opportunity for relocation and financial benefits, making it an ideal destination for many types of expatriates.

Takeaways

• 😀 Panama offers pristine beaches, low cost of living, and world-class healthcare, making it an attractive destination for relocation.
• 😀 There are multiple residence permit options in Panama, catering to different needs such as rentistas, investors, and entrepreneurs.
• 😀 The Red Carpet Visa (Qualified Investor Visa) grants immediate permanent residence with a minimal physical presence requirement.
• 😀 To qualify for the Red Carpet Visa, you can invest in real estate ($300,000 until 2024, $500,000 afterward), securities, or fixed bank deposits.
• 😀 The Friendly Nations Visa offers a lower investment requirement but is limited to nationals of 55 eligible countries.
• 😀 With the Friendly Nations Visa, you can invest in real estate, incorporate a company, or deposit funds in a Panamanian bank (minimum $200,000).
• 😀 The Self-Economic Sufficiency Visa requires an investment of $300,000, either in real estate or bank deposits, and offers tax-free interest on deposits.
• 😀 The Pensioner Visa does not require an investment, but you need to prove a lifelong income of at least $1,000 per person (or combined for couples).
• 😀 Obtaining Panamanian citizenship requires five years of residency, proficiency in English, and passing a test on Panamanian history, geography, and civil rights.
• 😀 Citizenship processing times in Panama can take up to five years, and applicants can only attempt the citizenship exam once, making expert assistance important.

Q & A

What is the Red Carpet Visa in Panama?

The Red Carpet Visa, also known as the Qualified Investor Visa, grants permanent residence immediately without the need for temporary residency. It requires an investment in real estate, securities, or a bank deposit.

How much do I need to invest for the Red Carpet Visa?

For real estate, you must invest at least $300,000 (until October 11, 2024), or $500,000 after this date. You can also invest $500,000 in Panama-listed securities or $750,000 in a fixed bank deposit.

Can I apply for the Red Carpet Visa remotely?

Yes, the application can be completed remotely using a power of attorney, and there is no need to physically visit Panama to submit your application.

What is required to maintain the Red Carpet Visa once granted?

You need to visit Panama for at least two days every two years to keep the residency active. There is no need for full-time relocation.

What is the Friendly Nations Visa, and who is eligible?

The Friendly Nations Visa is available to citizens of 55 countries, including most of Europe, the US, and Latin America. It requires a lower investment amount compared to other visas.

What investment options are available under the Friendly Nations Visa?

For the Friendly Nations Visa, you can invest $200,000 in real estate, deposit the amount in a national bank for at least three years, or incorporate a company in Panama.

How does the Self-Economic Sufficiency Visa work?

The Self-Economic Sufficiency Visa requires an investment of at least $300,000, either in real estate or through a bank deposit. This option offers tax-free interest on the deposit, and the residency begins with temporary residency for two years.

What are the income requirements for the Pensioner Visa?

To qualify for the Pensioner Visa, you must show a guaranteed lifelong income of at least $1,000 per month. If applying with a spouse, both incomes can be combined to meet this threshold.

What is the process for obtaining Panamanian citizenship?

To obtain citizenship in Panama, you must meet the residency minimums, pass a proficiency test in English, and take a Spanish-language exam on history, geography, and civil rights. The citizenship test can only be taken once, and the process can take up to five years.

How long must I stay in Panama to maintain the Pensioner Visa?

To keep the Pensioner Visa valid, you must visit Panama at least once every two years. There is no investment requirement for this visa.