Step-by-step guide: Residence Permit in Panama for Friendly Countries

Panama stands out as a highly sought-after destination for United Kingdom individuals, attributed to its delightful climate, strong economy, lively social atmosphere, and diverse cultural traditions. The country is distinguished by its tropical vistas, rich biodiversity, and verdant rainforests. It combines modern conveniences with an elevated quality of life.

As a prominent financial center, the nation offers a wide array of economic prospects, and its pivotal geographical position links it to a multitude of worldwide locations.

If you’re thinking about relocating to Panama, it’s crucial to familiarize yourself with the various visa availables available. This knowledge will assist you in choosing the one that aligns best with your requirements.

Different permits and residencies to travel to Panama

Grasping the different categories of visas and residency permits is essential to comprehend the prerequisites for each scenario. Although this article outlines some of the conditions, seeking advice from a specialist is recommended for comprehensive details and directions regarding the procedures.

The various categories of residence permits consist of:

  • Investor: if you can demonstrate an investment in real estate or a fixed-term deposit in a bank amounting to USD 300,000 or more, you may be eligible to apply for a residence permit.
  • Friendly Countries: people can obtain it for work, investing in real estate, or making a fixed-term deposit of at least USD 200,000.
  • Family reunification: for foreigners married to a Panamanian citizen or have children in the country.
  • Retired or pensioned: this permit allows individuals to enjoy their retirement in Panama. The monthly income or pension must be at least USD 1,000 or the equivalent in foreign currency.
  • Professionals: This visa is for those who wish to pursue their professional careers in Panama.
  • Headquarters of Multinational Companies: this permit is for foreigners working in multinational companies based in Panama. It includes:
  • SEM Special Events Permit: individuals participating in special events.
  • SEM Permanent Personnel Visa: Valid for up to five years, with the possibility of a five-year extension.
  • SEM Temporary Personnel Permit: Valid for up to three months, with the option for extension.
  • Education/Students: this permit allows individuals to study in Panama.
  • Technical 15%: for specialized personnel hired within the 15% quota. The salary must be at least USD 850 per month.
  • Foreigner 10%: for regular personnel hired within the 10% quota. The salary must also be at least USD 850 per month.

Criteria for Residency Permits for Friendly Countries

Panama extends a unique residency program to citizens from Friendly Countries, facilitated by agreements with multiple nations. This initiative streamlines the path to securing residency in Panama.

The Friendly Countries initiative encompasses 50 nations, including the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, to name a few. For individuals from United Kingdom, this visa option is particularly advantageous.

To obtain this residence permit, certain criteria must be fulfilled. These requirements are outlined below.

  • Citizens from these nations may apply for a provisional residence permit, which remains valid for two years.
  • The application fee for the provisional residence permit encompasses notary fees, certifications, processing, and issuance of the residence card, amounting to approximately USD 2,257.
  • To apply for a Friendly Countries Visa in Panama, the following documents are necessary:
  • Notarized and countersigned power of attorney and application by a licensed Panamanian attorney.
  • Copy of the applicant’s passport, authenticated by a Panamanian notary.
  • Criminal record certificate issued within the last three months.
  • Health certificate.
  • Two checks: one for USD 250 made out to the National Treasury and another for USD 800 payable to the National Immigration Service.
  • Personal background affidavit form.
  • Documentation outlining the purpose of establishment based on the applicant’s economic activity.
  • Copy of the applicant’s Identification Card or a similar form of ID.
  • Recent bank statement or certification demonstrating an average balance of at least four figures.
  • A bill for water, electricity, telephone, or a hotel receipt indicating the applicant’s address.

Legal Solutions Panama: Seek Expert Assistance

Every residence permit involves distinct requirements and factors to consider when moving to Panama. Therefore, obtaining professional guidance can greatly simplify the entire process and help realize your aspiration of living in this stunning Central American nation from United Kingdom.

The expert attorneys at Legal Solutions Panama are dedicated to assisting foreigners aiming to reside in Panama. They offer professional advice, address all your inquiries, and help manage the comprehensive paperwork involved. To arrange a free consultation and address any questions you may have, visit their site.