Panama is more than just a Canal. It is a paradise to invest and one of the best choices for entrepreneurs who are geographically independent and for global folks who want to get a second residency. Also, Panama offers its Friendly Nations visa as a fast-track to getting a permanent residency. Read through to know the steps in getting Panama Friendly Nations Visa.
Who are qualified to apply for this visa type?
For Italians who couldn’t find their country on the list, there’s no need to worry. Why? Italy and Panama had a bilateral immigration treaty since 1966 which allows citizens from both countries to become residents in each other’s countries with fewer requirements than this type of visa.
If you are a qualified national, more three requirements need to be done for applying for the permanent residency visa in Panama. First, you are required to show professional or economic ties with the country, Panama. Second, you are required to show any proof of financial capacity. Lastly, you are required to show the supporting documents.
How to Establish Professional and Economic Ties with Panama
The most common method to prove that you have professional and economic ties with the Republic of Panama is through incorporating a local company. You can buy an existing company and get a 50% from it. The company only has to exist. You can sell it after you completed the visa application.
How to Prove Financial Capacity?
Depositing $5,000 to a Panamanian bank account under your name is already a satisfying proof for financial capacity. If you have a family member who is also applying, there will be an additional $2,000 payment on such.
These are the documents need to open a bank account: passport, secondary identification document (driver’s license, National ID), two (2) personal references, two (2) bank references, proof of earnings/business, financial report/tax return, KYC documents.
What is the duration period?
If you compare the Panama Friendly Nations Visa to the other residency program, this program is affordable. You would need $10,000 for the liquid funds. You would also need about $5,000 for the total costs with the exclusion of the flights and accommodation.
For the company incorporation, the time requirement is from three (3) to seven (7) days. For the first year, the costs for setup is around $900 to $1,600. There will be an annual payment of $600 to $1,200 after the first year.
As mentioned above, you can close your company or sell it once you finished the residency process. It is enough for the two non-related people to own one company as their way of getting their residency.
For the deportation retainer, it will cost around $800. When you commit criminal activities, you will be deported and will pay for a deportation fee.
For multiple entry visas, translations, ID documents, and others, it will cost around $600.
For the banking service, the cost will be $250 with $50 fiduciary.
For the lawyer fees, it will cost around $2,000.
To sum it all up, an investment of a little over $5,000 for one person although the cost is much lower per person for a family.