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. In addition, 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?The Panama Friendly Nations Visa is available for nationals of the following countries. Ensure that your country shows up here.
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 resident in each other’s countries with fewer requirements than this type of visa.
If you are a qualified national, there are more three requirements that need to be done for applying 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
Incorporating a local company in Panama is the most common method in showing that you have a professional and economic ties with such. Also, you could buy an existing company and getting a 50% share of it is enough. All the company must do is to just 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 an satisfying proof for financial capacity. If you have a family member who is also applying, an additional of $2,000 will be done.
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 and what is the cost?
Panama Friendly Nations Visa is affordable in comparison to the other residency programs. You would need $10,000 liquid funds and about $5,000 for the total costs excluding 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. An annual payment after the first year is around $600 to $1,200.
As mentioned above, you can close your company or sell it once you finished the residency process. Having one company is enough for two non-related people in getting their residency. If you want to save half of the cost, do the residency process with a friend.
For the deportation retainer, it will cost around $800. The Panamanian government requires you to pay security in case you commit criminal activities which will lead you to deportation.
For multiple entry visa, translations, ID documents, etc, 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.