There are two distinct phrases for this process. First is the offsite phase which will be done outside of the Republic of Panama. This is going to be done in your home country. You will collect the required documents which will take from 7 to 30 days depending on your country. The lawyers will open the company for you once all the documents are gathered which takes 3 to 7 days.
Second is the on-site phase which means that you will come to Panama. You will meet your lawyers in Obarrio, a banking neighborhood city. Your lawyer will receive all the documents that you prepared and answer questions that might be asked about the city, process or even your stay in Panama. After this, you will schedule an appointment in the bank and a visit at the migration office.
Opening a Bank Account in Panama
The very first step for the on-site phase is to open a local bank in Panama. The law firm will have arrangements with some various banks and will pick the best one for your certain situation. They are the ones who will bring you to your appointments and will guide you throughout the process. You will get zero difficulties in setting up your account with all the prepared documents that you have.
Once you have successfully opened a bank account, it is a requirement to deposit $5,000 (+$2,000 for each family member) in your account. You must have already sent the money to Panama in order to have a faster process on this process.
After this, you need to print out your bank statement showing that you successfully deposited the money in your account. The second time you hold this paper in your hands, you can freely withdraw the money again.
Next is you go to the National Migration Service, or “Servicio Nacional de Migración”. The paralegal will pick a number for you since there are quite long lines. You will be called when your turn is about 30-60 minutes away. You can then leave your hotel and arrive just in time at Migration for your procedure. A few pictures, fingerprints and signatures then you are done for the day. You will then receive your temporary residency card after your second visit to Migration a few days later. Also, you will receive a multi-entry visa a few days after you get your temporary card.
This visa is valid for 12 months. You can’t leave prior to receiving this multi-entry visa once you have started the application process. Otherwise, you will be fined of $2,000. So, this concludes the process for now.