Alvarado Palacios | Abogados - Attorneys at Law

RESIDENCIES IN PANAMA

Panama offers a wide variety of programs to become either a temporary resident or a permanent resident entitled to get id (Panamanian cedula).

We will detail the most popular residency programs:

1.-SHORT TERM RESIDENCIES:
These programs have 7 different options:

1.1.-For business

1.2.-To visit family

1.3.-For scientists and researchers

1.4.-For medical assistance

1.5.-

To explore business opportunities in Call centers, cinematography activities, Special Economic Exportation zones

1.7.-For humanitarian assistance

1.8.-

To work in the banking business as a trainer or participant in conventions

These residencies can be issued up to 9 months and can not be renewed.

2.-TEMPORARY RESIDENCES
Most of them are oriented to foreigners who:

2.1.-

Will be hired by a corporation or by the Government of Panama.

2.2.-

Will work in certain commercial activities that Panama is promoting, such as: Call centers, cinematography, Panama Canal, City of Knowledge (www.cityofknowledge.com), Special Economic Area of Panama-Pacifico (formerly known as Howard www.panamapacifico.com), Special Economic Exportation zones, Multinational corporations (for example, Maersk, Hewlett Packard, Procter & Gamble, etc)

2.3.-

Will invest in reforestation or agriculture
Reforestation investment must be at leas of US$60,000.00 in a 3 hectarea reforestation zone.

2.4.-Will be a student

2.5.-Will offer services with a religious institution

2.6.-

If you open an run a business in Panama with at least 3 Panamanians registered at the Social Security of Panama

They are issued for 1 year each time up to 6 years.

3.-PERMANENT RESIDENCIES:
There are several options to become a permanent resident. The most popular are:

3.1.-

If you invest in property:

The investment must be of at least US$300,000.00 with no mortgage. Any mortgage can be done, but over the US$300K.

The property must be under your personal name (not recommended) or under an asset protection structure, such as a Private Interest Foundation (not a corporation).

If the property is less than US$300K, you can complete the balance by opening a fixed deposit (“cd”) in any bank of Panama for at least 3 years.

3.2.-

If you open a fixed deposit (“cd”) in any bank of Panama for at least 3 years for a minimum of US$300K

3.3.-

If you are retired
In this case, you just need to prove that condition with your pension and that it is a lifetime pension of at least US$1000.00 per month.

There is NO AGE required. The retired condition is to be proved with the retirement pension.

A Social Security Certification is a plus.

3.4.-

If you open a fixed deposit (“cd”) in any Government bank of Panama (Banco Nacional or Caja de Ahorros) for at least 5 years
There is no fixed amount to deposit, but the deposit must be enough to produce US$850.00 in interest per month.

3.5.-

If you open an run a business in Panama In this case, you need to invest at least US$160,000.00 in your business and hire at least 5 Panamanians that need to be registered at the Social Security in Panama.

3.6.-

If you invest in reforestation Minimun of investment is US$80,000.00 in a 5 hectarea reforestation zone.

3.7.-If you marry a Panamanian

3.8.-

If you invest in certain commercial activities that Panama is promoting, such as: Call centers, cinematography, Panama Canal, Special Economic Area of Panama-Pacifico (formerly known as Howard www.panamapacifico.com), Special Economic Exportation zones, Multinational corporations (for example, Maersk, Hewlett Packard, Procter & Gamble, etc)
Minimun of investment is US$150,000.00 and up, depending on which activity it is.

Permanent residencies are issued initially for 2 years. After the 2nd year, the foreigner is entitled to “id” or cedula. This is not valid for the program detailed in 3.4. This program requires that you show the Panamanian Government that you have kept the deposit for the 5 years requested. A renewal of 5 more years is granted if the conditions are met.

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