VISA INFORMATION

VISAS:

Panama has very attractive visas for pensioners and investors. Here are the most popular visas to relocate to Panama:

TOURIST PENSIONER VISA:

This visa is designed for persons whose pension from a Government entity or private corporation is $500 or more ($600 or more for a couple, plus $100 per additional dependent).

It is granted indefinitely and includes benefits such as a one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car. Under this visa you cannot qualify for Panamanian nationality.

Requirements:

1. Valid Passport (with at least a year before expiration). 6 passport-size photos (gentlemen in suit and tie; ladies in blouses or dresses with sleeves)

2. Letter or Certification signed in original from your pension provider, as evidence of Pensioner Status (stating entitlement to a pension of more than $500 and at least an additional $100 for each dependent you will be bringing under your visa), duly authenticated.

3. Good Standing certificate, issued by the Registrar of Companies if the pension is granted by a private corporation, rather than a government agency, duly authenticated.

4. Police Record of your place of residence for the past five years, duly authenticated.

5. Marriage Certificate (if your spouse is to be included as dependent in your visa), duly authenticated.

PRIVATE INCOME RETIREE VISA:

This visa is for persons, despite not receiving a monthly pension, are no longer working and have received a retirement lump sum which may be deposited on a 5-year Certificate of Deposit with the National Bank of Panama, yielding at least $750 a month (at current rates the CD would need to be for approximately $225,000).

The visa is renewable every five years, so long as the Certificate of Deposit keeps being renewed.

The Private Income Retiree Visa includes such benefits as a traveling Panamanian passport (does NOT grant nationality); a one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car.

Requirements:

Valid Passport (with at least a year before expiration).

PERSON OF MEANS VISA:

Designed for those who wish to live in Panama, who are not being employed or starting a business, but living of their own means.

The person must have a one-year certificate of deposit in any local bank with a minimum of $100,000. Upon applying for the renewal of this visa, the certificate of deposit must also be renewed for one more year.

It is granted provisionally for one year and after renewal it is granted permanently with the right to be issued a Cedula (local identity card).

Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian Nationality.

Requirements:

Valid Passport (with at least a year before expiration).

INVESTOR VISA:

Designed for those who wish to establish a business in Panama (retail businesses and some professions are reserved to Panamanians).

There must be a minimum investment of $100,000 and minimum of three (3) permanent Panamanian employees hired.

It is granted provisionally for one year and after renewal it is granted permanently with the right to be issued a Cedula (local identity card).

Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian Nationality.

Requirements:

Valid Passport (with at least a year before expiration).

This visa will also require setting up a corporation and obtaining a business license.

FORESTRY INVESTOR VISA :

Designed for those who wish to make long-term investments on reforestation, and take advantage of tax break benefits.

There must be a minimum investment of $40,000 into a duly accredited reforestation company. This investment must be kept until final harvest (approximately 20 years).

It is granted provisionally for one year and after renewal it is granted permanently with the right to be issued a Cedula (local identity card)

Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian Nationality.

Requirements:

Valid Passport (with at least a year before expiration).

This visa will also require setting up a corporation.

SMALL BUSINESS INVESTOR VISA:

Designed for those who wish to establish a small business in Panama (retail businesses and some professions are reserved to Panamanians).

There must be a minimum investment of $10,000 and minimum of three (3) permanent Panamanian employees hired.

It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to be issued a Cedula (local identity card).

Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian Nationality.

Requirements:

Valid Passport (with at least a year before expiration).

This visa will also require setting up a corporation.

General Rules:

· All visa applications must be made through a Panamanian lawyer.

· There is no age limit or maximum required for applying for any of these visas, save for the minimum legal age of 18 years. Children under 18 will qualify for a visa as dependents of their parents.

· All overseas documents to be presented to the authorities in Panama must be authenticated by a Notary and by the Panamanian Consulate nearest you, or by a Notary and the Apostille. The Apostille (The Hague Convention of 1961) is a faster way of authenticating documents and is normally obtained through the Secretary of State in your home state (in the USA) or through the Foreign Office (in UK). The Apostille is not available in Canada.

· All documents must be fresh (within 2 months of visa application) and passports must have at least 1 year to run.

· Dependents: If your spouse will be covered by your visa, you need to bring Marriage Certificate. Original marriage certificates are not acceptable if over 2 months old, so you need to request fresh ones. If your children (under 18), are to be covered by your visa, you need to bring fresh Birth Certificates (not the original ones).

· None of these visas grant work permits.

· All visa applications require that you obtain in Panama a health certificate and HIV test.

UPDATE: NEW IMMIGRATION POLICIES

Contributed by: Steven Rich of Panama Offshore Legal Services

Here's a heads up regarding new policy changes at Panama's Immigration office. On September 19, 2006 two attorneys from Panama Offshore Legal Services met with the Sub-Director of Immigration. Here are the new changes that Immigration office will be implementing:

1. PENSIONADO VISA: Immigration will now require that the company Pension for Life Letter specifically state what job title or position the applicant held with the company. The Sub-Director also stated that Panama is aware of applicants starting up new corporations which issue a Pension for Life Letter for the applicant. Future regulations will close that loophole.

2. SELF ECONOMIC SOLVENCY VISA: The real property being purchased to satisfy this Visa requirement can no longer have a Mortgage. In other words, you can't put 10% down on a $200,000 property while financing the rest to satisfy this Visa requirement.

3. MARRIED TO A PANAMANIAN VISA: They are being more strict with the interviews for the Married with a panamanian Visa. They are going to do a more thorough research to find out if the applicant is really living with the Panamanian, and are asking very personal questions.

4. BUSINESS INVESTMENT VISA: For the Business Investment Visa, it is required that the applicant earn a salary in the Company. They will require a high salary. You won't be able to pay yourself a small, token salary.

Please consult a Panamanian attorney for additional updates and further details.