Panama Friendly Nations Program: How to Get Panama Residency - February 2023
With the Friendly Nations visa, Panama opens its doors to professionals and entrepreneurs from those countries that maintain friendly, professional, economic, and investment relationships with Panama. Dozens of countries are on the list, including the US, Canada, and much of Europe and South America.
Applying for the Friendly Nations Visa and becoming a permanent resident in Panama is a popular option since the country is politically stable, has modern infrastructure, and an affordable healthcare system. Furthermore, the cost of living is considerably lower compared to other countries such as the US, Canada and most European countries.
Panama also has a territorial taxation system, meaning that professionals and entrepreneurs will only pay taxes on the income generated inside the country. This is also true for companies in Panama; any company income generated outside of Panama is not taxed in Panama and any company income generated inside Panama is subject to its low tax rates.
Applicants can do any one of the following to qualify:
- Being employed in Panama by a Panamanian company with a formal employment contract and a work permit;
- Owning a property with a minimum value of USD 200,000, which can be financed through a mortgage with a local bank. This can be either the house where the applicant plans to live in or an investment/ business property;
- Depositing USD 200,000 in a Panama-based fixed-term account for a minimum term of 3 years.
Whatever criteria you meet, our experienced team will be on hand to assist with the preparation and submission of all the requested documents:
- Criminal history background check;
- Statement describing the activities to be conducted by the applicant in Panama;
- Proof of solvency or a bank reference letter;
- Letter of responsibility from the primary applicant for all the dependents (if applicable);
- Power of attorney granted to Trident legal team to request the permit on your behalf.
The Friendly Nations visa application includes one main applicant and optional dependents, such as a spouse, parents, and children up to 25 years old, for an additional fee.
As soon as the documentation is submitted, you will receive a six-month provisional residency card, while the paperwork is reviewed. Once the six-month period is completed and all the paperwork has been reviewed and deemed in order, you will receive your temporary residence ID, which will grant you a residency permit for two years. Before the two-year term is due, you will be able to apply for permanent residency.
If you are interested in relocating to Panama, please contact our team of experienced lawyers to discuss your requirements. We will be happy to assist.