Why Panama?
First off, experience the simplicity of having a dollarized economy.
As a politically stable country, and one of the only ones in the region, there is no need to worry about any political upheaval affecting the state of your assets.
Panama is also an extremely safe country to live in, having one of the lowest criminal activities of the entire continent.
Taxes are another great reason to live in Panama, you won’t have to worry about paying excessive percentages of your earnings to the government.
Also, being one of the most technologically and architecturally advanced region of the whole of the Americas, it is considered its hub.
Investing in real estate in Panama is a secure and straightforward process, with foreign buyers benefiting from the same property rights as locals. The country has implemented numerous laws to safeguard the interests of international investors, while the constitution ensures the protection of private property and its owners. Each year, thousands of property transactions are successfully completed without any issues. This makes you eligible to get a permanent visa and enjoy even more of the Panamanian lifestyle.
One of the main draws of Panama is its affordability, as property prices are notably lower compared to similar options in the United States. A beachfront apartment in the best neighborhoods of the city might cost you $300,000, while in the US, the price can go well over $1.5 million. This makes it possible for buyers to acquire highly desirable properties in Panama for a fraction of the cost they would pay elsewhere.
Panama has become a favored choice for foreign investors seeking a second home for holidays, retirement, or investment purposes as taxes are much lower than in any other countries offering the same luxuries. The country offers a diverse range of real estate options to cater to various budgets and preferences, from luxurious high-rise apartments to beachfront condos and tranquil mountain retreats. With such a wide selection available, there is a perfect piece of Panama property to suit every individual's needs and desires.
How to obtain a permanent resident Visa in Panama
Golden Visa (Qualified Investor Program) Leading to Permanent Residency
If you are interested in this residency program, please contact us to schedule an appointment. Our legal team will be delighted to assist you in the process.
+507 6070-4860
info@gloscorp.com
With the issuance of Executive Decree 722 on October 15, 2020, a novel permanent residency category was established based on economic grounds. This initiative enables applicants to secure permanent residency by engaging in a qualified investment in Panama, with various options available:
• Real estate: investing US$300,000 (until October 2024) or US$500,000 thereafter, without encumbrances. The investor is required to retain ownership of the property for a minimum of 5 years.
• Pre-sale real estate projects: entering into a purchase agreement for US$500,000 or more, free of encumbrances.
• Stock market investment in Panama: acquiring securities through a recognized and authorized Panamanian securities firm, amounting to US$500,000 or more, for a duration of 5 years.
• Fixed-term deposit in the banking sector: Establishing a fixed-term deposit of US$750,000 or more, free of encumbrances, in a qualified Panamanian bank, for a period of 5 years.
Application Requirements
1. Apostilled or authenticated copy of the passport.
2. Apostilled or authenticated national criminal background check, valid for 6 months.
3. Five (5) passport-sized photos.
4. Payment of USD $5,000 to the National Immigration Service.
5. Payment of USD $5,000 to the National Treasury.
6. For dependents over 12 years old: an additional payment of USD 1,000 per dependent to the National Treasury and an additional payment of USD 1,000 to the National Immigration Service.
7. For dependents under 12 years old: additional payment of USD 1,000 per dependent to the National Treasury.
8. Certification of good health.
9. Personal background declaration.
10. Foreign or local bank certification verifying the funds received or sent. If from abroad, the letter must be authenticated or apostilled.
11. Properly legalized foreign bank statements or from a local bank, with authentication from the issuing bank, to confirm fund transactions.
12. A notarized letter from the recipient of funds, or original bank certification confirming the deposit or transfer receipt, in accordance with the investment options outlined in the law.
13. If dependents are included in the application:
• A responsibility letter for these dependents.
• Evidence of the relationship between the applicant and each dependent.
• Proof of shared address: the applicant and dependent must reside at the same location.
• For dependents aged 18 or older, proof of single status and student status.
How long until you’re a resident?
The process of obtaining permanent residency through this program typically spans around 30 days from the submission of the application to the Immigration Office. An attorney can submit the application on behalf of the investor with a specifically authenticated or apostilled power of attorney. Following application review, the individual will attain permanent residency status, with the annual requirement of demonstrating the ongoing validity of the investment made.
