Panama Self Solvency Visa
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Panama Self Solvency Visa

Panama Immigration | Permanent Residence Permits in Panama

Benefits and Requirements of the Investor Visa for Panama Self Solvency Visa

With Decree-Law No. 3 of 2008, in Panama permanent residence is granted to foreign applicants and their relatives of the first degree of consanguinity who have sufficient income to cover expenses while residing in the Republic of Panama through this Investor visa.

What is the Panama Self Solvency Visa ?

One of the ways to obtain a Panama permanent residence visa is by applying for the visa for Own Economic Solvency before the National Migration Service of Panama (basically it is an Investor visa).

This is a legal process and therefore requires the help of a qualified lawyer in the country who must represent the applicant and ensure that he meets the requirements to legalize in Panama.

Investor Visa

It is a procedure designed to attract investors to Panama by offering them permanent residence while making investments in capital goods (such as real estate in Panama) or in fixed-term bank accounts in a bank with a general license in the Republic of Panama.

It should be noted that Panama has a large banking center (more than 100 banks have established their offices in Panama) it has also been listed as one of the safest Latin countries to do business, which is why more than 120 transnational companies have established themselves in the country in recent years.

Being a country with various laws and special benefits, economic growth is constant and therefore real estate development as well, making real estate investments profitable over time and at the same time is a great attraction to emigrate to Panama and an easy way to take advantage of the legal advantages with Investor Visa options.

In this article we will tell you everything you need to do to obtain this Permanent Residence VISA in Panama.

How long do you get permanent residence in Panama with Panama Self Solvency Visa?

According to the immigration laws of Panama, to obtain permanent permanent residence once the requirements of the investor visa of own economic solvency have been met, 2 years will be required to obtain the permanent residence card in Panama from the initial date of the procedure before the national immigration service.

What are the options to obtain the visa for economic solvency in Panama?

  • Investment in real estate in the Republic of Panama

To apply for this investor visa you must make an investment of at least 300,000 US dollars in a real estate within the Republic of Panama and with funds from abroad.

  • Open a fixed-term deposit within a Panamanian bank

Another way is through a fixed term for at least 300,000 US dollars within the Republic of Panama and with funds from abroad, for a minimum term of 3 years.

  • Mixed investment between fixed term and real estate

The third option of this indispensable requirement is to achieve a mixed investment between the fixed term and the real estate where the sum of both results in at least 300,000 US dollars within the Republic of Panama and with funds from abroad.

AbogadosPanama.Net under the direction of Panamanian Lawyer Julissa Ortega Hernandez has helped foreign investors obtain their permanent residence permit in Panama with the visa for economic solvency in Panama.

Within the firm we have advisors who will recommend the best banking or real estate investment options, in addition to the correct process to obtain the investor visa.

Julissa Ortega has helped hundreds of foreigners obtain their residence permits in Panama.

Or if you prefer priority attention then

Schedule a consultation with a lawyer in panama

Contact the lawyer with an email

What are the requirements to obtain your own economic solvency visa in Panama?

After being clear about how to demonstrate the investment in Panama, to immediately apply for this investor visa legally called a residence permit as a foreigner for reasons of own economic solvency in the Republic of Panama, the following must be presented:

  • You must submit a power of attorney through a Panamanian lawyer and the application drafted by the lawyer (both documents must be notarized).
  • Five (5) passport size photographs with a white background are required.
  • Duly collated copy of the complete passport including the cover and back cover, must be checked before a Panamanian Notary Public or corresponding Authority.
  • Police Record or Criminal Background Check of the country of the last 5 years of residence. This document must be “original”, “official”, “updated” and “authenticated” (see explanation of these terms below).
  • Health Certificate with at least 3 months of validity (Issued by Panamanian doctor or health center of Panama, it is obtained in private clinics in Panama).
  • Certified Check for B/250.00 in favor of the National Treasury (Purchased directly from the bank)
  • Certified Check for B/800.00 in favor of the National Migration Service (Purchased directly from the bank)
  • Affidavit of Personal Record Form (we will provide it to you).

Investment Requirements:

  • Certification of the Public Registry that proves the ownership of the real estate, in the personal capacity of the applicant with a minimum value of three hundred thousand (B / 300,000.00). The certification must indicate that the property is free of encumbrances and in the name of the applicant.
  • o Bank certification that you have opened a fixed deposit account in Panama in the name of the applicant, in the amount of three hundred thousand balboas (B/300,000.00) or its equivalent in foreign currency and with a minimum duration of three (3) years, in any general license bank in the national territory. This fixed term must be free of encumbrance
  • or a mixture of the two investment tests that add up to 300,000 dollars
  • Copy of the fixed-term certificate in Panama authenticated by the bank.
  • Check the origin of the money that comes from abroad, this must be verified with the payment through bank transfer from the foreign bank to the local bank either to the real estate company as a payment of the property or total purchase or to the owner and authenticated copy of the contract of sale and deed of the property duly registered in the name of the applicant with his certificate of public registry of the property
  • Certified Check for B/800.00 in favor of the National Migration Service (Purchased directly from the bank)
  • Affidavit of Personal Record Form (we will provide it to you).

Can children or spouses also obtain a residence permit with the main applicant?

It should be noted that within the application for the residence permit as a foreigner for reasons of own economic solvency may include dependents, which are those people of the first degree of consanguinity (parents, children, spouses) of the applicant, who may also obtain a permanent residence permit in Panama based on the permit of the main applicant.

Dependent children can only apply if they are single and under the age of 25. Those over 18 years of age must be studying in Panama.

NOTE:

In the case of dependents, the applicant must justify an additional $2,000.00 in the investment for each dependent, for example: if the applicant wants his or her spouse to be included in the process as a dependent then the total amount of the investment should be $302,000.

In addition to meeting the basic requirements to apply for the economic solvency VISA, each of the dependents must also provide the following for each one:

  • Letter of responsibility (it is a document drafted by our lawyer specialized in immigration procedures in Panama)
  • Proof of kinship:
    • In the case of children of the applicant, the birth certificate of each one must be provided and this document must be apostilled.
    • If the dependent is a child over 18 years of age, a certificate of singleness and proof of certified studies must be presented.
    • If the dependent is a child under 18 years of age, he will not need to present the certificate of criminal record but if he is over 18 years old if he must provide it.
    • In the case of applying for a father and/or mother as a dependent, the applicant must provide their own apostilled birth certificate stating the name of their parents.
    • In case the dependent is a spouse, the applicant must provide the apostilled marriage certificate.

They must provide proof of address that can be electricity or water receipt of their property in Panama.

benefits Panama Self Solvency Visa
Benefits of Panama Self Solvency Visa

What are the benefits of having permanent residence by the Panama Self Solvency Visa?

  1. You can apply for the permanent residence permit in Panama in a few phases, (this permit will grant you the “CEDULA E”)
  2. You will also be able to opt for the Panamanian passport through naturalization (once you obtain the E card and meet the requirements)
  3. Obtain the work permit under the Panama Self Solvency Visa.
  4. You will be able to enjoy all the benefits enjoyed by Panamanian nationals in banks, shops and government entities.
  5. Being a permanent resident of Panama You can apply for the certification of tax residence in Panama

Panama Self Solvency Visa phases to obtain permit
Paheses to get Panama Self Solvency Visa

What are the phases to obtain permanent residence with Panama Self Solvency Visa?

PHASE 1: Sending and reviewing grouped requirements by email.

Day 1: Interview with lawyer

the meeting is held with the lawyer for the review of the requirements and the payment of the fees to initiate the immigration process.

DAY 2: (Requires the presence of the foreigner)

The foreign applicant and the legal representative or his assistant appear before the offices of the National Migration Service of Panama to submit the application for the processing of the Investor Visa for Panama Self Solvency Visa.

That same day they will give the first provisional residence card to the foreign applicant, with a validity of 6 months, they will also grant him a multiple entry and exit visa stamped on the passport that will allow him to enter and leave Panama without problems and without paying any exit tax.

At the time the immigration resolution is listed, the lawyer is notified by the national migration service of Panama that the resolution has been issued and from that moment they can and should attend the immigration offices in Panama to obtain a new provisional residence processing card through the Investor Visa for Panama Self Solvency Visa.

This new card is a provisional permit through the foreign professional visa, has a validity of 2 years and a cost of 50 dollars.

PHASE 2: Application for the Permanent Residence Permit for the visa of economic solvency in Panama

After 23 months, the foreigner can apply for a permanent residence permit.

To apply for the permanent residence permit of the visa of economic solvency in Panama, the applicant must provide all the requirements they provided the first time (except the certified checks and the police record) and must add Paz y Salvo national of the applicant.

At the time the immigration resolution is listed, the lawyer is notified by the national migration service of Panama that the resolution has been issued and from that moment they can and should attend the immigration offices in Panama to obtain a new provisional residence processing card through the Investor Visa for Panama Self Solvency Visa.

This new card is a provisional permit through the foreign professional visa, has a validity of 2 years and a cost of 50 dollars.

PHASE 2: Application for the Permanent Residence Permit for the visa of economic solvency in Panama

After 23 months, the foreigner can apply for a permanent residence permit.

To apply for the permanent residence permit of the visa of economic solvency in Panama, the applicant must provide all the requirements they provided the first time (except the certified checks and the police record) and must add Paz y Salvo national of the applicant.

Why do more and more foreigners trust the signature of Mrs. Julissa Ortega to carry out their immigration procedures in Panama?

  • Assistance is given by an expert in the subject with a wide trajectory in migratory matters in Panama.
  • Provides continuous accompaniment for the applicant by the lawyer during the process of presentation of the procedure before the immigration authority.
  • Continuous follow-up by expert lawyers in the governmental process of the procedure of each applicant.
  • Opening of bank accounts in Panama.
  • Counseling in civil, mercantile and real estate law with our team of lawyers.
  • Consultation fees are reimbursable in the total cost of the process.

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