Copy of a second ID (for example, a driving license)
Five passport-size photographs of the main applicant and five for each of their dependents
Proof of residence
Original (current) bank reference letter addressed to the chosen bank in Panama or to whom it may concern.
Original commercial reference letter addressed to the chosen bank in Panama or to whom it may concern. Can be provided by Interis.
Personal Reference (no letter, only information): Name, address, phone (office and residence).
Proof of funds that should be one of the following:
Work letter (specifying salary, date of employment and position)
Copy of the two last annual income tax returns (in the country of residence)
Income certification by a certified public accountant
Original letter duly signed by the client to the bank (in Panama), in which the following is detailed:
Experience in the market doing his commercial activity
Copy of the documents if there was a license or a register number to operate as an investment advisor
In the same letter, it also needs to be confirmed that the account is going to be used only to manage personal expenses and personal wealth and that is not going to be used for managing assets or funds of third party funds.
The applicant’s CV
Copies of passports and addresses of the other two client-self-appointed directors. Due to the Panamanian Law, a company has to appoint three directors. Interis can provide two directors for the company and in this case, these documents will not be necessary. This point is related to the company incorporation as will be mentioned later.
If their family members (only husband, wife or children under 18 or 25 if students and / or family members with disabilities) will apply as dependents, the following documents must also be provided:
Marital status certificate
A letter or certificate from the institution where the dependent is studying indicating the major they are pursuing, that they are a full-time student and that the courses are during daytime.
Birth certificates of dependents
Required deposit and investments
Deposit of USD 5,000 at a Panamanian bank + USD 1,000 for each dependent
Incorporation of a company1.
1 Not necessarily active
Required first visit to Panama
Once the applicant has fulfilled the above listed requirements (with the assistance of Interis if needed), the applicant is required to travel to Panama for the presentation of their application before the National Immigration Service. Interis’ local partner will guide and assist the client throughout this registration process. The applicant must plan to stay for at least ten business days during this visit. The client is recommended to stay at the Riu Plaza Hotel (address: Calle 50, Panama, Panama) since it is located near the partner’s offices.
After this visit, the client’s application will be reviewed by the authorities, which could request changes to the submitted documents or additional documents or proofs.
After the file is evaluated and if everything is found to be satisfactory, the National Immigration Service will issue a resolution approving the immediate permit or visa for an indefinite period of time. This usually occurs within six months.
Required second visit to Panama
The team of lawyers will inform applicants as soon as their residency is approved. Applicants must then plan a second visit to Panama, this time for at least five business days to collect the permanent resident ID.
Other useful information
The process usually takes six to ten months.
A work permit can be applied for after the permanent residency is approved.
While in Panama for the second visit, it is possible for the client to rent or buy a property, which is totally optional with this visa type.
This visa immediately guarantees residence.
When entering the country upon landing at the airport, the applicant has to go through the regular lane. After obtaining their resident ID, they will be able to use the lane assigned to Panamanians and Panamanian residents.
The local agent can arrange for a driver to be waiting for the client at the airport to take them to their hotel. The fee is US$35.
Good business climate in general with nearly 6 % domestic economic growth in 2015
Presence of first-class medical care and hospitals
Friendly immigration system seeking to attract educated professionals and investment
No establishment of domicile required
Huge advantage to those who travel frequently for work or for business
Best airline connections in Latin America and a growing number of direct connections to Europe
Possibility to extend the benefits of the main applicant to relative
Permanent Residence Permit for Nationals from Specific Countries (Executive Decree No.1174 of 28th November 2013)
Who may obtain this Residence Permit?
This permanent residence permit is granted to foreign nationals coming from specific countries that have friendly, professional, economic and investment relations with the Republic of Panama and whose intent is to carry out economic or professional activities.
The countries that specifically may apply for this permanent residence permit are: Argentina, Australia, Austria, Brazil, Belgium, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain and Northern Ireland, Greece, Hong Kong Special Administrative Region, Hungary, Ireland, Israel, Japan, Latvia, Lithuania, Luxembourg, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, Principality of Andorra, Principality of Liechtenstein, Principality of Monaco, Republic of Malta, Republic of San Marino, Serbia, Singapore, Slovak Republic, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States, and Uruguay.
Bordered by the Caribbean to the north and the Pacific Ocean to the south, the Republic of Panama amazes its visitors on the one hand, with endlessly long paradisiacal coastlines and perfect tropical weather. On the other hand, Panama is attractive as a prime business destination due to the numerous advantages it offers, including: Panama City, which is one of the most affordable cities in the world, according to the latest cost report prepared by the intelligence unit of The Economist. Especially for foreign retirees, Panama has put together the most appealing program of special benefits that can be found anywhere in the world today. In 2014 Panama ranked first in Forbes Magazine’s top 10 list of countries in which to retire.