In recent years the Republic of Panama has asserted itself on an international level as one of the best retirement locations world wide. This is due to several factors including:
- Panama has a comfortable climate.
- Panama has the US dollar as its currency.
- Panama is a very large banking center.
- Panama is free from major natural disasters.
- Panama has modern medical facilities.
In light of the current boom in Panama, the Ministry of Immigration and Naturalization has imposed new visas. Some of the visa processes have become more flexible in order to generate migratory stability for foreign retirees.
Temporary Resident and Work Visas
- Temporary work visas can be obtained for periods of one year to 6 years
- Temporary residential visas for foreigners contracted as executives of the Free Zone of Colon require the payment of a monthly salary of at least 2,000.00 USD.
- Temporary Resident Visas for foreigners contracted for private businesses cannot have a salary less than 850.00 USD per month. No more than 10% of the workforce of private businesses can be foreigners.
- Temporary resident visas for personnel contracted for businesses of virtue under the Marrakech Agreement require the payment of a monthly salary not less than 1,000.00 USD
- Temporary Resident Visas for reasons of investment can be obtained for periods of 6 years and can be extended every 2 years.
- Temporary Resident Visas for Agricultural Investors require an investment of at least 60,000.00 USD into the Cattle or Agricultural Industry.
- Temporary Resident Visas for Reforestation Investment requires an investment, in ones personal name, or by way of a corporation of at least 60,000 USD in activities related to reforestation projects approved by the National Environmental Authority (ANAM). The investment must be a minimum of at least 10 hectares.
- Temporary Resident Visas for Regrouping Families can be solicited by conjugate foreigners, children under the age of 18 and parents of the temporary resident. For those who are of the ages 18-25, if they are involved in regular studies, and have economic dependence from the temporary resident.
Permanent Residency Visas:
To apply to the Permanent Resident Category it is required that a period of 2 years has passed with temporary resident status.
- Permanent Resident Status via Reforestation Visa requires a minimum investment of 80,000 USD, by way of a corporation or personal title, in reforestation activities that are authorized by the National Environmental Agency (ANAM) , and are at least 20 HA in size.
- Permanent Residency Visas as a Macro Business Investor requires a minimum investment of 160,000.00 per solicitor into a Macro-Business. In the case of dependents, there must be an increment of 2,000.00 per dependent. The business must maintain a minimum payroll with 5 Panamanian employees.
- Permanent Resident Visas for Self-Economic Solvency require an investment of 300,000.00 USD maintained in a certificate of deposit (CD), property or a combination of both which shows that the funds were introduced from abroad.
- Self-Economic Solvency by way of investment into real estate permits that the property can be in the name of a private interest foundation, proving that the solicitor is the founder y that he or his dependents are the beneficiaries. The certificate of the Public Registry should show the founder and the beneficiaries.
- Permanent Resident Visas for Retirees or Pensioners can opt to receive a pension or retirement from a foreign government, international organization or private enterprise. The pension or retirement cannot be less than 1,000.00 USD per month, nevertheless, if proof can be acquired that a property with title in personal name for at least 100,000.00, the amount of the pension or retirement can be reduced to 750.00 USD per month.
- Permanent Resident Visas for Retired Rentiers require that a minimum monthly income of 2000.00 USD derived exclusively from a certificate of deposit (CD) from the National Bank of Panama or the Caja de Ahorros, free of liens for a period of 5 years. With the current interest rates the amount of the deposit would be approximately 610,000 USD.
Permanent Resident Visas as a Retired Rentier can obtain the right to a special passport from the Republic of Panama.
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- A Report On The Current Condition Of The Panama Economy
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