Private Office

Introduction

Permanent residency without traveling: We live in a world of increasing uncertainty. Having a second residency or citizenship is more valuable than ever. Panama boasts a stable economy and a welcoming environment. It has become a top destination for those seeking a secure Plan B. The introduction of Panama’s Golden Visa in October 2020 has made this process more attractive. It offers a fast-track to permanent residency with minimal hassle. This article will guide you through the benefits of Panama’s Golden Visa. It also covers the application process. You will learn how it compares to other visas.

What is Panama’s Golden Visa?

Panama’s Golden Visa is a special residency program designed to attract foreign investment into the country. It allows investors to gain permanent residency status in Panama in exchange for a qualifying investment. One of the most appealing aspects of this visa is that it does not require the applicant to travel to Panama to complete the process. Instead, the application can be handled entirely through a Panamanian lawyer.

Why Choose Panama’s Golden Visa?

The Golden Visa stands out among residency programs for several reasons:

1. Priority Processing: Applications submitted under this program are treated with the highest priority, ensuring faster processing times compared to other visa categories.
2. Fast Approval: The visa can be processed in just 30 days, making it one of the quickest routes to residency in Panama.
3. No Physical Presence Required: Unlike many other residency programs worldwide, Panama’s Golden Visa does not require you to visit the country to apply.
4. Lifetime Residency: A one-time application grants you lifetime residency, as long as you maintain your investment for at least five years.

Comparison with Other Panama Visas

Panama offers several residency options, but the Golden Visa is unique in its simplicity and efficiency. For instance, the Friendly Nations Visa also offers a path to permanent residency, but it requires two rounds of applications and physical presence in Panama. In contrast, the Golden Visa demands only a single application and can be completed remotely.

Investment Requirements

To qualify for Panama’s Golden Visa, applicants must make a foreign-sourced investment in Panama. There are three main investment options:

1. Real Estate Investment: You must invest at least $500,000 in Panamanian real estate. This is an increase from the previous $300,000 requirement before November 2022.
2. Brokerage Firm Investment: Another option is to invest a minimum of $500,000 in a Panamanian brokerage firm.
3. Fixed Deposit in a Panamanian Bank: A third option is to place a fixed deposit of at least $750,000 in a Panamanian bank.

It’s important to note that these investment options cannot be combined; you must choose one.

Details on Real Estate Investment

If you opt for real estate, here are the specifics you need to know:

• Minimum Investment: The property must have a minimum value of $500,000.
• Property Status: The property must be titled (not a “Right of Possession”).
• Ownership: You can purchase the property in your name or through a corporation or foundation, provided you are the ultimate beneficial owner.

The property purchase must be completed before submitting your visa application, and all related documents must be properly notarized.

Required Documentation

To apply for the Golden Visa, you’ll need to prepare several documents:

1. Passport: A full notarized copy of your passport.
2. Police Clearance Certificate: This must be obtained from your home country, showing no criminal record in the U.S.
3. Medical Certificate: Issued by a licensed Panamanian doctor.
4. Application Fees: $5,000 for the principal applicant and $1,000 for each dependent.
5. Proof of Investment: Documentation supporting your investment in Panama.

All non-Panamanian documents must be apostilled and translated into Spanish to be accepted by Panamanian authorities.

Why Panama?

Panama offers a unique blend of modern infrastructure, economic stability, and a peaceful lifestyle. It’s a country that welcomes foreign investors and offers them a safe environment to live, work, or retire. With its excellent connectivity, both in terms of transport and technology, Panama is an ideal choice for those looking to establish a secure second home.

The Golden Visa not only provides a hassle-free path to permanent residency but also opens the door to a wealth of opportunities in one of Latin America’s most vibrant economies.

Conclusion

Panama’s Golden Visa is a compelling option for anyone looking to secure permanent residency in a stable, friendly country without the need to travel. With its fast processing times, lifetime residency benefits, and multiple investment options, it’s a program worth considering for your future.

If you’re interested in learning more about Panama’s Golden Visa, feel free to reach out to us. If you need assistance with the application process, contact us. We’re here to help you every step of the way.

For more information reach out to Karen Dorcy.