Panama permanent residency and citizenship requirements.
Last updated on May 15th, 2018 at 09:14 am
How to Get Second Residency, Easy Citizenship and Fast Passport in Panama.
Panama has easy and flexible laws and policies for its permanent residence and citizenship as compare to other countries. Its citizenship and passport obtaining process is relatively straight forward. Its citizenship can be obtained after five years. infoomni.com blog aims to share information about every country of the world at this platform. Let’s know about Panama Residence and citizenship.
Why to get Panama Permanent Residency and Citizenship?
Panama is a country in central America between Costa Rica and Colombia. Panama is beautiful, Spanish speaking country. However, English is second most spoken language in Panama, so there is no problem for foreigners who cannot speak Spanish. Two currencies Panamanian Balboa and US Dollar are officially used in Panama and both have equal value and same exchange rates. Favorable Incorporation Laws, Stable Currency with No Currency Restriction Regulations, Strict Privacy Laws, stable government, stable economy and strong banking are some the main features of living in Panama. Getting Panama permanent residence process is easy to initiate as some countries nationald can start PR application process with a 5000 USD bank deposit. Getting PR means, person can live and work in Panama forever. Panama citizenship can be applied after five years of getting Panama PR. Panama does not required applicant to live most of the period in Panama in order to apply for citizenship. After getting approval for citizenship certificate, applicant can apply for Panama Passport. Panama does not allow dual Citizenship. It means applicant have to renounce his current citizenship before applying Panama citizenship. Panama is best choice to get second residence and citizenship. Panama’s Passport has 35th number ranking in passport ranking index. Panama passport holders have access to 129 countries of the world without visa or visa on arrival including Europe.
How to Get Panama Permanent Residence?
Panama offers various programs to foreigners who want to get second residency in Panama. Here, we are going to explain some prominent programs of Panama Permanent Residence.
Panama Pensionado Visa (pensioner/retired visa):
This visa apparently looks only for pensioners/retired person with old age but actually any one with age 18 years or above can apply this visa. To apply this visa, applicant should have a permanent income of 1000USD per month. Income source should be legal and documented. This income be earned from any source like interest from bank every month, real estate/property rent, insurance, pension or some trust funds etc. but applicant have to prove this source of income through documents. There is another point in this visa, if a person invests 100000USD in real estate in Panama, the threshold of 1000 USD will be reduced to 750 USD every month. Person can buy flat in Panama and rent it. In this way huge amount can be earned as an income source. There is a requirement of 250 USD for every dependent if applicant want to apply for dependents with him too.
Friendly Nations Visa:
This program is only for a specified number of countries which are considered Panama friendly. Citizen of these countries can move to Panama and get Panama Permanent Residence faster than any other applicant. Normally friendly nations applicants need to deposit 5000 USD in Panama bank to initiate the Permanent residence application. Applicants are expected to start some business in Panama however they can find employment too. Here is a list Panama friendly nations Countries.
- Costa Rica
- Czech Republic
- Hong Kong
- New Zealand
- South Africa
- South Korea
- USA, Uruguay
Professional Work Visa of Panama:
Another way to Panama PR is Panama’s work visa or employment visa. Applicant have to obtain a job offer in order to get work visa. Job offer can be found after reaching Panama on tourist visa. Job offer can be obtained with the help of some recruitment agencies working in Panama. They may charge some fee too. However, professional work permit holder can apply for Panama permanent residence after two years. After living 5 years on Permanent residence applicant can apply for Panama Citizenship.
Panama Visa for Reforestation Investors:
This program requires an investment of USD 80000 in some reforestation project certified and specified by Panama government. This program has many benefits. It is highly profitable business in Panama besides it grants Panama’s PR. Applicant have to buy a land area minimum 5 hectares with the amount mentioned above. There are many companies which do all process of buying land, planting and cutting of trees for foreigners. Applicant have to put only investment. If applicant want his dependents with him, he have to invest 2000USD per head in addition.
Self-Economic solvency Visa:
This is also a way to permanent residence and suitable for rich foreigners. Applicant have to put investment of 300000 USD in real estate business or have to make a bank cash deposit in order to apply for this visa. This money can be withdrawn later. 2000USD in addition for each dependent if any.
Business Investor Visa:
People who want to make investment in Capital Stock corporation can choose this option. An investment of 160000USD is required to apply this visa. 2000USD in addition to this amount for each dependent of applicant.
Marriage to A Panama Citizen:
Marrying a citizen of Panama is also good way to Permanent Residence of Panama. Applicant can get temporary resident visa after marriage. After living one on Panama Temporary resident visa, applicant can apply for Panama permanent Residence. Three years after PR, citizenship of Panama can be applied.
Asylum Seekers Permit:
Panama is a party to Geneva convention for refugees. It gives different types of temporary residence permit to asylum seekers and refugees on humanitarian grounds. However, an asylum seeker can apply for Panama permanent residence after living legally 10 years in Panama. But normally it is witnessed that asylum seekers coming from Brazil don’t stay in Panama for long time, rather they prefer to move USA.
Visa for Parents of a Child Born in Panama:
Panama does not deport the parents who got a baby born in Panama. Parents can get permanent residence after the fifth birthday of child
Panama Visa for Students:
Students can apply Panama study/student visa as there many branches of international universities in Panama. Panama gives temporary residence visa to students according to the length of their student visa. Students can not apply permanent residence of panama on student visa. Students are not allowed to work on study visa. However, after completion of study, students can apply for work visa or other type of visa according to the situation.