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 residence process is easy to initiate as citizens of friendly nations can start a provisional residence application by proving an economic or professional activity in Panama. 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 25th number ranking in passport ranking index. Panama passport holders have access to 147 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 must be a lifetime pension or retirement income from a foreign government, an international organization or a private company. Bank interest, property rent or trust income does not qualify. 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. Since August 2021, citizens of these countries no longer get Panama Permanent Residence directly. They are granted a provisional residence permit for two years. To qualify, applicants must prove an economic or professional activity in Panama, for example employment with a Panamanian company (the employer must obtain a work permit from the Ministry of Labor) or a real estate investment of at least B/.200,000. After two years of provisional residence, they can apply for permanent residence. Here is a list Panama friendly nations Countries.
- Andorra
- Argentina
- Australia
- Austria
- Belgium
- Brazil
- Canada
- Chile
- Costa Rica
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Ecuador
- Estonia
- Finland
- France
- Germany
- Greece
- Hong Kong
- Hungary
- Ireland
- Israel
- Japan
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Mexico
- Monaco
- San Marino
- Montenegro
- Netherlands
- New Zealand
- Norway
- Paraguay
- Poland
- Portugal
- Serbia
- Singapore
- Slovakia
- Spain
- South Africa
- South Korea
- Sweden
- Switzerland
- Taiwan
- USA
- Uruguay
- UK
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 100000 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 provisional residence, and permanent residence can be requested after two years (an investment of USD 350000 or more grants immediate permanent residence). 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 permit is first granted as a two-year provisional residence, and permanent residence can be requested after two years. The investment must be maintained while the permit is valid. 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. This permit is first granted as a two-year provisional residence, and permanent residence can be requested after two years. 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 a provisional residence permit after marriage, and can apply for Panama permanent Residence after the provisional period. Foreigners married to a Panamanian citizen can apply for citizenship after three years of residence.
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 a provisional residence permit after the fifth birthday of child, and can then apply for permanent residence
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.
