| So, you’ve finally decided that is the place for you to settle down, and your 30 day tourist visa is about to expire, what now? Well, if you want to reside in on a permanent basis, you need to establish permanent residency. This means, applying for a nian Residency Visa that will allow for permanent residency.
offers a variety of options for those seeking to reside here permanently. Most types of visa are designed to promote investment of what type of visa you choose, we advise that you clearly understand the documentation requirements, all costs or required investments, the time frame associated with each particular visa and of course, how it will benefit you and your situation.
When you find a visa type that offers permanent residency, as not all of them do. Plus, if your goal is to ultimately become a citizen (duel-citizen), and obtain a passport, you need to confirm whether or not the visa you ar applying for actually grants a passport option. Just because you obtain permanent residency in , doesn’t necessarily mean that you will become a passport-holding citizen.
Pensionado Visa
The most popular, lowest cost and easiest type of resident visa is the Pensionado (Pensioned) visa which requeires that you prove that you have a lifetime pension income of at least US$500 per month (add US100 per dependent, spouse and/or any children under 18 years of age).
The permsion can be from a governmental source (such as Social Security) or through a private corporation. The Pension visa also offers good benefits, sch as importing a car duty free every two years (saying youabout 10% on duties), importing your household goods duty free (up to US$10,000 worth) as well as, a long list of special discounts on travel, dining, entertainment and more.
Unlike other visa types that take a year or more to obtain the permanent residentcy status, the Pension visa gives you permanent residency within just a few weeks. However, under the Pension visa, you can never become a citizen, which means you can never obtain a nian passport. Also, the Pension visa does not allow you to obtain a work permit in , so you cannot be employed under a labor contract ( you can, however, own and operate a business of your own). The costs for processing you Pension visa range from about US$1,000 to US$2,000 per person in legal fees and governement expenses, (depending on what law firm you use).
Self-Economic Solvency visa
The next most popular type of resident visa is the Self-Economic Solvency visa, which requires that you invest a minimum of US$200,000 in any one of the following ways: 1) in a titled property, in your personal name, with a registered value of US$200,000; 2) in a two year CD or time deposit at a nian bank; or 3) in a combo of US$120,000 in a two year CD at a nian bank and US$80,00 in a titled property in your personal name.
The Self-Economic Solvency visa offers permanent residency after one year of bean a temporary resident. And once you have been a permanent resident for five years, then you can become “naturalized”, which means you become a citizen and are eligible for a nian passport. You can also apply for a work permit (so you can be employed unda a labor contract) under the Self-Ecomonic Solvency visa. The cost to process the Self-Economin Solvency visa ranges for US$1,000 to US$2,000 per person, with costs varying from law firm to firm.
Reforestation Visa
Grants foreign investors residency in upon investing $US 40 000 in reforestation. Reforestation residency visa can be obtained with proof of the project's existence and receipts equal to a $40,000 or $80,000 investment in the project. (This includes the purchase of the land, itself). This visa is particularly attractive for those who want to live in Panamá year 'round and who do not qualify for a "retiree's visa" and want to avoid the lengthy process of obtaining an "investor's visa", Also upon five years consecutive Residency Status in you may apply for naturalization, and will be issued a nian Passport. You do not need to live in during this time.
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Residency Options
