Panama Self Economic Solvency Visa

The Self Economic Solvency Visa in Panama, often known as the "Person of Means Visa," is a pathway for individuals to gain residency in Panama based on their financial independence. This visa is part of Panama's friendly nations policy and broader efforts to attract foreign investment and retirees. Here's some points about the visa:

• Purpose and Popularity: The visa is designed for those who can sustain themselves economically without needing to work in Panama. It's particularly popular among retirees and expatriates seeking a stable and favorable living environment. Panama's strategic location, climate, and developed infrastructure make it an attractive destination.
• Origin and Development: The visa was introduced as part of Panama's initiative to boost its economy by attracting foreign capital and residents. Over the years, the government has adjusted the requirements and processes to streamline the application procedure and ensure it aligns with national economic goals.
• Economic Impact: The influx of foreign residents through this visa program contributes significantly to the Panamanian economy. It stimulates sectors like real estate, banking, and services, benefiting the local economy.
• Legal Framework: The visa is governed by Panamanian immigration law, which outlines the criteria and process for obtaining residency. The government periodically revises these laws to reflect current economic and social objectives.
• Integration with Other Policies: This visa is part of a broader set of policies aimed at promoting Panama as a hub for international business and a prime retirement destination. These policies include tax incentives, investment opportunities, and efforts to maintain a stable political and economic environment.
• Comparison with Other Countries: Panama's approach to attracting foreign residents is similar to residency-by-investment programs in other countries, which offer residency in exchange for economic contributions. However, Panama's program is noted for its relatively accessible requirements and the benefits of residing in a country with a growing economy and high standard of living.
• Future Prospects: As global mobility and the search for favorable retirement destinations continue to grow, Panama's Self Economic Solvency Visa is expected to remain an attractive option for many. The program's future developments may reflect changing global economic trends and Panama's domestic policy objectives.
• Applicants must demonstrate economic solvency through one of the following methods:
• A minimum investment of $300,000 in a fixed-term deposit in a Panamanian bank. This deposit must be maintained for at least three years.
• Investment in real estate valued at a minimum of $300,000. This can be through direct ownership or through a company where the applicant is the majority shareholder.
• A combination of both a bank deposit and real estate investment, totaling at least $300,000.

Dependents:

Dependents, including spouse and children under 18 years (or up to 25 years if they are full-time students), can be included in the application. There's an additional requirement of investing $2,000 for each dependent.

Health and Life Insurance:

Applicants must have health and life insurance coverage that is valid in Panama.

Background Check:

A clear criminal record from the applicant's country of origin or residence (if living outside their country of origin for more than two years) is required. This document must be apostilled or authenticated by a Panamanian consulate.

Additional Documentation:

• Valid passport and a second form of photo identification.
• A health certificate issued by a Panamanian doctor.
• Proof of financial solvency (bank statements, property titles, etc.).
• Marriage certificate and birth certificates for dependents, if applicable (these documents also need to be apostilled or authenticated).

Application Process:

• The application process typically involves submitting the required documents, along with the completed application forms, to the National Immigration Service of Panama.
• A legal representative in Panama is usually involved to guide the applicant through the process and ensure compliance with all requirements.

Temporary Residency Permit:

Initially, a temporary residency permit is granted for a period of two years.

Permanent Residency:

After the two-year period, applicants can apply for permanent residency, provided they have maintained their investment and complied with all other requirements.

Physical Presence Requirements:

There are certain physical presence requirements to maintain the residency status, though they are relatively flexible compared to some other countries.

It's important to note that these requirements are subject to change, and it's advisable for potential applicants to consult with Panama Law Connection or the Panamanian consulate for the most current information.

What does the application process for the Self Economic Solvency Visa look like?

The application process for the Self Economic Solvency Visa in Panama involves several steps. It's important to follow these steps carefully and ensure that all documentation is accurate and complete to avoid delays or complications. Here's a step-by-step guide:

Initial Preparation:

• Gather all necessary personal documents such as your passport, police clearance from your country of origin, and any other relevant identification documents.
• If you plan to include dependents, gather their documents as well, including birth certificates and marriage certificates.

Medical Check and Insurance:

• Obtain a health certificate from a licensed physician in Panama.
• Secure health and life insurance that is valid in Panama.

Choose Investment Option:

• Decide on your investment option: bank deposit, real estate, or a combination of both, amounting to at least $300,000.
• Complete the investment (e.g., make the bank deposit, purchase property, or both).

Document Authentication:

Get all necessary documents apostilled or authenticated by the Panamanian consulate in your country. This typically includes police clearance, marriage certificates, and birth certificates.

Hire a Panamanian Lawyer:

• Engage the services of a lawyer in Panama like Panama Law Connection who specializes in immigration law to assist with your application. This is crucial as the process involves navigating local legal requirements.
• File Application with National Immigration Service:
• Your Panama Law Connection lawyer will help prepare and submit your application, including all supporting documents, to the National Immigration Service of Panama.

Temporary Residency Permit:

Once your application is approved, you'll initially receive a temporary residency permit, valid for two years.

Maintain Investment:

During the two-year temporary residency period, ensure that your investment (bank deposit or real estate) is maintained as per the visa requirements.

Apply for Permanent Residency:

After two years, you can apply for permanent residency. We will guide you through this process, which involves proving that you've maintained your investment and complied with other requirements.

Follow-Up and Compliance:

Stay informed about any changes in Panamanian immigration laws that might affect your status and ensure continued compliance with residency requirements.

Physical Presence:

Meet any physical presence requirements necessary to maintain your residency status.

Each step in this process can have specific details and requirements, and it's important to stay in close contact with your legal representative at Panama Law Connection to navigate the process effectively. The time taken to complete the process can vary depending on various factors, including how quickly you gather your documents and the processing times of the Panamanian immigration authorities.

Can I apply for the visa from overseas or do I need to be present in Panama?

Yes, you can initiate the application process for the Self Economic Solvency Visa from overseas, but there are certain steps that will require your presence in Panama or actions to be taken within the country. Here's how the process generally works for an overseas applicant:

• Gathering Documents: You can start by collecting all the necessary documents in your home country. This includes your passport, police clearance, health and life insurance documents, and any documents related to dependents if they are included in your application.
• Document Authentication: Get all required documents apostilled or authenticated by the Panamanian consulate in your country.
• Choosing a Lawyer: You should hire a Panamanian lawyer such as Panama Law Connection who specializes in immigration law. This can typically be done remotely. The lawyer will guide you through the process and handle much of the paperwork and submissions on your behalf.
• Investment Preparation: While still overseas, you can start making arrangements for your investment (bank deposit, real estate purchase, or both). We can guide you on how to proceed with this while outside Panama.
• Visiting Panama: At some point, you will need to visit Panama. This is necessary for opening a bank account (if opting for the bank deposit), finalizing real estate transactions, and completing certain legal processes, such as signing documents or appearing before immigration officials.
• Application Submission: We will assist you in submitting your application to the National Immigration Service of Panama. Some parts of this step can be handled by us on your behalf, but your presence in Panama may be required for certain aspects, such as providing fingerprints.
• Temporary Residency Permit: After your application is approved, you will receive a temporary residency permit. You might need to be in Panama to receive this permit.
• Maintaining Status and Applying for Permanent Residency: While the initial steps can be started from abroad, maintaining your investment and applying for permanent residency after two years will require your involvement, potentially including visits to Panama.

It's important to maintain close communication with your Panama Law Connection legal representative in Panama throughout this process to ensure compliance with all requirements and to understand when your presence in Panama is necessary. Also, be aware that immigration policies and procedures can change, so it's crucial to have up-to-date advice from your lawyer.