In the past few years, there has been a substantial rise in the amount of Americans who obtain a visa or second passport from another country. In this article, we will look at the Panama residency visa as used by those setting up banking businesses in Panama.
Panama is a unique country that is very welcoming to international investment and international residents. If you are from a “friendly nation,” Panama is probably the easiest country in the world to get permanent residence in… and one of the best for quality of life.
On the investment side, Panama offers one of the greatest asset protection plans and also offers many tax incentives to Americans who desire to open a bank account in the country. The thing about this is, you have to be a resident of Panama if you want to open a business or a bank account in the country.
The quickest way to obtain a residency visa in Panama is to make an investment in any government-sponsored program that is being promoted at the moment. One of the most popular investment programs now is the Panama Reforestation Visa Program.
With an investment of only $25,000 in the Panama Friendly Nations Reforestation Visa Program, you can get a residency visa from the country. Not only that, your spouse and your children can also get a visa without any additional investment.
This visa is renewed annually for a period of five years. After five years you, your wife, and all of your children can apply for citizenship. This is one of the fastest ways to obtain citizenship in any country that I know of and one of the cheapest.
Inside the Panama Reforestation Visa Program, you will find a number of projects where you can invest your money, it is important for you to listen to the advisors to tell you which is the best project to make an investment in at the moment.
One of the most famous ones and one that has been stable in the past years is investing in acres were tweak wood grows. Investing in teak wood is proven to be a great investment as the returns have proven to be substantial.
The downside of investing in teak wood is that it takes quite some time to grow, so you will have to wait for your investment for a while. The upside is that you will be Panamanian citizenship at this point. Also, there are some mature teakwood investments that will generate an ROI much more quickly than a new planting.
Documents that you need to present to the Panamanian authorities in order for your investment to be approved include:
– Application is done through a Panamanian lawyer
– Valid Passport
– Birth Certificate
– Health Certificate
– HIV Test is done by an approved doctor in Panama
– Police Clearance Report
– Marriage Certification
– Proof of Investment Contract
– Bank Statements
All of the information presented to the Panamanian Authorities must be Notarized and Apostilled or they won’t be accepted. If you are bringing your wife and your children (under the age of 18) they must show the same documents listed above.
Besides being a great place to protect your assets and do business, there is another reason to obtain a residency visa in Panama. Panama is one of the best places to retire. Low cost of living, safe, warm client, excellent health care, what more do you want.
Another type of visa that is offered in Panama is the Person of Means Visa. This visa is for persons who desire to live in Panama and have the means to take care of themselves without the need to invest, work, or start a business in the country.
In order to be approved the person making the application must have a bank statement from a bank in Panama showing at least $200,000. $80,000 of those $200,000 can be from the purchase of a home in the country.
You can also get a residency visa by starting a business in Panama. You must make an investment of $150,000 in your business and hire 3 permanent Panamanian employees. You must also be a legally certified business in Panama.
Panama is a great country offering one of the easiest paths to residency and an eventual citizenship/ second passport. Please feel free to contact us so we can guide you through this whole process.