Jump to content

Gomez Tomiczek

Members
  • Posts

    52
  • Joined

  • Last visited

  • Days Won

    26

Gomez Tomiczek last won the day on October 15 2021

Gomez Tomiczek had the most liked content!

Personal Information

  • Full Real Name:
    Abel Gomez
  • Reason for registering:
    Live and/or work in Chiriqui
  • Location of primary residence:
    In Chiriqui
  • Birth (home) country:
    Panama

Recent Profile Visitors

1,954 profile views

Gomez Tomiczek's Achievements

Apprentice

Apprentice (3/14)

  • First Post Rare
  • Collaborator Rare
  • Conversation Starter
  • Week One Done
  • One Month Later

Recent Badges

37

Reputation

  1. When thinking about moving to another country, one of the biggest decisions you'll face is selecting the right visa. If your destination is Panama, you'll likely consider the Friendly Nations Visa and the Investor Visa (Golden Visa), two attractive options for securing residency through investment. Each visa comes with its own unique features, requirements, and benefits. In this blog, we'll break down the advantages and perks of each visa to help you make the best choice for your situation. Friendly Nations Visa information Eligible Nations: The Friendly Nations Visa is available to citizens of specific "friendly nations" who have professional and economic ties with Panama. Who Are These "Friendly Nations"? The list includes countries like Germany, Austria, Switzerland, USA, Canada, and many more. Investment Requirements: You can qualify for this visa in three ways: Real Estate Investment: Invest a minimum of $200,000 in a single property in Panama. This investment must be made before you apply, and it cannot be split between multiple properties. The investment must be held for three years. Investment in a Time Deposit (CD): Make a minimum deposit of $200,000 in a fixed-term account with a Panamanian bank for at least three years. The investment cannot be split between different banks. For Professional Reasons: If you secure a job offer in Panama, you can apply for this visa, which requires an additional work permit. Temporary Residency: Successful applicants initially receive a temporary residence permit for two years. After this period, you can apply for permanent residency and obtain your Panamanian E Cedula (Panamanian ID card). Proof of Economic Activity: Single applicants no longer need to open a bank account in Panama or establish a Panamanian company. However, family applicants still must open a bank account with a minimum balance of $5,000 to demonstrate economic solvency. Investor Visa (Red Carpet Visa) Information Fast Track Residency: The Investor Visa program is your fast track to permanent residency, granting it in as little as 30 days. Plus, you don't need to be physically present in Panama during the initial application. Investment Requirements: You have three investment options: Real Estate Investment: Invest a minimum of $300,000 (until October 2024). You can split this investment between multiple properties to meet the minimum requirement. The investment must be maintained for at least five years, with annual proof of the investment submitted to the National Immigration Service. Investment through a securities house in Panama with a minimum investment of $500,000. Investment in a Time Deposit (CD): A minimum deposit of $750,000 for a minimum of five years. VIP Application Counter: The Investor Visa program provides a dedicated VIP counter for processing applications, streamlining the process. Single Application: You can obtain permanent residency with a single application, with no renewals required. The condition is to maintain your investment for a minimum of five years, with physical presence in Panama required only after approval to obtain the migration ID card and your photo for your Panamanian ID card (E Cedula). Family Inclusion: The Investor Visa allows all first-line family members (spouses, children, and parents of the principal applicant) to be included in the same application without additional investment. Choosing the Right Visa for You: When deciding between the Friendly Nations Visa and the Investor Visa, consider the following factors: Nationality: Check if your nationality qualifies you for the Friendly Nations Visa. Investment Capacity: Assess your financial situation to see if you meet the investment requirements for either visa. Timeline: Consider how urgently you need to obtain permanent residency. The Friendly Nations Visa offers a two-step process, while the Investor Visa is a faster route to permanent residency. Family Inclusion: If you plan to include family members in your application, the Investor Visa is more favorable due to its inclusivity without extra investment. Personal Presence: If you prefer not to travel to Panama for the initial application, the Investor Visa allows for remote application. Investment Type: Decide whether you'd like to invest in real estate, a securities house, or a time deposit, as this might affect your choice. Maintaining Investment: Ensure you can sustain your investment for the required duration specified by your chosen visa. For the Friendly Nations Visa, the investment must be held for three years. For the Investor Visa, the investment must be held for five years, with annual proof submitted to the National Immigration Service. Fees and Expenses: When it comes to fees, there are notable differences between the Investor Visa and the Friendly Nations Visa in Panama. The state application fees (government fees) for the Investor Visa are relatively higher, costing $10,000 for the main applicant and $2,000 for each dependent. In contrast, the Friendly Nations Visa has more affordable state application fees, with $1,050 for the main applicant and only $250 for each child under 12. Depending on your family situation and budget, you may find one of these visas more cost-effective.However, it's important to note that the Friendly Nations Visa requires all applicants to travel to Panama for each application and reception of the temporary and/or permanent residence permit. This means that travel costs, including flight tickets and accommodation for all applicants, must be considered for both the application and approval procedure. So while the Friendly Nations Visa may have lower government fees, these additional travel expenses should also be factored into your decision-making process. Both the Friendly Nations Visa and the Investor Visa offer unique advantages, and your choice should align with your specific circumstances, long-term goals, and investment capacity. Whether you opt for the Friendly Nations Visa or the Investor Visa, Panama provides a path to residency and even citizenship. Feel free to schedule a free initial consultation with us to navigate the application process and select the visa option that best suits your needs and preferences. Your journey to Panama awaits!
  2. until
    MOVING SALE!!!! We are moving our office to Panama City and are selling our office furniture and other items! We have desks, chairs, sideboards, a big meeting (or dinner table), a sofa, paintings, antiques, decoration and lot of other items! Come and have look, you will surely find something. When? Friday 10th of June from 1pm to 4pm Where? Gomez Tomiczek Law Firm Plaza San Francisco, Office 23 (UPPER FLOOR NEXT TO MAGDA CRESPO'S OFFICE)
  3. Panama has always positioned itself as an attractive destination for expatriates, businessmen, retirees and foreign investors. Forty percent of real estate assets in Panama above $140,000 are purchased by foreigners. Despite the pandemic we can see that the Panamanian real estate market is going through a boom of international buyers. Real estate buyers often forget that they will most likely sell the property at some point. Personal circumstances may change, and eventually, you want to sell. The purchase of a property should be well structured from the beginning to avoid headaches and bad surprises in the future: What will be the taxes to be paid when the property is sold? What legal figure is the most convenient to acquire the property? Selling a Panamanian Corporation: Asset Deal vs. Share Deal In the past it was very fashionable to invest and sell real estate in Panama by buying and transferring the shares of a corporation, thus maintaining the cadastral value low, so as not to increase it each time it passed from hand to hand (buyer/seller). When the Panamanian government discovered that this was a normal practice, it decided to regulate this type of transactions: Which means in order to transfer a property, the seller must pay approximately five percent (5%) in taxes and the same applies if you sell the shares of a corporation. Five percent (5%) taxes of the value of that share deal must be paid to the tax office. The only advantage of paying that tax for selling the shares, is that the cadastral value will not increase every time the property is sold over and over again, and therefor maintain annual property taxes low. In fact, selling a corporation represents in simple words, selling the shares with all the corporation’s assets included, changing the board of directors, changing the resident agent and paying the taxes to the DGI (tax office) through form 108. The only thing that cannot be modified in this method of purchase and sale are the subscribers, but that does not affect the interests of the new owner... since with the formal resignation of the subscribers, they will not have any right to claim in the future. But, How Do You Sell a Private Interest Foundation in Panama? If foundations are not made as instruments to negotiate, neither to carry out business activities in Panama, since they are made for estate planning and as a living will, then how do you sell them? The answer can be found in an article that modifies the Foundation Law of Panama (already created several years ago by the way), in fact within a Law that is not related to the subject of foundations. Based on this legal footing you can sell all the rights of your foundation, including all its assets, by means of a private and notarized contract, and by making all necessary changes within the foundation (foundation council, resident agent, by-laws, and even the name if you like). Of course, the technical - practical legal details of the whole transaction are too complicated and complex to explain in a blog without boring the reader with technical and legal terms, but in conclusion,… you can sell your foundation. And if the foundation owns a property, well, you do not have to pay transfer taxes to the tax office because what you are selling is not the property itself, it is the foundation with its rights and obligations.
  4. Starting October 1st tourists in Panama will only be allowed to legally stay 90 days in the country. Nevertheless the National Immigration Service issued another resultion (decree 22706) declaring the US Americans and Canadians will be exempted from this rule. Which means that citizens of the USA and Canada will be allowed to remain 180 days in Panama as a tourist. Whereas citizens from other countries (Germany, Austria, Switzerland, Italy, France, Spain etc) will only be able to stay 90 days as a tourist in Panama.
  5. For many years Panama has allowed foreigners of different nationalities including Germans, US Americans, Canadians, Austrians, Swiss, Italians and other countries to stay in the country as a tourist for six (6) months. Due to this flexibility by the National Immigration Service of Panama it has become a common practice among many foreigners to live permanently in Panama with a tourist visa, entering and leaving every couple of months, and thus renewing their status as long-term tourist in the country for years. As of October 1, 2021 the maximum stay as a foreign tourist in Panama will be three (3) months. This new law will also apply to citizens of the above mentioned countries and to tourists who already entered the country. If you have entered Panama as a foreign tourist before October (without changing your status and applying for permanent or temporary residence) and plan to leave the country after October 1st, you should check the date of your last entry carefully in order to avoid bad surprises at the border control, and the payment of fines for over-staying your tourist visa. In addition to regulating the maximum stay of tourists in the country, the National Immigration Service establishes a new legal definition of a "tourist": "Tourists are considered to be those foreigners who occasionally enter the national territory without the intention of establishing their residence therein or abandoning their residence of origin while in Panama, provided they enter for the exclusive purpose of recreation, shopping, business, medical tourism, visit, among other similar purposes; and, likewise they have their own economic resources to maintain themselves for the duration of their stay and they will comply with the departure from Panamanian territory, within the expiration of the authorized period". What does this mean? This article of the Law provides legal fundament to the public officials at the border controls to refuse your entry into the country if the official at the checkpoint discovers during the interview that you are a “long-term tourist" or “permanent border-hopper" in Panama. If you reside in Panama and have not yet regularized your status in the country by applying for one of the various immigration categories, now the time has come to do so. I want to travel to Panama just to visit, what should I take into account? If you travel to Panama for sightseeing, to visit the country, to do business, to look for a property to invest, to visit friends or relatives you have three (3) months to enjoy and get to know the country and execute your plans and projects. At the time of entering the country you must have your valid passport (valid for at least three months), your return ticket (within the established legal period, hence three months), proof of economic solvency (US$500 in cash or a credit card). You must also comply with the current sanitary measures established by the Ministry of Health, which I will explain below. Current requirements for entry into Panama All passengers (whether tourists, nationals or resident aliens) traveling to Panama are required to submit a digital health affidavit prior to boarding using the following link: https://www.panamadigital.gob.pa/RegistroPacoViajero Vaccinated Passengers (full schedule, 14 days after the last dose): You must present your vaccination card, you do not need to present a negative COVID-19 test nor comply with any preventive quarantine. Unvaccinated Passengers: Must present a negative COVID-19 PCR or antigen test, performed no more than 72 hours prior to arrival in Panama (if not, a test must be performed at your expense at the airport). Unvaccinated Passengers from high risk countries (India, United Kingdom, South Africa, Argentina, Brazil, Colombia, Ecuador, Guyana, Paraguay, Surinam and Venezuela): Must present a negative COVID-19 PCR or antigen test, performed no more than 72 hours prior to arrival in Panama (otherwise a test must be performed at your expense at the airport) and comply with a preventive quarantine of three (3) days (Nationals or residents at home, non-resident foreigners in an authorized hotel). Passengers under 12 years of age: will be exempted from presenting a negative COVID-19 test and complying with preventive quarantine if their parents, guardians or caregivers comply with the requirements established according to the risk level of the country of origin. Always remember to review the current travel requirements prior to purchasing your airline ticket and a few days before traveling. If you are making a stopover in another country before arriving in Panama, make sure you are complying with all the measures and regulations established for passengers in transit in the country of your stopover since they may vary from the regulations applied in your country of destination. I want to travel to Panama as a tourist and then apply for my residency, what should I do? If you plan to travel to Panama to open a bank account, invest in real estate and/or change your tourist status and apply for permanent or temporary residency you have three (3) months to do so. When entering the country you must only remember to comply with the above mentioned requirements and bring all the original documents requested by your lawyer for your successful residency application. Buen viaje! Enjoy your trip!
  6. Today Panama’s National Immigration Service has published in detail the requirements for the NEW Friendly Nations Visa and additionally August 6th has been set as the new deadline to submit visa applications under the "old" Law. As of August 7, the new Friendly Nations Law will be in effect. What are the requirements for a residency application under the new Friendly Nations Visa? There were several pending issues that were not detailed in the executive decree published months ago. In practice we knew that they had to be modified and so it happened. Finally, the National Immigration Service of Panama made its pronouncement. Below, we have made a summary of what the new Law says. In order to apply for the new Friendly Nations Visa, an investment must be made by purchasing one (1) real estate property whose cadastral value is at least two hundred thousand US dollars (US$ 200,000). This was already known but it was not clear if the investment should be in the personal name of the main applicant or if it could also be made in the name of a corporation or private interest foundation. Now the National Immigration Service has established that the investment can be made either as natural person or in the name of a corporate body (corporation or foundation) as long as the main applicant is the final beneficiary of said corporation or foundation. This means, by presenting a true copy of the corporate documents of the corporation or the foundation's by-laws. There is a NEW option beside real estate investment Beside investing in real estate in Panama, the National Immigration Service now offers a second investment option which is the following: Investing in a fixed-term deposit (certificate of deposit – CD) with a bank in Panama. The CD must be a minimum of two hundred thousand U.S. dollars (US$ 200,000) and with a minimum term of three (3) years. It is possible to obtain the CD in one’s personal name or by a Panamanian legal entity (corporation or foundation), as long as it is demonstrated that the main applicant is the final beneficiary of the corporation/foundation that holds the CD. Remember, that in Panama any interests generated by a savings account or a fixed term deposit in a bank according to the current fiscal code of Panama do not pay any taxes in Panama. The third option to obtain residency under the new Friendly Nations Visa remains the same: for labor reasons. This means, it is necessary to file for a work permit granted by the Ministry of Labor of Panama. The requirements according to the new Law include submitting a letter of employment on letterhead and signed by the employer stating the position, salary and commitment to assume the repatriation expenses, certificate of public registry proving the existence of the company (if applicable) commercial license (if applicable). But there are not any further details given (yet) on how to obtain the work permit and other documents needed. The new law will have modifications as it is usual in the legal practice, but we can foresee positive changes. In addition, there is now the possibility of obtaining residency in Panama not only by investing in real estate but also in a CD, which might be a more practical option for many clients.
  7. Good business opportunities are always in the right hands when at the time of closing the deal, you were the one to scout it first. When I go to a different country, not only the language changes, even the culture, the food, and also the websites and classified portals where one is used to look for things and offers. If I want to rent or buy a property in Panama, where should I look? Apart from the websites of various real estate brokers and agents, where do I find local deals? Today I will give you a secret tip on where to find real deals and bargains in Panama. If you want to search for properties where local or foreign owners and most real estate agencies publish their properties you will find them here: www.encuentra24.com. Encuentra24 is the largest and most popular platform in Panama. Besides their large real estate section, you can also find vehicles and even job offers. However, you will have to take some time to search through a lot of information, compare different offers (and sometimes even prices) in order to find your personal bargain. If you search on Encuentra24 you will have everything in one place, owners and real estate brokers, all together. Remember that, if you decide to buy or rent through a real estate broker in Panama, it is the owner of the property who pays the commission of the real estate broker used for the transaction... not the tenant nor the buyer (that would be you). But what other options are there? Where can I find the real secret offers? Many clients do not know that there is a real estate market in Panama managed by the mayor banks. If you look at the banks directly, you will have more options without intermediaries. But if a bank is auctioning for example a property, it will not exactly choose Encuentra24 to publish the auctions. It is for this reason that Banco General (one of the largest and most popular banks in Panama) has just launched its own "property classifieds" advertising portal where new properties (with financing option by the bank), repossessed properties and commercial properties are being published. For bargain hunters, we have compiled a list of sites worth investigating: 1. Banco General “Clasificados de propiedades” https://www.bgeneral.com/clasificados-bg/ 2. Banco Nacional de Panamá: https://www.banconal.com.pa/remates-judiciales.html 3. Global Bank: https://www.globalbank.com.pa/es/bienes-reposeidos 4. Banco Banesco: https://www.banesco.com.pa/bienes-reposeidos 5. Banco Caja de Ahorros: https://www.cajadeahorros.com.pa/bienes-reposeidos/ 6. Banco BAC Credomatic: https://www2.baccredomatic.com/es-pa/people/bienes-reposeidos 7. Banco CanalBank https://www.canalbank.com/banca-empresarial/canal-inmuebles/ 8. Banco Banistmo: https://www.banistmo.com/wps/portal/banistmo/personas/productos-y-servicios/galeria-inmobiliaria 9. Banco Scotiabank https://pa.scotiabank.com/es/banca-personal/prestamos/propiedades-en-venta.html Now what is a Judicial Foreclosure in Panama? It is when someone could not or failed to pay the loan on their property, the bank took back that property by judicial foreclosure and put it up for sale to recover the money borrowed. A bank is not a real estate company, so it is not really interested in the property. Banks live off the interests they generate from lending money. Having a property without generating money is a monthly loss. The expenses caused will be very high if the bank keeps that property, so it is better to let go off it as soon as possible, and that is where you come in to buy "good, nice and cheap" as we say in Panama. Good luck with your hunt!
  8. For over 15 years I have been advising and assisting expats in their first steps in their new home country, and I have also lived and worked in many countries myself. I know from personal experience how it feels to start from scratch, to live as a newcomer in a foreign country, and to know neither the culture nor the language of the new host country. It is perhaps an unpleasant truth, but unfortunately a fact: not everyone finds in Panama what they might have hoped to find. If you are looking for a country to move, then in my opinion it is not about finding the "perfect" paradise, but to choose a country that meets your personal wishes and needs. How these are shaped and what is important to you (or not) is a very individual decision, which, in addition to facts, is always a certain decision of the heart. Therefore, I have summarized five points for you that you absolutely must know about Panama. If you find it difficult to accept these cultural differences and adapt in certain ways, Panama may not be the right place for you. Patience, patience, patience: The clocks tick differently in Panama. Time is a relative concept: "mañana" does not always mean "tomorrow" but maybe "two weeks", "ahorita" is anything but "right now", and it is quite common to arrive at private meetings much later than agreed. Unpunctuality (except at work and when dealing with authorities) is not a discourtesy in Panama. Bureaucracy and a different attitude to work mean that many processes, procedures and work steps are handled much more leisurely and slowly than we are perhaps used to in the USA or Canada. Irascible and brash behavior is often completely pointless. However, a smile and a certain degree of composure and flexibility can open many doors in Panama. “Juegavivo”: A common expression in the Panamanian culture describing a person who charmingly and with a twinkle in his eye likes to cheat a little, swindle or twist the truth in order to benefit from it. As a foreigner it is often difficult to distinguish cultural differences from "juegavivo". Therefore, always inform yourself in advance, especially in business and financial matters. You will find many insider tips and advice in my legal blogs, or simply book an appointment for a (virtual) free initial consultation. “Puente del mundo, corazón del universo” (Bridge of the world, heart of the universe): This is how Panamanians describe their beloved Isthmus and this national pride runs through all areas of life. In November Panama celebrates various national holidays, for this reason the whole country more or less stands still during this month. If you are planning a trip to Panama for business, it is better not to do it in November, and if you do, expect additional delays and allow more time than usual. "Clothes make the man": Clothes and appearance are important in Panama. Even ordinary people are careful to appear neat, clean and well-groomed at all times. Permissive, dirty clothing or vulgar behavior is not always appreciated. Foreigners who dress appropriately usually gain respect. Shorts (despite the temperatures) are usually worn only in private, at the beach or pool. Insider Tip: When attending appointments with public officials or at a bank, always make sure to dress appropriately: no flip-flops, sandals or Crocs, no shorts or miniskirts, no sleeveless T-shirts, loose-fitting shirts or spaghetti strap tops (or dresses). However, it doesn't have to be a shirt and tie. A simple short-sleeved t-shirt, jeans and sneakers are perfectly fine. Don't forget to wear a faceshield as well as a mouth-nose protection (mask) during appointments at the immigration office. “Piropos” or flattery: As a (single traveling) woman (but also as a man) you often get more attention in Panama than you are used to. Many men (and women) in Panama are often very direct when it comes to attracting the attention of the opposite sex or making first contact. If you don't want this, you can simply ignore unwanted remarks or reject them in a friendly but firm manner. Panama is unique. Using the slogan of the Panamanian Tourism Authority, “Panama is for travelers, not tourists." Whether you are looking for a destination to move, want to have a "Plan B" on hand, are interested in investing abroad, or want to spend your retirement in the sunny south. There are many reasons that speak for Panama and inspire expats for this small country. Whether as a traveler, investor or expatriate, the country enchants its visitors with mountains and beaches and offers the unique opportunity to wake up in the Caribbean and have dinner at the Pacific Ocean. In addition, Panama is an insider's tip for investing in real estate overseas. Panama is above all one thing: authentic, open and warm. Let yourself be carried away by the joy of life, openness and friendliness of the locals. It is easy to see why Panama is considered one of the happiest nations in the world. Panamanians like to strike up a conversation with others, be it in the supermarket, at passport control at the airport or in a café. Just try it out, even if you speak little or no Spanish your counterpart will always be eager to help you and make small talk. This is also true when moving around in Panama, whether as a single traveler, with or without children; you can be sure that people are always friendly and helpful. When our daughter was born in Panama, we were often approached by complete strangers on the street or in stores who congratulated us and wished us luck. One time my wife was stopped by the police asking for her driver’s license. At the end the official called over his other colleague just to have a look at the lovely baby on the back seat. And this actually happened more than once. I will never forget when at the passport control at the airport in Tocumen, an immigration officer held up our family (and the whole line waiting). We were just coming back from a trip to Europe, and of course we were tired and exhausted. While being in line for passport control, suddenly the official in charge yelled “STOP! STOP! Stop, here!”. My wife and I looked at each other confused. What was wrong? Then the immigration official pointed to our daughter in her stroller. “Now look a this little princess! Everybody, look a the sweet little girl…”
  9. The experience of traveling abroad in the midst of COVID-19 regulations means a challenge for many...in fact I recommend a lot of patience because each country has its own system of how to deal with the pandemic. That is why in this blog I want to give you recommendations given from my own experience in order for you to enjoy your trip to Panama. First, when you purchase your flight ticket to Panama and have your flight confirmation from the airline, you have to register online before making your trip to Panama; the system generates a QR code, thus letting the Panamanian health authorities know where you will be staying during your trip. Here is the Link: https://www.panamadigital.gob.pa/RegistroPacoViajero Remember that if you are traveling from Europe, the flight is long and the validity of the COVID-19 test may be compromised and the airline may not accept it and worse, may not let you board the flight. Also, investigate in time all necessary requirements not only of your destination country, but also of the country where you will make a stopover or transfer (if applicable). For example if you travel with KLM via Amsterdam to Panama you will need a PCR test (even if you have a connecting flight only). I recommend that two days before your trip (taking into account that the validity of a PCR test is 72 hours), you take the PCR test which normally gives you the result in 12 hours, but there are others that take a little longer. In order to avoid any stress, it is better to take the required test in time. This PCR test will help you to transfer through Holland or another EU country without any problem. However, when you arrive in Panama the PCR test will already be expired. To enter Panama you can also present an antigen or rapid test (according to current regulations, as of today June 11th 2021). Therefor I recommend that the same day you travel, you take an antigen test (at the airport of departure) and the result is given to you in 15 to 30 minutes. With this you can be sure that you will not have any problems when arriving in Panama. Always have at hand in a small trolley or handbag your passport, your airline ticket (which I recommend to have in your cell phone as a photo, pdf and also printed), the required COVID-19 exams (with a copy in your cell phone as a photo or pdf and also printed), because you will always be asked these documents about 10 times throughout your trip. In one of my trips I overheard while waiting in line for the boarding of the plane that an airport official complained to another passenger why he only had the COVID-19 exams on his mobile phone, that he should have them printed out as well, but that is not true, since it depends on the airport and the country, as well as the airline, it is not always necessary to have the printed documentation, but as I explained, better forewarned and be prepared than to have a bad time. Every airport has temperature control at each location, whether in Europe or Panama. As a general rule there are thermal cameras that scan the temperature of all passengers. Once you arrive in Panama you will have to wait in line and wait for your turn to get off the plane, then you will be transported to the airport terminal, and once inside you will be asked again for the COVID-19 test. As I said, be careful that they are not expired. Then you will have to go to get your luggage, which is usually coming out on the right hand side (flights from Europe). Just follow the corridor and you will see the lines, as well as the signs going down some stairs; there you will be asked again for the COVID-19 test and passport, but now, it is to register you in a database (confirming the online registration that you had already made prior to your trip). After passing the passport control (take the left row for tourists, and the right row for foreign residents and Panamanians), you will need to pick up your luggage. Be guided by the signs of the origin of your flight. At the exit of the airport you will feel the humid Caribbean heat, it will take you a few days to get used to it. Don't be surprised if people come up to you offering to help you with your suitcase and bags, asking you if you want a cab. I do not recommend taking one. Cab drivers' fares are very high, i.e. they can charge you between 20, 30 and 50 US dollars. Be careful because free competition of supply and demand rules in Panama. What I do recommend is that you install an UBER application on your cell phone, make sure you have internet connection on your phone because you can take an UBER and it will cost you a fraction of what you would pay in a normal cab, and you will be more comfortable. If you come with a lot of luggage a $21 UBER is enough room to get to your hotel using the highway. Remember that mobile data roaming in the EU is no problem, but when you arrive in Panama you may not have internet. When you arrive you will be able to buy a Sim card. Buy a non-contract prepaid one. A recharge of 20 to 25 US dollars is enough to have internet connection. Google maps will help you a lot to know how to move around Panama. To avoid internet connection problems you can download offline maps of Panama on google maps. However, if you travel to Chiriqui, you will be asked to take an antigen test before you leave the province again. If you travel by plane this test will be done by the Ministry of Health at the airport in David. There is also a private laboratory at the Tocumen airport when traveling abroad. The rapid test result will be delivered to you in about 30 minutes. However, PCR tests are not done at neither of the two airports. Nevertheless there are laboratories in Panama City and David that will help you to get your PCR COVID-19 exam for travel purposes on time, either express in 5 hours, or standard processing time between 12 to 24 hours. On your return to Europe if you travel with KLM please note that the Netherlands requires registration as well, here is the link: https://www.government.nl/documents/publications/2021/05/26/quarantine-declaration). Be well informed before organizing your trip and buying your airline ticket, each country and airport has its own rules and requirements. Have a safe trip, I see you soon!
  10. Several companies (especially in the IT sector) are offering their employees more flexible working models and making teleworking the new normal. Nowadays for many employees it does not matter where they work from, which creates new freedoms, self-determination and opportunities when it comes to choosing a place to live. Why not move your workplace to the tropics in the short or long term? Like many other Caribbean countries, Panama has adapted its legislation to the new working conditions and has created an immigration category especially for remote workers and/or digital nomads. With this measure, the government hopes to encourage the development of the national economy, through investment and consumption of local goods and services. To qualify for the remote worker visa you must meet the following conditions: To have an employment contract from a foreign company of transnational character or to be a self-employed worker, in the modality of remote worker To carry out functions that take effect abroad. Receive income from a foreign source and with an annual amount not less than thirty-six thousand U.S. dollars (US$36,000), or its equivalent in a foreign currency. To apply for the Remote Worker-Visa, the following documents must be submitted: Complete copy of the passport duly authenticated by a Panamanian notary. Five (5) passport size photos. Criminal background check from the country of origin or residence (duly apostilled). Health certificate issued by a licensed Panamanian professional. Affidavit of personal background. Completion of the corresponding application form. Copy of the applicant's medical insurance policy. Affidavit of Non-Acceptance of any job offer or service offer from nationals, residents, tourists or companies of Panama in order to carry out business within the Panamanian territory (signed by the applicant). Payment of two hundred and fifty U.S. dollars (US$250) in favor of the National Immigration Service. Proof that your income comes from a foreign source: Bank account statement from your bank abroad (or from a local bank), duly sealed by the issuing bank that proves the transaction of the remittance of the funds and that accredits that the same is linked to the declared labor condition (if it comes from a foreign bank, the statement must be duly apostilled). Additional requirements for REMOTE EMPLOYEES If your are a foreign employee who wishes to reside in Panama to work remotely for a foreign company, you must additionally provide the following documents: Certification or proof of existence of the foreign company you are working for in the place where it is registered (apostilled). Letter of the company (apostilled), on the company’s letterhead, signed by the legal representative stating the following Your general information. The position and functions performed within the company. Your monthly income (which cannot be less than three thousand US dollars US$3,000), periodicity of payments and that it comes from a foreign source. The modality of your job (remote work / home office) The commitment to assume the costs of return or repatriation to your country of origin or destination, if necessary. Additional requirements if your are SELF-EMPLOYED OR DIGITAL ENTREPRENEUR In order to apply for a visa as a remote worker, a self-employed person must provide the following documents: Certification or proof of your company, duly registered abroad, through which you will conduct your business (apostilled). Notarized affidavit describing the commercial relationship with the clients to whom your are providing your services. Once approved the visa as a remote worker will grant you the right to live and work in Panama as a remote worker or digital nomad without having to request any other type of procedure or additional permission. The visa will have a duration of nine (9) months, extendable one-time (1) for the same period.
  11. Due to the recent legal changes in the immigration category of the Friendly Nations Visa we have received many questions and doubts. For this reason we have compiled for you the most frequently asked questions and their answers. When do the new Friendly Nations Visa conditions come into effect and how much time do I have left to apply under the "old" rules? The new decree becomes effective 90 days after its promulgation. If you still want to apply for your permanent residency in Panama under the "old" Friendly Nations Visa you can still do so in June and July. I want to apply for the Friendly Nations Visa in June. Do I have to travel to Panama? How long do I have to stay in Panama for the application? The residency application can only be submitted if the file is 100% complete and all applicants are present in Panama. During your stay in Panama an appointment is arranged at our office in Boquete to sign the necessary documents, deliver the original documents we have already received via email, make copies, open the bank account, go with a member of our team to the immigration office, register your passport with them, have your migration ID card photo taken and receive your multiply visa to leave the country without penalties. The minimum stay for this trip to Panama is four (4) weeks. I want to start my process to obtain my residency in Panama under the "old" Friendly Nations Visa, what do I have to do? What is the next step? We are currently organizing our agenda for June and July. Clients whose file is already completed (i.e. the company is already incorporated and the bank account is already opened or pre-approved by the bank) will be assigned a presentation date for filing their application in June or July. Due to the current workload the minimum stay in Panama for applications presented in the months of June or July is four (4) weeks. If we have not started to prepare your file yet, please contact us to evaluate your case and analyze if you are still in time to take advantage of the “old” Friendly Nations Visa regulations. I have read on the internet that I can open a bank account in Panama online, without coming personally to Panama. In the practice the personal interview with the client is one of the basic requirements in order to open a bank account in Panama. There are even banks in Panama that insist that you must first comply with the personal interview in Panama in order to subsequently send your file to the corresponding department and evaluate the approval of your bank account. Can you submit my application without me having to come to Panama for it? No. After formally submitting your file to the immigration office, a photo will be taken of you in order to issue your (temporary) migration ID card. This is why all applicants included in the application file must be personally present in Panama. I want to apply for a Friendly Nations Visa according to the "old" requirements. What documents do I need? What do I have to do and what do you do or prepare for me? As a first step please email us a colored scan of the apostilled police record, your passport, (just the photo page with your personal information) and second ID document such as identity card or driver's license, as well as the bank reference letter from your bank and proof of income (payslip of the last three months together with a copy of your employment contract). We prepare the power of attorney, forms and other necessary documents. The translation of the documents (if necessary) must be done in Panama. We will send the documents in advance to the translator. Once you have scheduled your arrival in Panama with us, we will coordinate an appointment in our office where you will deliver all original documents, sign powers of attorney and other documents. Additionally, we will arrange an appointment at the bank to open your bank account and to make the first deposit (in cash), as well as to request the bank reference letter necessary for your application. At all immigration appointments a member of our staff will accompany you and give you the necessary instructions to follow. When filing your application immigration will not ask you any questions or conduct an interview, our firm is in charge of delivering and presenting your file and answering any questions from the officials. Do the documents have to be apostilled? This is correct. The police record must be apostilled. As well as the marriage certificate (if applicable), and if you have minor children that you want to include in your application you must also bring their birth certificates duly apostilled. Do the documents have an expiration date? The police record, as well as the marriage certificate, and the birth certificates of your minor children (if applicable) are valid for six (6) months from the date of issuance (not the date of the apostille). If your marriage certificate was issued before 2021 it is no longer valid for your residency application. You must apply for a new certificate at the competent authority. The document must be certified with an apostille. The same rule applies to birth certificates for (minor) children. If you already have your police record and travel to Panama WITHOUT submitting a visa application, once you leave the country the record automatically loses its validity and you must apply for a new one (with apostille) prior to your next trip to Panama. My police record is expired and I don't have time to apply for a new one, can we submit my application anyway and you will tell immigration that I will provide the document later? No. Immigration does not accept incomplete files. The file must be 100% complete in order to be submitted. At the time of presenting your application an immigration officer will review your file, verifying if all documents are complete and comply with the minimum requirements as well as the expiration dates established by law. It is not possible to ask them to accept the file and submit a missing document at a later date. If the file is incomplete it will not be accepted. Do I need a birth certificate? No. Only if there are minor children that you want to include in your residency application. The birth certificate must be apostilled and must not be older than six months (date of issuance of the document, not of the apostille). My partner and I are NOT legally married, can we apply together? No. In order to apply for any visa in Panama as a couple (same file) you must be legally married. Otherwise you and your partner must file a separate application. Do you take care of translations? That is correct. The law requires that a licensed translator from Panama must do the translations. This is why you must send us all the documents by email in advance (before your trip to Panama) so we can forward everything to the translator in advance. How do I obtain the health certificate? We will give you the address of a laboratory in Boquete to obtain the certificate. The cost of the certificate is between 5 to 10 US dollars. Where is your office located? Do I need to travel to Panama City for the application? Our office is located in Boquete. All appointments for file preparation, bank account opening, presentation at the immigration office will be performed either in Boquete and/or David. Once your residency has been approved and to receive your permanent residency, we can make an appointment at the immigration office in David or Panama City, according to your preferences. I have already booked my flight to Panama for my residency application, can you send me a short timeline? It is best to book a hotel in David or Boquete. Boquete (from a tourist point of view) is more interesting to see. We can send you a list of hotels in Panama if needed. Immediately after your arrival we need an appointment at the office and another one at the bank for the account opening. If you bring the necessary cash to the bank appointment (5,000US$ or 7,000US$ if you are a married couple) we can also apply for the bank reference letter at once. Otherwise, you will have to wait for the international wire transfer. Be sure to activate your online banking while you are still in Panama. Also make a note of your bank officer's contact information. After the appointment at our office, the documents you sign during the appointment (and the copies we make) still have to go to the notary. Then we have to make copies of the whole file (there is one original and then two complete copies of the file). Afterwards we can submit the application at immigration office (for this we need your original passport). In the best case scenario we get an appointment at the immigration office on the same day of the presentation of the file in order to get your photo for the migration ID card taken. However, in most cases it will take up to three (3) days to get an appointment. Immigration will then hold your passport for 48 hours to issue the multiple visa. I already have my residency approved in Panama, what is the next step? When should I return to Panama? Before the COVID-19 pandemic clients had to travel within six (6) months (counted from the date of filing the visa application) to Panama to receive their residency in order to avoid any fines. Now (due to the new health measures) it is possible for us to be notified of your resolution without you being present in Panama. We then pay the new migration ID card and send your resolution with DHL to Europe or USA/Canada. This means that between your first trip to Panama for the visa application and the second trip to Panama to receive your residency, more than six (6) months may pass. On your second trip to Panama you must have your resolution on hand to avoid problems at the passport control at Tocumen airport. Then we will coordinate an appointment at the immigration office in David or Panama City to take the photo for your new migration ID card. The minimum stay for this trip to Panama is seven (7) days, if everything is done in Panama City. Preferably the appointment is set on a Monday morning (7:30 am) and you will be able to travel back to your country on Saturday or Sunday of the same week. I want to form a company for my "old" Friendly Nations Visa application, what do I need, how is the process? We have an online form for you to fill out. Remember that in order to incorporate a company in Panama a minimum of three (3) persons are required. In Panama it is not possible to create a sole proprietorship. The two other persons needed can be friends, family members or relatives. It is not necessary that they travel to Panama or have residency in Panama. It is not necessary that they are Panamanians. I have a company in another country, can I use this company for the visa application in Panama? No. For an application under the "old" Friendly Nations Visa, a Panamanian company must be presented. I want to apply for a residency as a single person, can I form a sole proprietorship? No. Sole proprietorships do not exist in Panama. In order to incorporate a company in Panama a minimum of three (3) persons are required. Apart from you, the other two persons can be friends or relatives. It is not necessary that they travel to Panama or have residency in Panama. It is not necessary that they are Panamanians. Can I use my friend's company for my residency? My friends and I want to use the same company for our residency application, is it possible? In the past Panama's immigration service discovered that lawyers were "recycling" companies for residency applications. This is no longer allowed. You must have your own company in order to qualify for the “old” Friendly Nations Visa. Do I need a business plan? Do I need to proof or deposit the share capital to incorporate my company? No. The capital stock of a Panamanian company is generally 10,000US$, but it is not necessary to consign this capital with the competent authority. How much are the company's annual expenses? The annual maintenance expenses of a company are US$ 567.50 (including taxes) plus accounting expenses. I already have my residency approved in Panama. Can I close the company I submitted for the "old" Friendly Nations Visa application? Yes, if you no longer need the company you can close it. How much is paid in corporate taxes in Panama? In Panama for legal entities it is 25%. The tax office also applies a "notice of operations - commercial license"tax, which is 2% of the net assets or patrimony that may not be less than $100 and must not exceed $60,000.00. Corporations that exceed $1,500,000.00 of taxable income may be required to pay the 4.67% rate. Income generated outside of Panama is really not taxed? Panama is taxed under the territorial system, i.e. everything generated within the coasts of Panama is taxed in Panama. Income generated outside of Panama (offshore) does not pay taxes in Panama. What if I invest in real estate? Is there any benefit for me? Yes, if you wish to apply under the NEW Friendly Nations Law you will NOT need to open a bank account in Panama or create a company. With a real estate investment of minimum 200,000US$ in Panama you qualify for this new visa. Do you have contacts of real estate brokers that you can recommend? Yes, we can gladly send you contacts of real estate brokers in Panama. You can also research rental and sales prices on Panama's most popular classifieds portal called encuentra24.com. I have pets, what do I have to do when bringing them to Panama? There are agencies in Panama City that specialize in "Pet Relocation" services. We will be happy to send you contact information so you can communicate directly with them and verify the necessary documents and the process to follow to relocate your pets to Panama. Do I need any vaccinations to travel to Panama? No. When my wife first traveled to Panama, the Vienna Tropical Institute recommended her all kinds of vaccinations, including yellow fever, hepatitis, typhus, cholera and even rabies. But in the practice, as an adult, at no time have the Panamanian authorities ever asked her for any proof of vaccination.
  12. If you are considering obtaining residency in Panama through the Friendly Nations Visa, be advised that yesterday through the publication of Executive Decree # 197 the requirements of the Friendly Nations Visa have been modified: The up-coming changes can be summed as following: 1. The Friendly Nations Visa will be a two-step application. This means that the foreign applicant(s) must submit an application through a Panamanian lawyer. Once the file has being processed and the petition has been approved the applicant(s) will be granted a residence permit for two (2) years. Contrary to what was granted in the past, where with a single application a permanent residence permit could be obtained. Now after two years, all applicants must present a second application, submitting practically the same documents requested in the first application (with the exception of the governmental state application fees and repatriation deposit) in order to receive their permanent residency in Panama. 2. The second modification relates to the proof of economic activity in Panama and proof of financial solvency. Until now it was necessary to open a bank account in Panama and set-up a Panamanian corporation to fulfill these requirements (although the details have been changed constantly in the past years). The bank account has been eliminated as a requirement, as well as the obligation to have a Panamanian company to demonstrate the intention to carry out an economic activity in Panama. Now, unless you have a guaranteed job offer from a Panamanian company you must proof a real estate investment in Panama for a minimum amount of USD$200,000 in order to qualify for the Friendly Nations Visa. Which documents do I need to qualify for the NEW Friendly Nations Visa? Here we have listed the detailed requirements for you: 1. Three (3) passport-size photographs. 2. Documentation that proves the reason for requesting permanent residency, which may be fulfilled in two ways: Option 1 - for labor reasons: This means a company in Panama wants to hire you as an employee and therefore the employer must present documents to the migration authority, for example: employment letter, certificate of incorporation issued by the Public Registry of Panama that proves the existence of the company, business license etc. The employer and employee must also file for a work permit through the Ministry of Labor. Option 2 - for investment reasons in real estate: The applicant must invest in a property in Panama with a minimum value of two hundred thousand dollars (US $ 200,000.00). 3. In case you apply as a family with children or married couple you must also submit a marriage certificate and/or birth certificate of the (minor) children in order to prove kinship, together with a proof of domicile in Panama and a letter of responsibility signed by the main applicant. Remember that the marriage and/or birth certificate must be duly authenticated via apostille (or through the Panamanian consulate in your home country) as well as translated into Spanish by a licensed interpreter in Panama. The general requirements remain the same: All applicants of legal age must present a criminal background check (duly authenticated via apostille or through the Panamanian consulate in your country, and translated into Spanish by a licensed interpreter in Panama), copy of the complete passport, health certificate, and state application fees (250USD$) as well as repatriation deposit (800US$), among others. I have already planned my Friendly Nations Visa application in June. What do I do now? The changes and new requirements will come into force in August 2021. All clients who wish to present before this date will obtain permanent residency with a single application by fulfilling the requirements to date (bank account, Panamanian corporation etc.). According to the law, the government will respect all residency permits that have been already granted or are currently being processed. After August, when filing for a Friendly Nations Visa a two-step application will be required, and the new requirements (job offer or real estate investment) must be met.
×
×
  • Create New...