Guide to Residency visas and benefits

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Guide to Residency visas and benefits

This information is reproduced with permission from Jackie Lang of Panama Relocation Tours. 

For information on Panama Relocation Tours go to PanamaRelocationTours.com

So, why get a visa? As a tourist, you can stay in Panama for 180 days without getting a visa, but you must leave the country for 30 days before returning. However, if you are driving a car, you can only stay in the country for 90 days, then you need to leave the country for 30 days. It's a crazy rule... but it is the rule. You can get a residency visa to avoid the hassles of leaving the country every 90-180 days. Panama has made it relatively easy for foreigners to obtain a residency visa. Although you must hire an attorney to get a Visa, the process is not difficult if you follow the step-by-step requirements. Each of the Visa Programs has its own set of requirements. A Panamanian attorney will advise you on the best option for you. If you come on a Panama Relocation Tour, you will meet an immigration lawyer and get a list of Panama's best and most affordable lawyers. Our list of recommended lawyers is also available in our Complete Panama Relocation Guide These are a few of the most popular residency visas today: 1. Pensionado – Retirement Visa: You must be over 18 and able to show a pension or lifetime income of at least $1,000 per month to qualify for this visa. If you have a spouse, an additional $250 is required. The source of income can be from a government, military, or a corporation and is usually a pension or Social Security. One stipulation with the Pensionado Visa is that you cannot work in Panama with this visa. There are quite a few benefits for retirees, which I will cover a little later. You'll get a permanent visa within six months. 2. Friendly Nations Visa: To get the Friendly Nations Visa, you need to get a job in Panama, purchase real estate worth at least $200,000, or deposit $200,000 into a 3-year CD at a Panama Bank.  OR Another affordable Friendly Nations Visa option is to set up a Panama corporation that hires you. You'll also need to get a business license and a work permit. With this option, you must earn at least $1,000 per month.  Our super reliable immigration lawyers can help you set this up! You'll be issued a two-year temporary visa with the Friendly Nations Visa. After two years, you can apply for a permanent visa if you still have a job or own real estate. The Friendly Nations Visa is available to citizens of these countries: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, Republic of Korea, San Marino, Serbia, Singapore, Slovakia, South Africa, Spain, Sweden, Switzerland, United States of America, and Uruguay.  3. Business Investor Visa: Invest at least $160,000 in a Panamanian business and show business activity to qualify for permanent residency. Additional requirements are to obtain a business license, register with social security, and hire 5 Panamanian employees. 4. Self-Economic Solvency Visa: This option was designed to attract wealthy foreigners to Panama. There are three ways to qualify: 1. Invest a minimum of $300,000 in Panama real estate. 2. Invest a minimum of $300,000 in a three-year Panama CD (Certificate of Deposit). 3. Combine the first two options by investing in Panama real property and a Panama bank CD where the equity and cash amount total at least $300,000 USD.  The drawback is that you do not get a permanent visa for at least two years. 5. Marry a Panamanian Citizen: Don’t try to run a scam on this one! It has to be a legal, valid marriage with a long list of requirements. It could take two years to be approved for this visa.  Regardless of which Residency Visa you apply for, you must supply an authenticated national criminal report (FBI report for US citizens). You can apply for Panama citizenship after five years. Retiree Benefits Panama takes care of its retirees! If you qualify, Panama has a slew of perks available for you. Please note that anyone of retirement age (women over 55 and men over 60) with a permanent visa is eligible for the Pensionado discounts listed below. You need a residency visa to get these benefits, but it does not have to be a Pensionado visa. These are the pensionado discounts:   One-time Duty tax exemption for household goods up to $10,000. Duty exemption for importing a new car every two years. 50% off entertainment anywhere in the country (movies, concerts, sports) 30% off bus, boat, and train fares 25% off airline tickets to anywhere in the world 50% off hotel stays from Monday through Thursday 30% off hotel stays from Friday through Sunday 25% off at restaurants 15% off at fast-food restaurants 15% off hospital bills (if no insurance applies) 10% off prescription medicines 20% off medical consultations 15% off dental and eye exams 20% off professional and technical services 50% reduction in closing costs for home loans 25% discounts on utility bills 15% off loans made in your name 1% less on home mortgages for homes used for personal residence   Panama's retiree benefits are the best in the world! That's another reason to retire in Panama!