Panama is a paradise and it is 3rd most popular recommended country to retire to. One of my students has already moved to Panama. If you are part of the 50 nations Panama considers friendly (such as USA, Canada and most European countries) then all it takes is 6 months and opening a bank account with US$5,000 in it to get your permanent residency in Panama and 5 years later citizenship and a Panamanian passport which allows you to travel to 120 countries without the need for a visa. All you need to do is hire a lawyer (costs about $2,000 to $4,000), open a bank account in Panama and deposit $5,000, obtain a criminal background check with photos and finger prints from the federal police in your country and get it authenticated by the Panama Embassy of your country, take 5 photos, and stay 8 days in Panama City as they need your original passport. The immigration fee to file under this category is $1,000. See below for the list of 50 countries that Panama considers friendly nations.
With a Panamanian passport you can travel to over 120 countries without the need to apply for a visa. For example you can visit Europe without the need to apply for a visa.
Many of our alumni do not reside in one of the 47 nations Panama considers friendly. They however have many other means to obtain permanent residency in Panama if they wish to immigrate to this paradise. Most however require investments of some sort. In certain cases Panama issues work visas but they are hard to obtain and usually given to large multinational employers such as resorts that regularly bring workers from other countries for jobs Panamanian do not wish to do (mainly labor related jobs).
Here are some methods of obtaining permanent residency in Panama. Remember that the investment you do is your own money and you can take it for your own use after you obtain the residency. Government does not take this money. It all belongs to you.
1-Retiree Visa
In this category you must be retired and receive US$1,000 per month from your government or your employer. There is no age requirements. You can live in Panama forever but you cannot become a citizen and you cannot work. The $1,000 monthly pension income must be for life.
2- Solvency Visa
Either put US$300,000 in a bank or buy a property in this amount or a mix of two. You become a permanent resident and 5 years later a citizen.
3- Business Investor Visa
Invest $160,000 in a new or established business in Panama. You operate the business for 6 years, and then after 6 years become a permanent resident and later a citizen.
4-Agricultural Visa
Invest $60,000 in an agriculture or aquaculture business in Panama. You can stay for 6 years in Panama and then can apply for permanent residency.
The list of 50 friendly nations are:
- Great Britain
- Germany
- Argentina
- Australia
- Republic of Korea
- Austria
- Brazil
- Belgium
- Canada
- Spain
- USA
- Slovakia
- France
- Finland
- Netherlands
- Ireland
- Japan
- Norway
- Czech Republic
- Switzerland
- Singapore
- Uruguay
- Chile
- Sweden
- Poland
- Hungary
- Greece
- Portugal
- Croatia
- Estonia
- Lithuania
- Latvia
- Cyprus
- Malta
- Serbia
- Montenegro
- Israel
- Denmark
- South Africa
- New Zealand
- Hong Kong
- Luxembourg
- Liechtenstein
- Monaco
- Andorra
- San Marino
- Taiwan
- Costa Rica
- Mexico
- Paraguay