Move, Invest and Live in Panama with the Investor Category
Panama is a Central American country that in recent years has been known by its rapid development and economic growth. For this reason, is understandable the attraction of investors within its immigration policy as it
Panama is a Central American country that in recent years has been known by its rapid development and economic growth. For this reason, is understandable the attraction of investors within its immigration policy as it represents a main goal for the Panamanian government. So, if you are thinking of investing or looking for alternatives that allow you to apply for an immigration category, this article is for you.
How long are you staying?
The first thing you should know is that depending on the type of investment you make, you can opt for a permanent residency or a temporary residency.
What is the difference between both categories? Panamanian regulations establish that a temporary resident is a foreigner who enters for labor reasons, special policies, education, culture, religious, humanitarian, family regrouping and other sub-categories, for a period of up to six years, and the benefit of extend it every two years. While a permanent resident is a foreigner who enters Panama for economic and investment reasons, special policies, demographic and other categories, with the intention of settling permanently in the country.
However, all types of investment (regardless of whether we are talking about a permanent or temporary residence) have basic requirements that you need to follow:
Copy of the valid passport of each applicant duly verified by a Panamanian notary public, or accompanied by the certification of the diplomatic representation accredited in the country or of the corresponding authority in the place of issuance.
Certificate of criminal (police) record of the country of origin or residence. Duly legalized or apostilled with its respective Spanish official translation
Health certificate issued by a qualified professional, within the three months prior to the presentation of the application.
Payment of $250 USD in favor of the National Treasury, by the request of a immigration category, and $800 USD in favor of the National Service of Immigration in by the repatriation deposit.
Affidavit of personal background.
In case of having dependents, each one of them must provide the documentation that proves the link with the applicant. This means, birth certificates or marriage certificates, duly legalized or apostilled with their respective Spanish official translation.
Categories as temporary residence
The types of investment that allow you to apply for a temporary residence (six years of stay extendable every two years), are the following:
This category can be applied by any person who, personally or through a legal entity, has invested a minimum total amount of $60,000 USD in the Panamanian agricultural or aquaculture industry. The Ministry of Agricultural Development determines which activities can be included for the application. It should be noted that in the case of including dependents, an additional $500 USD per dependent, must be added to the investment.
For this type of temporary category, the foreign person needs to invest personally or through a legal entity, the total amount of $60,000 USD in reforestation or forest plantation activities, authorized by the National Environmental Authority. This investment must be made in a minimum of 10 hectares. In case of bringing dependents, the investment amount must be increased to $2000 USD for each dependent.
Categories as permanent residence
The types of investments that allow you to apply for permanent residency in Panama are the following:
This type of investment is similar to the one mentioned within the temporary residences. The main difference is that it can only be applied by a person who invests at least $80,000 USD personally or through a legal entity in reforestation or forestry plantation activities authorized by the National Environmental Authority, and it needs to be atleast 20 hectares.
Therefore, a higher forestry investment may represent the difference between a temporary and a permanent residence. As in the previous category, each dependent bounds the investment to be increased by $2000 USD.
This category is available to foreigners who invest a minimum share capital of $160,000 USD per applicant. Foreigners applying for this permit must be sole holders of the shares reflecting their minimum investment. The company may only operate in licit activities not reserved for panamanias.
And in case of having dependents, not only the investment must be increased to $2000 USD per dependent, but the company must have a payroll of five Panamanian employees (for each applicant, working full time, earning a salary not less than the minimum established in the Law for each region and detailing the position or activity that each one performs). In addition, the company must register its employees with the Social Security Fund and comply with the respective obligations.
Investor by economic solvency
You can also opt for a permanent residence, when you have invested at least $300 000 USD in the following three assets:
A combination between real estate and a fixed-term deposit
The foreign applicant must demonstrate that the funds come from abroad and in case of including dependents, it must also demonstrate an additional solvency of two thousand balboas or $2000 USD for each one.
If you are thinking of investing or have already made an investment that will allow you to obtain a residency, remember that in Outlier Legal you can find assistance and answers to all the enquiries you may have regarding your immigration process.