Special Panama Residency & Nationality Program - Recently Updated
Residency- Passport Program Panama
One of our more popular residency/nationality programs! With an investment of around US$300,000, in just a short time this program leads to a new citizenship, passport and a new life.
A favourite with our clients from Asia, South Africa and soon to be American Expats! In a nut shell, within a short period of time you receive your citizenship, passport and a new you! An email chat with PT Shamrock and one trip to Panama is all that it takes to get started, so read on.
The current information is:
Panama Passport and Residency
The Panamanian government has created several laws which enable foreigners to obtain legal Panama passports and residency. Most of these laws have been created to promote foreign investment in the country which benefits the local environment or local economy of the Republic of Panama.
Below we have listed several immigration programs which offer permanent residency leading to passports, as well as several that are designed as work visas only. Also there are two different opportunities for an immediate passport.
Our law firm in Panama provides the most rapid and efficient processing possible of all visa and immigration procedures, because of the firm's immigration experts.
Immediate Panamanian Passport Program
There are two different opportunities for an immediate Panama passport. One of them allows foreigners to obtain an immediate Panamanian Passport under the condition that they make a 5 year time deposit (certificate of deposit - "CD"), at the Banco Nacional de Panama, which earns a minimum of US$1,000 per month in interest income. For more on Immediate Panamanian Passport Program, please contact us.
Panama Self Economic Solvency Visa
Law N° 16, of June 30,1960 created this program to offer international investors the opportunity to obtain Panama legal residency, Panama citizenship (and a
Panama passport) by making certain Panama investments.
Currently, the Panama Self Economic Solvency Visa offers three (3) different Panama investment options to qualify for Panama residency:
Panama Investment Option #1:
Panama Investment: Invest a minimum of US$300,000 (Three Hundred Thousand US Dollars) in a three (3) year time deposit (or "certificate of deposit" or "CD") at
any Panama bank.
Stipulations: (1) The Panama bank time deposit (CD) account must be in the personal name of the primary applicant (it may not be in the name of a Panama
corporation, Panama foundation, or trust). The interest earned from the Panama bank time deposit (CD), will be deposited monthly into any savings account at the Panama bank that you designate (the Panama savings account may be a personal account, or a corporate account). The interest income is NOT taxed by the Panamanian government, nor is it subject to any tax reporting requirements.
Dependents: For each additional dependent that applies for residency under the primary applicant, the primary applicant must prove that he or she has sufficient income to support the general costs of living of each dependent.
Panama Investment Option # 2:
Panama Investment: Invest a minimum of US$300,000 (Three Hundred Thousand US Dollars) in titled Panama real property. This must be equity, as mortgages do not
1. The titled Panama real property can either be in the personal name of the primary applicant or in the name of a Panama Private Interest
Foundation; as long as the primary applicant is either the Founder or a Beneficiary (it may not be in the name of a Panama corporation or trust).
2. The primary applicant must also prove that he or she has sufficient income to support him or herself.
Dependents: For each additional dependent that applies for residency under this Panama immigration program, the primary applicant must prove that he or she has enough income to support the living costs of each dependent.
Panama Investment Option # 3:
The third option is a mixture of a 3-year Panama bank CD with Panama real estate purchases equity (excluding mortgages) with both totaling a minimum of
Requirements to Qualify for a Self Economic Solvency Visa
Foreigners that invest the minimum sum of Three Hundred Thousand dollars ($300,000) in Panama real estate or a Panama bank time deposit or a combination of both will be able to qualify for this visa. If the foreigner has dependents, the applicant needs to invest an additional Two Thousand Dollars ($2,000) for each dependent.
Qualifying for a Panama Self Economic Solvency Visa with a Fixed Panama Bank Time Deposit
In addition to the basic requirements established in Article 28 of the Decree Law, the applicant must submit the following documents:
1. Panama bank certification that the foreigner opened a Panama bank time deposit account in the applicant's name for a minimum of three (3) years in any Panama bank for a minimum value of Three Hundred Thousand dollars ($300,000), or its equivalent in foreign currency;
2. Copies of the Panama bank time deposit certificate authenticated by the bank.
Panama Self Economic Solvency Visa by Investing in Panama Real Estate
3. Certificate from Panama's Public Registry verifying personal title of the applicant with a minimum value of Three Hundred Thousand dollars ($300,000), free
Note I: In the case that the title of the Panama real estate is under the name of a Panama Private Interest Foundation, the applicant will qualify if he or she is the Founder and/or one of the beneficiaries. The certificate of the Public Registry must designate the applicant as either the Founder or Beneficiary.
Note II: In the case when the applicant has paid the minimum required cash sum of Three Hundred Thousand dollars ($300,000) towards the total price of the
Panama real estate, he or she will be able to finance the remainder through mortgage loans.
Note III: The General Director of the National Service of Immigration will be able to consider the Panama permanent residency application as a Panama self
economic solvency visa of those foreigners who invested a minimum of Two Hundred Thousand ($200,000) in Panama real estate but less than Three Hundred Thousand
dollars ($300,000) if they entered into a sales contract before this rule went in to effect [August 26, 2008]. This exception should be verified by the bank transfer to the Panama real estate agency as a guarantee of the Panama real estate purchase with an authenticated copy of the promise to buy and/or pre-construction contract.
Panama Self Economic Solvency by Mixed Panama Investments (Fixed Panama Bank Time Deposit and Panama Real Estate Purchase)
1. The Panama bank time deposit (CD) account must be in the personal name of the primary applicant (it may not be in the name of a Panama
corporation, Panama foundation, or trust). The interest earned from the Panama bank time deposit (CD), will be deposited monthly into any Panama bank savings
account that you designate (the savings account may be a personal account, or a corporate account). The interest income is NOT taxed by the Panamanian government, nor is it subject to any tax reporting requirements.
2. The titled property must be in the personal name of the primary applicant or in the name of a Panama Private Interest Foundation where the applicant is the Founder and/or beneficiary.
3. The primary applicant must also prove that he or she has sufficient income to support his or her general costs of living.
Dependents: For each additional dependent that applies for Panama residency under this Panama immigration program, the primary applicant must prove that he or she has enough income to support the general costs of living of each dependent.
Panama Retired or Pensioned Program (Visa Pensionado)
Our law firm in Panama provides retirees and persons with pensions with a Panama Pensioned Visa, also called the Panama Pensionado Visa. The Panama Retired or Pensioned Program allows foreigners to obtain legal residency in Panama under the condition that they are retired or pensioned. According to the Panama Immigration Department, there is no minimum or maximum age required to qualify (you only need to provide the requirements / documents below).
The applicants' retirement income (or pension income) must be at least a LIFE TIME US$1,000 per month.
Another option is to purchase at least $100,000 in Panama real estate, which reduces the lifetime monthly income to $750.The applicants' income must be proven by providing documentation such as a letter from the institution or company that pays the retirement or pension income. This certification must be notarized and authenticated by the Panamanian Consulate nearest you (or by apostile).
A short visit to Panama is required to register and stamp your Passport at the Panama immigration Office. NOTE: No shorts, t-shirts or sandals are permitted
in government offices.
The requirements are:
Two (2) passport sized photographs of the applicant (and dependents - if applicable).
Complete Panama immigration
registration Form (POLS will provide this to Client, who only needs to complete and sign).
Original passport, and one (1) photocopy of passport (the original passport will be returned to the Client immediately after the registration of it).
Discounts - As a qualified Panama "pensionado" (retiree), you will be entitled to:
50% off entertainment anywhere in the country (movies, theatres, concerts, sporting events, etc.)
30% off bus, boat & train fares
25% off airline tickets
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 & eye exams
20% off professional & technical services
50% off closing costs for home loans
25% off residential power up to 600 kw
25% off residential phone service charges
25% off residential water bills of up to US$30
Tax Exemptions - As a qualified Panama "pensionado" (retiree), you will be entitled to:
- A one-time exemption of duties on the importation of household goods up to US$10,000 in total value
- 100% duty exemption on the importation or purchase of an automobile.
You are required to travel to Panama (at your own expense,) for at least 4 to 6 business days to receive the documents. Once you obtain legal residence and after the legal period of residence, normally 5 years, you able to apply for naturalisation, citizenship and a Panamanian passport.
Information from you required to keep in mind if interested in pursuing this program is:
*Your passport copy plus
*your birth certificate must be sealed by a Panama Consulate.
* Your father or mother's passport is also needed with Panama Consulate seal for the process.
* Investment, which you pay direct into a government approved program, starts from US$50,000 and up.
Once you pay PT Shamrock our referral fee of just Euro 2,500, you will deal direct with our Panamanian lawyers and the Panamanian government.
Our referral fee is just Euro 2,500. Once we receive your referral fee, we will place you in direct contact with our Panama lawyers.
BENEFITS & ADVANTAGES
I. PANAMANIAN RESIDENCY & NATIONALITY
The Investor who takes full advantage of the Panamanian Residency Program will obtain:
A permanent residence status..
The investor will then be qualified to apply for a Panamanian citizenship and Passport immediately thereafter you are been legally resident for the specific time..
As a resident/citizen the investor will be protected at all times under the Laws of the Republic of Panama.
II. WORKING / BUSINESS PRIVILEGES
The investor will be allowed to work, own or open a business in the Republic of Panama, offering their professional, technical or any other services he provides, protected under the Panamanian Labor Code.
The investor must travel to Panama to process all legal papers. You will be required to secure a police clearance, verifiable showing you clear of any troubles. This must be issued within the past six months in order to begin (immigration) your residency and nationality process. Just an investment as above will get your Panama residency and naturalization.
The investor must then provide Panama with personal information which includes:
- a Power of Attorney authorizing to act on your behalf,
- a medical certificate of good health for a period of at least 3 months,
- an HIV laboratory test,
- police records from his jurisdiction,
- a valid passport,
- 2 Copies of passport, front and back (notarized by Panamanian counsel)
- birth certificate (notarized by Panamanian counsel)
- 4 photographs (2x2cm), and
- a declaration stating his nationality and names of parent's.
All of these documents are necessary to continue the immigration diligence effectively for the investor.
The Investor will also have to make a total of 1 short trip to Panama, to finish minor details regarding his immigration process.
IV. PANAMANIAN TAXES
The investor will not be subjected to any Panamanian Taxes. The offshore structure in BVI will receive the Annuity Payments the investor obtains from his initial investment, avoiding any tax consequences. BVI Corporation
The repurchase of shares is the only type of repurchase contract which is permitted in Panama. Celebrating in this case a one time contract, where it is subjected to a resolution clause, for the shares to be returned to its original owner or seller, transferring its ownership back.
(2. ) A repurchase or redemption of shares has the same effect as a dividend- meaning the distributing of the assets of the corporation to shareholders, thereby putting them beyond the reach of creditors and often senior shareholders. INTERNAL DOCUMENT
The Investor receives in exchange for the investment an invested a Residency Package which includes:
- Permanent Residence and Panamanian Citizenship
- Panamanian Passport
- Panamanian Identification (Cedula)
- Working or owning your own business Privileges in Panama (entitled to work or own a business.)
All legal fees and immigration expenses are paid in Panama except for a check required for the Ministry of Panama for the amount of USD$1,1OO.OO. Total Expense USD$1,1OO.OO
PT Shamrock's Introduction fee is EUR 2,500. Order now at our secure ORDER FORM.
For further details for serious parties only please contact us at the email below.
CLICK HERE for our other residency and Passport Programs!