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Panama Friendly Nations Visa Panama Immigration | Permanent Residence Permits in Panama What is the Panama Friendly Nations Visa? What are the requirements to obtain a Panama Friendly Nations Visa? Reasons to apply for the visa of friendly countries of panama List of friendly countries of Panama Tips for starting legal procedures in Panama Main Benefits of Having Panama Friendly Nations Visa What are the phases that must be traveled to obtain permanent residence with the residence permit through the Panama Friends Country Visa ? Contact an Immigration Lawyer in Panama Benefits and Requirements of the residence permit by Panama Friendly Nations Visa Foreigners who are nationals of any of the countries included in the list of countries friends of Panama and who can establish economic, labor or investment relations in the Republic of Panama may apply for a Panama Friendly Country Visa.
According to the immigration laws of Panama, this permit is within the permits that grant a permanent residence card to its applicants.
What is the Panama Friendly Nations Visa? It is a residence permit in Panama called before the National Migration Service as a Permanent Resident Permit as National Foreigners of Specific Countries That Maintain Friendly, Professional, Economic Investment Relations with the Republic Of Panama, established in the immigration laws of Panama in Executive Decree 343 of May 16, 2012.
List of Friendly Countries for Residence Visa in Panama The countries with which the government of Panama has signed the VISA TREATY OF FRIENDLY COUNTRIES of Panama are the following:
GERMANY ANDORRA ARGENTINA AUSTRALIA AUSTRIA BELGIUM BRAZIL CANADA CHILE CYPRUS SOUTH KOREA COSTA RICA CROATIA DENMARK SLOVAKIA SPAIN UNITED STATES OF AMERICA ESTONIA FINLANDIA FRANCIA GRECIA HONG KONG HUNGRIA IRLANDA ISRAEL JAPON LETONIA LIECHTENSTEIN LITUANIA LUXEMBURGO MALTA MARINO MEXICO MONACO NORUEGA NUEVA ZELANDA PAISES BAJOS PARAGUAY PERÚ POLONIA PORTUGAL REINO UNIDO REPUBLICA CHECA SERBIA SINGAPUR SUDAFRICA SUECIA SUIZA TAIWAN URUGUAY
Reasons to apply for this permanent residence visa in Panama To apply for a Visa of friendly countries of Panama, the applicant must be a national of one of the countries belonging to the agreement and must also demonstrate the main intention of the application through any of the following alternatives:
1. FOR WORK REASONS The foreigner must have an offer or contract of employment within a Panamanian company, it should be noted that this company must be legally constituted in the Republic of Panama and must comply with its duties before government entities.
Can I apply for the visa of friendly countries of Panama with my own company? Panamanian laws do not prohibit that the shareholders of a company can be hired and work within the same company as long as they fulfill all the duties before government entities, then we can say that if you could apply with your company.
Commented by Juan Rives, business specialist in abogadospanama.net 2. FOR REASONS OF INVESTMENT IN IMMOVABLE PROPERTY: The foreign applicant must prove that he acquired a real estate, (in his name or in the name of a legal personality where he is the final beneficiary of the shares) valued at two hundred thousand US dollars (USD 200,000) or more, this purchase can be by bank or cash loan.
There are no restrictions as to the type of real estate that is used to apply in this visa, it can be a commercial or residential property, including: land, farms, commercial premises, buildings, houses, apartments, etc.
3. FOR REASONS OF FIXED TERM DEPOSIT: With this option, the foreign applicant must demonstrate that he maintains a fixed term deposit in a Panamanian bank for at least two hundred thousand US dollars (USD 200,000) in his name or in the name of a legal personality where he is the final beneficiary of the shares and must be free of encumbrances and his term must be at least 3 years.
Visa of friendly countries of Panama, ways to apply
Main requirements to obtain Panama Friendly Nations Visa What are the requirements to obtain the Panama Friendly Nations Visa? With the options available to opt for the Panama Friendly Nations Visa, dependents can also be included in the application, which are those people of the first degree of consanguinity (parents, children, spouses) of the applicant, who can also obtain a permanent residence permit in Panama based on the permission of the main applicant.
Dependent children can only apply if they are single and under the age of 25. Those over 18 years of age must be studying in Panama.
As of August 2022, the Government of Panama requests the following requirements to be able to apply for the Visa Of Friendly Countries of Panama
Power of Attorney through Panamanian Lawyer and Application drafted by lawyer. Five (5) passport size photographs with a white background. Duly collated copy of the passport before a notary public or corresponding Authority. Police Record or Criminal Background Check of the country of the last 5 years of residence. This document must be “original”, “official”, “updated” and “authenticated” (see explanation of these terms below). Health Certificate with at least 3 months of validity. Certified or management check fort in favor of the National Treasury. Certified or management check for B/.800.00 in favor of the National Migration Service. Form of Affidavit of Personal Background (We process it in the signature). Document that demonstrates the purpose to establish your residence (Job offer within a Panamanian company or purchase of a real estate or fixed term certificate) In case of applying for a job offer the applicant must obtain the work permit before applying to the Friendly Countries VISA, consult us to talk about how to obtain this requirement. Copy of your country’s identity card or id card (may be driver’s license, ID) IN CASE OF DEPENDENTS:
Letter of responsibility (We do it at the signature) Proof of kinship, APOSTILLED MARRIAGE CERTIFICATE or BIRTH CERTIFICATE OF YOUR CHILD APOSTILLED as the case may be, only children under 25 years of age can be dependents as long as they are single and are studying or their parents without age limitations. Proof of Economic Solvency To satisfy this point, the applicant must prove that he has at least $4,000 US Dollars in a bank account in Panama, and an additional $2,000 Dollars for each dependent, if any. This is solved with a letter of Bank Certification or statement of the last month that reflects balance not less than $ 4,000.00 thousand dollars. For each additional dependent who wishes to enter the application, an additional $2,000.00 must be credited in the bank certification, for example, if it would be you and your spouse it would be $6,000.00 instead of $4,000.00 and if you want to include your two parents and 2 children you must verify that you have $12,000.00 dollars in the available account balance, in all hypothetical cases explained this money can be used during the process, it will not be retained at any time. IN CASE OF APPLYING WITH A JOB OFFER
Work letter Job offer contract registered in mitradel Copy of the operation notice (if applicable) Public registration certificate of the company Applicant’s work permit. AbogadosPanama.Net under the direction of Panamanian Lawyer Julissa Ortega Hernandez has helped foreign investors obtain their permanent residence permit in Panama under the Visa Of Friendly Countries of Panama.
Within the firm we have advisors who will recommend the best banking or real estate investment options, in addition to the correct process to obtain the investor visa.
Julissa Ortega has helped hundreds of foreigners obtain their residence permits in Panama. TALK TO THE LAWYER ON WHATSAPP BY TAPPING HERE Or if you prefer priority attention then
Contact the lawyer with an email What is your full name? * What is your home country or country where you receive retirement from? * What is your question? * Phone * 07400 123456 Email * Submit
Benefits of Panama Friendly Nations Visa Panama Friendly Nations Visa Benefits The Foreigner who applies for the residence permit using the Panama Friendly Nations Visa will have the following benefits:
You can apply for the permanent residence permit in Panama in a few phases, (this permit will grant you the “CEDULA E”) You will also be able to opt for the Panamanian passport through naturalization (once you obtain the E card and meet the requirements) Obtain the work permit under the Panama Foreign Professional Visa. You will be able to enjoy all the benefits enjoyed by Panamanian nationals in banks, shops and government entities. Being a permanent resident of Panama You can apply for the certification of tax residence in Panama
Panama Friendly Nations Visa What are the phases that must be traveled to obtain permanent residence with the Panama Friendly Nations Visa? PHASE 1:
Day 1: Interview with lawyer
the meeting is held with the lawyer for the review of the requirements and the payment of the fees to initiate the immigration process.
DAY 2: (Requires only the presence of the foreigner)
The foreign applicant and the legal representative or his assistant appear before the offices of the National Migration Service of Panama to present the application for the processing of the Panama Friendly Nations Visa.
That same day they will give the first provisional residence card to the foreign applicant, with a validity of 6 months, they will also grant him a multiple entry and exit visa stamped on the passport that will allow him to enter and leave Panama without problems and without paying any exit tax.
PHASE 2: Application for the Permanent Residence Permit as Panama Friendly Nations Visa
After 23 months, the foreigner can apply for a permanent residence permit.
To apply for the permanent residence permit of Panama Friendly Nations Visa the applicant must provide all the requirements that they provided the first time (except the certified checks and the police record).
This time the complete process of DAY 1, DIA2 and DAY 3 of PHASE 1 is carried out again.
That same day they will give the provisional residence card to the foreign applicant, with a validity of 6 months.
Once the immigration resolution is approved, the lawyer is notified by the national migration service of Panama that the resolution has been issued and from that moment they can and should attend the immigration offices in Panama to obtain a new permanent residence processing card as Panama Friendly Nations Visa.
COST OF PERMANENT RESIDENT CARD FOR LIFE OF Panama Friendly Nations Visa This new card is a permanent permit of the Married with Panamanian Visa, has a cost of 100 dollars.
A month later migration issues a note called “Note of Cédula”, with this note the foreigner must make an appointment before the electoral tribunal, this appointment is usually granted for a few business days after requesting it.
On the day of the appointment the foreigner must appear at the electoral tribunal of Panama to make the fingerprint and facial registration and a week later you can withdraw the Cédula “E” that will be your new legal identity document to circulate in Panama
Why do more and more foreigners trust the signature of Mrs. Julissa Ortega to carry out their immigration procedures in Panama? Assistance is given by an expert in the subject with a wide trajectory in migratory matters in Panama. Provides continuous accompaniment for the applicant by the lawyer during the process of presentation of the procedure before the immigration authority. Continuous follow-up by expert lawyers in the governmental process of the procedure of each applicant. Opening of bank accounts in Panama. Counseling in civil, mercantile and real estate law with our team of lawyers. Consultation fees are reimbursable in the total cost of the process.
PANAMANIA Benefits of Panama
The economy of Panama is based mainly on the services sector, which accounts for nearly 80% of its GDP and accounts for most of its foreign income. Services include the Panama Canal, banking, commerce, the Colón Free Trade Zone, insurance, container ports, and flagship registry, medical and health and tourism. The country's industry includes manufacturing of aircraft spare parts, cement, drinks, adhesives and textiles. Additionally, exports from Panama include bananas, shrimp, sugar, coffee, and clothing. Panama's economy is fully dollarized,[16][17] with the US dollar being legal tender in the country. Panama is a high-income economy with a history of low inflation.
Contents 1 Economic history 2 Economic sectors 2.1 Financial services 2.2 Agriculture 3 Taxation 3.1 Further reforms 4 Transportation 5 Statistics 6 See also 7 References 8 External links Economic history Main article: Economic history of Panama Since the early 16th century, Panama's geographic location gave the country a comparative advantage. From the earliest Spanish times, ports on each coast and a trail between them handled much of Spain's colonial trade to the benefit of the inhabitants of the port cities.[18]
Panama has always been dependent on world commerce for its prosperity,[18] and it is affected by the cyclical nature of international trade. The economy stagnated in the 18th century as colonial exchange via the isthmus declined. In the mid-19th century, Panama's economy boomed as a result of increased cargo and passengers associated with the California Gold Rush. A railroad across the isthmus, completed in 1855, extended economic growth for about fifteen years until completion of the first transcontinental railroad in the United States led to a decline in trans-isthmian traffic.
France's efforts to construct a canal across the isthmus in the 1880s and efforts by the United States in the early 20th century stimulated the Panamanian economy.[18] The United States completed the canal in 1914.[19] However, the world depression of the 1930s reduced international trade and canal traffic, causing widespread unemployment in the terminal cities and generating a flow of workers to subsistence farming. During World War II, canal traffic did not increase, but the economy boomed as the convoy system and the presence of United States forces, sent to defend the canal, increased foreign spending in the canal cities. The end of the war was followed by an economic depression and another movement of unemployed people into agriculture.[18]
The postwar depression gave way to rapid economic expansion between 1950 and 1970. All sectors contributed to the growth. Agricultural output rose, and commerce evolved into a relatively sophisticated wholesale and retail system. Banking, tourism, and the export of services to the Canal Zone grew rapidly. Most importantly, an increase in world trade provided a major stimulus to use of the canal and to the economy.[18]
In the 1970s and 1980s, Panama's growth fluctuated with the vagaries of the world economy. After 1973, economic expansion slowed considerably as a result of a number of international and domestic factors. In the early 1980s, the economy rebounded. The acute recession in Latin America after 1982, however, wreaked havoc on Panama's economy.[18] This period coincided with the rise to power of General Manuel Noriega during which Panama became increasingly indebted.[20]
The United States started to pursue Noriega, culminating in sanctions that froze Panama's assets in the United States, and because Panama used the US dollar it was forced to default on its IMF debt in 1987.[20] Economic turmoil in the country included a general strike and the banking system closing down for two months.[20] The United States invaded Panama in 1989 and forced the surrender of Noriega.[20] Panama regained access to IMF funds in 1992.[21]
A proportional representation of Panama's exports. After taking office in 1994, President Ernesto Perez Balladares instituted an economic liberalization program designed to liberalize the trade regime, attract foreign investment, privatize state-owned enterprises, institute fiscal discipline. After two years of near-stagnation, there was strong GDP growth in 1997-1998. The most important sectors which drove growth were the Panama Canal and the shipping and port activities of the Colón Free Trade Zone.
During the Moscoso administration beginning in 1999, Moscoso attempted to strengthen social programs. Moscoso's administration successfully handled the Panama Canal transfer and was effective in the administration of the Canal.
Under the Martin Torrijos administration beginning in 2004, Panama continued strong economic growth and initiated the 2007-2016 Panama Canal expansion project.[22] The canal expansion doubled the waterway capacity.[22] Strong economic performance had reduced the national poverty level to 29% in 2008.
In 2008, Panama had the second most unequal income distribution in Latin America. The Torrijos government implemented tax reforms, as well as social security reforms, and backed regional trade agreements and development of tourism. Not a CAFTA signatory, Panama in December 2006 independently negotiated a free trade agreement with the US.
In May 2009, Ricardo Martinelli was elected president, and promised to promote free trade, establish a metro system,[23] and complete the expansion plan for the Panama Canal.
Economic sectors Financial services Panama has a substantial financial services sector and no central bank to act as a lender of last resort to rescue banks that get in trouble. As a result, Panamanian banks are very conservatively run, with an average capital adequacy ratio of 15.6% in 2012, nearly double the legal minimum.[24] The sector grew up providing trade finance for trade passing through the Canal, and later evolved into money laundering for the drug trade under Noriega. Since the global financial crisis of 2007–08 the country has been trying to shake off its reputation as a tax haven, signing double taxation treaties with many (mostly OECD) countries and in April 2011 a treaty on the exchange of financial information with the United States.[24]
Agriculture Further information: Agriculture in Panama
An economic activity map of Panama, 1981. Major agricultural products include bananas, cocoa beans, coffee, coconuts, timber, beef, chickens, shrimp, maize, potatoes, rice, soybeans, and sugar cane.[25] In 2009 agriculture and fisheries made up 7.4% of Panama's GDP[25]
Panama is a net food importer and the United States is its main supplier.[26] Agriculture employs a large number of Panamanians (in relation to agriculture's percentage of Panamanian GDP) with many farmers being engaged in subsistence farming.
Taxation Taxation in Panama, which is governed by the Fiscal Code, is on a territorial basis; this is to say, that taxes apply only to income or gains derived through business carried on in Panama itself.[27] The existence of a sales or administration office in Panama, or the re-invoicing of external transactions at a profit, does not of itself give rise to taxation if the underlying transactions take place outside Panama. Dividends paid out of such earnings are free of taxation.
In February 2005, Panama's unicameral legislature approved a major fiscal reform package in order to raise revenues from new business taxes, and increases the country's level of debt. The legislature voted 46 to 28 in favour of the measures, which include a new 1.4% tax on companies’ gross revenues, and a 1% levy on firms operating in the Colon Free Trade Zone – the largest free port in the Americas.
Further reforms President Ricardo Martinelli had promised to implement a flat tax system with a flat tax of 10% and which promised to raise revenues, put inflation under control and which will allow enormous real wage gains.[citation needed] Instead the Martinelli government increased sales tax to 7% from 5%, as well as increasing other taxes, in order to finance many infrastructure projects around the country.
The current VAT rates are: 7% (standard rate); 15% (tobacco); 10% (alcohol and hotels); 5% (essential goods). The corporate tax rate is 25%, while the highest marginal income tax rate is 27%.
