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panama passport programs, Panama economic solvency visa

Self Economic Solvency (Bank Deposit Program)

Law N° 16, of June 30,1960 created this program to offer international investors the opportunity to obtain legal residency, citizenship (and passport) in Panama through certain investments in the Republic of Panama. Please note that the law was recently modified with new requirements.

Currently, the Self-Economic Solvency Visa offers three (3) different investment options to qualify for residency status in the Republic of Panama;

Investment Option # 1:

Investment: Invest a minimum of US$200,000 (two hundred thousand US Dollars) in a two (2) year time deposit (or "certificate of deposit" or "CD") at any licensed bank in Panama.

Stipulations: (1) The time deposit (CD) account must be in the personal name of the primary applicant (it may not be in the name of a corporation, foundation, or trust). The interest earned from the time deposit (CD), will be deposited monthly into any savings account at the bank 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.

Dependents: For each additional dependent that applies for residency under the primary applicant, the primary applicant must prove that he or she has enough income to support the general costs of living of each dependent.

Investment Option # 2:

Investment: Invest a minimum of US$200,000 (two hundred thousand US Dollars) in a titled property (real estate) in the Republic of Panama.

Stipulations: (1) The titled property must be in the personal name of the primary applicant (it may not be in the name of a corporation, foundation, or trust). (2) The primary applicant must also prove that he or she has an income to support his or her general costs of living.

Dependents: For each additional dependent that applies for residency under the primary applicant, the primary applicant must prove that he or she has enough income to support the general costs of living of each dependent.

Investment Option # 3:

Investment: Invest a minimum of US$120,000 (one hundred and twenty thousand US Dollars) in a two (2) year time deposit (or "certificate of deposit" or "CD") at any licensed bank in Panama, PLUS invest a minimum of US$80,000 (eighty thousand US Dollars) in a titled property (real estate) in the Republic of Panama.

Stipulations: (1) The time deposit (CD) account must be in the personal name of the primary applicant (it may not be in the name of a corporation, foundation, or trust). The interest earned from the time deposit (CD), will be deposited monthly into any savings account at the bank 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 (it may not be in the name of a corporation, foundation, or trust). (3) The primary applicant must also prove that he or she has an income to support his or her general costs of living.

Dependents: For each additional dependent that applies for residency under the primary applicant, the primary applicant must prove that he or she has enough income to support the general costs of living of each dependent.


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Option # 1 - Procedures for Applying for Residency:

1. Provide all required documents, and sign the Special Power of Attorney for our law firm to handle your immigration paperwork.
2. The bank account is opened, and you make the time deposit. The bank then provides a certificate of deposit, and a copy of the time deposit contract.
3. Our law firm submits your application for a 1 year Temporary Immigrant Visa, under the Self Economic Solvency Program. You are issued a Temporary Immigrant Card, which is valid for 3 months (those 3 months are used by the Immigration Department to process the 1 year Temporary Immigrant Visa). After 3 months, you will be issued a new Temporary Immigrant Card that is valid for 1 year.
4. After the 1 year Temporary Immigrant Visa expires, our law firm will submit a new application for your Permanent Residency Visa. You will then be provided with a Panamanian Cedula (Permanent Resident Card).
5. After 5 years of having Permanent Residency status, you may apply for Panamanian Citizenship, and a Panamanian Passport. This is called becoming "Naturalized", and requires that you accept the laws of the Republic of Panama under oath. Panamanian passports are renewable every 5 years.

It is not necessary for applicants to reside in Panama to qualify for or maintain Panamanian residency or citizenship, however, a short visit to Panama is required for the processing of the Temporary Immigrant Visa, the Permanent Resident Visa, and for the Naturalization (Citizenship and passport).

Option # 2 - Procedures for Applying for Residency:

1. Provide all required documents, and sign the Special Power of Attorney for our law firm to handle your immigration paperwork.
2. The titled property is purchased. The Public Registry issues a certificate of ownership, and a registered copy of the purchase contract.
3. Our law firm submits your application for a 1 year Temporary Immigrant Visa, under the Self Economic Solvency Program. You are issued a Temporary Immigrant Card, which is valid for 3 months (those 3 months are used by the Immigration Department to process the 1 year Temporary Immigrant Visa). After 3 months, you will be issued a new Temporary Immigrant Card that is valid for 1 year.
4. After the 1 year Temporary Immigrant Visa expires, our law firm will submit a new application for your Permanent Residency Visa. You will then be provided with a Panamanian Cedula (Permanent Resident Card).
5. After 5 years of having Permanent Residency status, you may apply for Panamanian Citizenship, and a Panamanian Passport. This is called becoming "Naturalized", and requires that you accept the laws of the Republic of Panama under oath. Panamanian passports are renewable every 5 years.
It is not necessary for applicants to reside in Panama to qualify for or maintain Panamanian residency or citizenship, however, a short visit to Panama is required for the processing of the Temporary Immigrant Visa, the Permanent Resident Visa, and for the Naturalization (Citizenship and passport).

Option # 3 - Procedures for Applying for Residency:

1. Provide all required documents, and sign the Special Power of Attorney for our law firm to handle your immigration paperwork.
2. The bank account is opened, and you make the time deposit. The bank then provides a certificate of deposit, and a copy of the time deposit contract. The titled property is purchased, and the Public Registry issues a certificate of ownership and a registered copy of the purchase contract.
3. Our law firm submits your application for a 1 year Temporary Immigrant Visa, under the Self Economic Solvency Program. You are issued a Temporary Immigrant Card, which is valid for 3 months (those 3 months are used by the Immigration Department to process the 1 year Temporary Immigrant Visa). After 3 months, you will be issued a new Temporary Immigrant Card that is valid for 1 year.
4. After the 1 year Temporary Immigrant Visa expires, our law firm will submit a new application for your Permanent Residency Visa. You will then be provided with a Panamanian Cedula (Permanent Resident Card).
5. After 5 years of having Permanent Residency status, you may apply for Panamanian Citizenship, and a Panamanian Passport. This is called becoming "Naturalized", and requires that you accept the laws of the Republic of Panama under oath. Panamanian passports are renewable every 5 years.

It is not necessary for applicants to reside in Panama to qualify for or maintain Panamanian residency or citizenship, however, a short visit to Panama is required for the processing of the Temporary Immigrant Visa, the Permanent Resident Visa, and for the Naturalization (Citizenship and passport).


Fees:

For Primary Applicant:
Stage 1:
Legal Fee - 1 year Temporary Immigrant Visa: US$2000
Government Fees and Costs: US$800

Stage 2:
Legal Fee - Permanent Residency Visa: US$2000
Government Fees and Costs: US$300

Stage 3:
Legal Fee - Naturalization (Citizen / Passport): US$4000
Government Fees and Costs: US$1500

For Dependents (spouse or children under 18 yrs):
Stage 1:
Legal Fee - 1 year Temporary Immigrant Visa: US$1500
Government Fees and Costs: US$800

Stage 2:
Legal Fee - Permanent Residency Visa: US$1500
Government Fees and Costs: US$300

Stage 3:
Legal Fee - Naturalization (Citizen / Passport): US$3000
Government Fees and Costs: US$1500

Required Documents (for Immigration processing):
1. Photocopy of valid passport of the applicant (and dependents - if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all pages showing entry/exit stamps (all pages used in the passport).
2. Original Police record of the applicant, from the place of residence (and spouse & dependents over 18 years of age - if applicable), duly notarized and authenticated by the Panamanian Consulate nearest you.
3. Original Marriage Certificate for the applicant (and dependents - if applicable), duly notarized and authenticated by the Panamanian Consulate nearest you.
4. Birth Certificate (for the dependents only), duly notarized and authenticated by the Panamanian Consulate nearest you.
5. Six (6) passport sized photographs of the applicant (and dependents - if applicable).
6. Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant (and dependents - if applicable) has no contagious diseases and is in good mental and physical condition.
THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA.

Documents that our law firm will provide to you:
1. Special Power of Attorney, signed by the applicant (and dependents - if applicable), authorizing our law firm to process the immigration applications and documentation.
2. Letter of Responsibility, signed by the applicant, whereby the applicant takes responsibility for his/her dependents.
3. Immigration Applications are completed and signed by the applicant (and each dependent).
* Note: for authenticating documents through the Panamanian Consulate, please contact us to request the contact information of the Panamanian Consulate nearest you.

Required Documents (for opening bank account / CD):

1. Photocopy of valid passport of the applicant (and dependents - if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all other pages in the passport including the cover (the entire passport). The photocopy of passport should be notarized.

2. Two Original Financial Reference Letters: These can be from any bank, brokerage firm, or credit union. They should be on the financial institutions letterhead, signed by a representative of the financial institution, and show the contact information (address, tel, fax, email, etc.) for the reference to be verified. To view an example of a Financial Reference Letter, click on the underlined words.

3. Two Original Commercial Reference Letters: This can be from any company or professional (a company, attorney, accountant, etc.). They should be on the company or professionals letterhead, signed by a representative of the company (or the professional), and show the contact information (address, tel, fax, email, etc.) for the reference to be verified. To view an example of a Commercial Reference Letter, click on the underlined words.


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Multiple Entry & Exit Visa (Optional): The Multiple Entry & Exit Visa should be applied for after or at the same time that any type of visa is applied for. The Multiple Entry & Exit Visa allows you to enter and exit the country as many times as necessary. For more information about the Multiple Entry & Exit Visa, please CLICK HERE.
If you are interested in relocating to Panama, or obtaining legal residency in Panama, please contact us for a personal consultation.




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