Panama is one of the most desirable places to live for United Kingdom people, thanks to its appealing climate, robust economy, vibrant social scene, and rich cultural heritage. With its tropical landscapes, abundant biodiversity, and lush rainforests, Panama offers modern amenities with a higher standard of living.
Serving as a central financial center, Panama offers a wide range of economic prospects. Its strategic position on the map links it to various international locations.
If you’re thinking about relocating to Panama, it’s crucial to familiarize yourself with the different visa alternatives. This knowledge will assist you in choosing the one that aligns best with your requirements.
Various Permits and Residencies for Traveling to Panama
Understanding the various types of visas and residency permits is crucial to know the requirements for each case. While this article provides an overview of some conditions, it is always advisable to consult with an expert for detailed information and guidance on the procedures.
The various types of residency permits are as follows:
- Investor: if you can demonstrate an investment in real estate or a fixed-term deposit in a bank amounting to USD 300,000 or more, you may be eligible to apply for a residence permit.
- Friendly Countries: people can obtain it for work, investing in real estate, or making a fixed-term deposit of at least USD 200,000.
- Family reunification: for foreigners married to a Panamanian citizen or have children in the country.
- Retired or pensioned: this permit allows individuals to enjoy their retirement in Panama. The monthly income or pension must be at least USD 1,000 or the equivalent in foreign currency.
- Professionals: This visa is for those who wish to pursue their professional careers in Panama.
- Headquarters of Multinational Companies: this permit is for foreigners working in multinational companies based in Panama. It includes:
- SEM Special Events Permit: individuals participating in special events.
- SEM Permanent Personnel Visa: Valid for up to five years, with the possibility of a five-year extension.
- SEM Temporary Personnel Permit: Valid for up to three months, with the option for extension.
- Education/Students: this permit allows individuals to study in Panama.
- Technical 15%: for specialized personnel hired within the 15% quota. The salary must be at least USD 850 per month.
- Foreigner 10%: for regular personnel hired within the 10% quota. The salary must also be at least USD 850 per month.
Requirements for a residence permit for friendly countries
Panama extends a unique residency program to citizens from Friendly Countries, facilitated by agreements with multiple nations. This initiative streamlines the path to securing residency in Panama.
The Friendly Countries program includes 50 nations: the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, among others. If you’re from United Kingdom this type of visa is convenient.
To obtain this residence permit, certain criteria must be fulfilled. These requirements are outlined below.
- Citizens from these nations are eligible to apply for a provisional residency visa, which is valid for two years.
- The application process for the provisional residency permit involves costs covering notary services, certifications, processing, and the issuance of the residency card, amounting to approximately USD 2,257.
- The necessary documents to apply for a Friendly Countries Visa in Panama include:
- A notarized power of attorney and application, co-signed by a licensed Panamanian lawyer.
- A verified copy of the applicant’s passport, authenticated by a Panamanian notary.
- A criminal background certificate issued within the last three months.
- A health certificate.
- Two checks: one for USD 250 payable to the National Treasury and another for USD 800 to the National Immigration Service.
- A personal background affidavit form.
- Documents substantiating the purpose of establishment, based on the applicant’s economic activities.
- A copy of the applicant’s Identity Card or equivalent ID.
- A recent bank statement or certification showing a minimum balance of “four average figures.”
- A utility bill or hotel receipt indicating the applicant’s address, such as water, electricity, or telephone.
Legal Solutions Panama: Seek Expert Assistance
Each residence permit comes with its unique set of requirements and factors to consider when relocating to Panama. Therefore, enlisting professional guidance can greatly streamline this process, helping make your dream of residing in this stunning Central American nation from United Kingdom a reality.
The expert attorneys at Legal Solutions Panama support foreigners aiming to reside in Panama. They offer professional guidance, address all your inquiries, and manage the complex paperwork involved. Visit their web to arrange a complimentary consultation and discuss any concerns you may have.
