Friendly Nations Visa Residencies Plan of Panama (North America)

Friendly Nations Visa

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investment

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Residency through Incorporation

To qualify, you will first need to show that you conduct some professional or economic activity in the country. This can be done by being hired as an employee of a Panamanian corporation or directly incorporating a company. While there is no requirement for this company to have any employees, it cannot be a dormant entity, and must show some degree of activity. It is up to the authorities to determine if a company’s activities are adequate, though reportedly, officials tend to be quite lenient on this.

Next, you will have to prove that you are economically solvent by depositing US$5,000 in a Panamanian bank account. If you have dependents who are also applying for the visa, you will have to deposit US$2,000 per dependent in the account. Dependents can include the applicant’s spouse, and children under 18 years of age, or 25 if they are full-time university students.

You will receive a temporary residency card, which is valid for one year, while their application is under review. Once it is approved, you will get a permanent residence card, and will be allowed to apply for a work permit.

The Friendly Nations Visa application process can be smooth and hassle-free if due preparations are made in advance and if you are in good hands. At Passports.IO | Flag Theory we can lead you to your Panama Residency Visa. A visit to Panama beforehand is required, and it is best to set aside at least a week for this.

All in all, we have helped applicants complete this visa process for a lower cost compared to similar visa programs offered by some other countries.

Foreign-nationals eligible for the Friendly Nations Visa
Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, San Marino, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay and United Kingdom.

Citizenship
You can apply for citizenship in Panama after 5 years of legal permanent residence and full immigrant status. You may be required to show some ties to the country, as a permanent home, to have spent a significant time in Panama during your residency visa, have Spanish language skills, knowledge of Panamanian history, culture and values, and attend an interview. The process usually takes about 2-3 years.

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Requirements

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Friendly Nations Visa (Permanent Residency)
- A written letter stating the professional or economic activities you will conduct in Panama.
- Proof of Economic Solvency. Deposit of at least US$5,000 into a Panamanian bank account plus US$2,000 for every dependent, or proving income such as through a letter from your employer on a company letterhead describing your salary.
- Provide documents that you are either a Board of Directors member or a major shareholder in a Panama Company (if applicable).

If you have just incorporated a Panama company: proof of corporate franchise tax payments and copy of your business license.

If the company is over one year old: copy of tax return, business license and certificate of good standing.
Copies of Panama corporate Bank accounts along with proof of any income-producing real estate owned by the company, and any other income-producing activities in Panama.
- Certified check of US$250 in favor of the National Treasury
- Certified check of US$800 in favor of the National Migration Service
- Eight passport-size photos
- Notarized color copy of all pages of your passport.
- Notarized color copy of your driver’s license or government-issued ID card
- Notarized color copy of a recent utility bill. This should not be older than 30 days from the date of your application
- A professional reference letter from someone from your home country who has known you professionally for a considerable amount of time and can attest that you are a good person.
- A bank reference letter stating that your banker has known you for at least two years and that your account is in good standing.
- Criminal background report, duly notarized
- Notarized copy of your ID card and/or Driving License and/or Passport.
- Letter of responsibility of dependents.
- Notarized copies of birth certificates and marriage certificates (dependents).
- Notarized affidavit for dependents over 18 years old, stating that they are single.

Company Incorporation
- Copy of your passport (the page with photo and signature) and a government issued ID, for each director and owner or beneficiary (shareholder / client);
- A copy or original of a proof of address, such as utility bills (water, electricity or telephone), for each director or member of the company;
- A letter of reference from your lawyer or accountant (that you have known for more than 2 years) to each director or member of the company.

Citizenship
- 5 testimonials acknowledging that you have been living in Panama 5 years, rendered before a Civil Court of Panama, by five witnesses.
- General medical certificate.
- Notarized copy of every page of the passport.
- Two passport photos.
- Statement renouncing your previous citizenship (may have no effect).
- Document certifying monetary solvency (such as bank reference letter).
- Social Security Fund Record (if applicable).
- Power of Attorney to request a Certificate from the Personal Identification Division attesting to the date of issuance of the Cédula (ID card).
- Examination of Spanish language and geography, history and civil rights of Panama.
- Payment of stamps for US$300 to receive the Letter of Naturalization (personal visit to the Immigration Dept. required)
- Appear before the Governor of the Province of Panama and swear the Panama Constitution and the respect of Panama’s laws. Payment of official fee of US$200.
- Register as a Panama Citizen before the Electoral Tribunal and obtain a Cédula (ID card). Payment of a US$60 fee.

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Restricted Nationalities

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See above

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dual citizenship

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Panamanian nationality law requires an oath of renunciation of former citizenships as a condition of naturalization. However, de facto, Panama permits dual citizenship, as the renunciation may not have an effect if is not also executed through the relevant authorities of the applicant's current country of nationality.

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Documents Required

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• Original Professional Reference Letter (Not older than 6 month)
• Certified copy of Business License or Incorporation documents
• Eight passport-size photos
• Certified copy of ID Card
• Certified copy of passport
• Evidence of Residential Address
• Original Bank Reference Letter (Not older than 6 month)
• Original Police Clearance Certificate
• Original or Certified copy of Birth Certificate (if applicable)
• Original or Certified copy of Marriage Certificate (if applicable)
• Affidavit of support for Dependents
• Medical Certificate