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Self Economic Solvency Visa Residencies Plan of Panama (North America)
Self Economic Solvency Visa
The fixed term deposit must be at a local bank in your personal name with a duration of at least three years. The time deposit must be free from encumbrance.
If you choose the real estate option, you may do it on your behalf or through a Private Interest Foundation.
The visa has a validity of 2 years. After this period, you may apply for a permanent residence permit, provided that you still keep the investment. The permanent residency permit will allow you to remain indefinitely in Panama.
After 5 years of permanent residency, you may be eligible for citizenship. You may be required to demonstrate some ties to the country such as a permanent home, 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.
Requirements
- If the investment is through a bank deposit, a bank reference letter and an authenticated copy of the time deposit contract.
- If the investment is in a real estate property, evidence of ownership by a certificate of the Public Registry of Panama in which the name of the petitioner or Private Interest Foundation is stated, indicating that the property is free from encumbrances.
- Bank reference letter evidencing a personal bank account at a local bank with a balance of at least US$10,000.
Restricted Nationalities
No nationality is officially restricted
dual citizenship
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.
Documents Required
- Original and photocopy of passport
- Eight passport-size photos
- Original Police Clearance Certificate
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Original Bank Reference Letter (Not older than 6 month)
- Documents certifying Business Investment
- Affidavit regarding criminal records
- Affidavit of support for Dependents
- dual citizenship No
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required Yes
- Language skills required No
- Interview required No
- Investment Single $300,000
- Investment Family 4 $306,000
- Minimum annual income -
- Time to citizenship 84
- Time to permanent residency 24
- Visa-free countries 127
- Financing available No
Panama
The Republic of Panama is a country located in the southeast of Central America, on the isthmus of Panama that unites South America with Central America. It borders the north with the Caribbean Sea, the south with the Pacific Ocean, the east with Colombia and to the west lies Costa Rica. Its mountainous territory is only interrupted by the Panama Canal that connects the Pacific Ocean with the Caribbean. It has a population of over 4 million inhabitants, with half living in the metropolitan area of its capital, Panama City. Its official language is Spanish. Its legal tender currencies are the US Dollarand the Balboa, which is pegged to the Dollar at a 1:1 ratio.
- National Flag of:Panama
- Currency:PAB
- Area Code:507
- Capital:Panama City
- Continent:North America
- Native Languages:Spanish, English
- Population:3,410,676
BENIFITS
With your new passport from Panama you'll be able to access 127 countries visa free
citizenship benefits Visa-free or Visa on arrival to 127 countries including United Kingdom South Korea Latin America Visa-free access to Russia permanent residency benefits The right to live and work in Panama without any time limit Low tax jurisdiction Peaceful democratic and politically stable country High quality of life Well-connected airport Access to healthcare and education system Fast and easy process Territorial tax system Banking financial and medical hub Warm climate Business-friendly policies Be eventually eligible for citizenship Investment recovery Potentially profitable investmentFEES
| ITEM | AMOUNT |
|---|---|
| government fees main applicant | $800 |
| processing fees main applicant | $250 |
| total fees main applicant | $1 |
| 050 |
TAXES
Panama's tax system is based on the principle of territoriality. Residents and non-residents are subject to personal income tax on their income derived from Panama. Income derived from a foreign-source may not be subject to taxation, whether it is remitted or not. Usually, an individual is tax resident in Panama if he or she spends more than 183 days in a year within the territory.
Panama taxes its residents’ income earned within the territory at a 15% on annual income between US$11,000 and US$50,000 and 25% on the excess. Interest on Panamanian government securities, interest on savings accounts and time deposits maintained with Panamanian banks are tax-exempt. Non-residents are subject to a withholding tax on the source of 12.5% on their Panamanian income.
Capital Gains are taxed separately. Gains derived from the transfer of immovable properties and the sale of securities and negotiable instruments are subject to a 10% tax. If the transfer of immovable properties constitutes the main economic activity of the taxpayer, capital gains may be subject to corporate income tax.
There is a property tax between 0% and 2.10%, depending on the value of the property. The ITBMS is the Panamanian Value-added tax, and it currently stands at 7%.
There are no transfer, net wealth and inheritance taxes in Panama.
Regarding corporate taxation, companies in Panama are also taxed on a territorial basis. This means that income earned outside the country, remitted or not, may not be subject to taxation.
Income earned within Panama is subject to a flat tax rate of 25% on the net profits or 1.75% on gross taxable amount. Dividends are not subject to taxation. Capital Gains are taxed at 10%. Payments to non-residents on dividends, interests and royalties are subject to a withholding tax of 10%,12.5% and 12.5% respectively. Companies whose business activities are exclusively outside Panama may be exempted from withholding taxes.
Another commonly-used legal entity in Panama is the Private Interest Foundation, which is fully tax-exempt and is used as a holding entity, for asset protection (tangible or intangible), for confidentiality and privacy, estate planning, tax planning or philanthropic reasons. Learn more about Panama’s corporate taxation, legal entities, legal framework and tax treaties at incorporatios.io/panama.
| TAX ITEM | DESCRIPTION |
|---|---|
| Property tax | Yes |
| Transfer tax | No |
| Inheritance tax | No |
| Net worth tax | No |
| CFC law | No |
| Tax residency days | 183 |
| Personal income tax rate | 25% |
| Capital Gains tax rate | 10% |
| Investment income tax rate | 25% |
| Territorial taxation | Yes |
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