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The Laws and Local Economy Makes it Easier for All Foreigner to Choose Panama as Their New Home. The tendency that exists among North Americans, Europeans and citizens in other countries of seeking a second home

The Laws and Local Economy Makes it Easier for All Foreigner to Choose Panama as Their New Home.

The tendency that exists among North Americans, Europeans and citizens in other countries of seeking a second home or retirement abroad seems to be growing, and everything indicates that Panama is becoming popular among new immigrants.

The renowned “International Living” magazine that promotes the lifestyles of US citizens residing abroad, publishes a “Global Retirement Index” where Panama ranked third in 2018.

—How to get a Permanent Resident Permit—

While there are several ways to migrate to Panama, the most popular methods are through permanent residence permits as a Pensioner, Investor, and Friend Country. The law firm POLS Attorneys, specialists in immigration procedures, has provided the following information.

—Permanent Resident Permit as a Pensioner—

Any person who has at least a $1,000 monthly pension from a private entity or a foreign government entity as social security for example qualifies for a Permanent Resident Permit as a Pensioner. The Pension is required to be increased $250 for each dependent (either spouse or child). Another way to qualify is that a person can buy a property of $100,000 and have a monthly pension of $750. Similarly, a married couple who receives two pensions totaling $1000 per month may qualify as Pensioners.

Benefits include a one-time exemption from paying taxes when importing household items (up to $10,000) and importing a car every 2 years tax-free (ITBMS is not exempt). In addition, a Pensioner can receive discounts on restaurants (25%), cinemas/entertainment (50%), hotels (up to 50%), transportation (30%), flights (25%), and many other products and services in Panama including medicines and medical appointments (20%). The procedure of the Pensioner for permanent residence takes approximately 3 to 6 months.

Permanent Residence with Own Economic Solvency:
This type of permit allows anyone with a minimum investment of $300,000 to become a permanent resident.

There are three options available:

1. Purchase of a property titled in Panama with a minimum value of $300,000 in the personal capacity of the applicant, or in the name of a private interest foundation.
2. Investment in a fixed term of $300,000 for a period of 3 years in any Panamanian bank.
3. A combination of (1) and (2) – a fixed term + the purchase of a property, which together total $300,000.

—Permanent Resident Permit – Friendly Countries—

Citizens of any of the 50 nations considered “friendly” with Panama can obtain permanent resident permission through the Law of Friendly Countries (Law 343 of May 2012). To qualify, the friendly citizen needs to: (1) Establish a corporation in Panama, (2) Open a personal bank account with a minimum balance of $5000, and (3) Obtain an authenticated criminal record of your country by apostille. The 50 friendly nations include: Germany, Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Cyprus, Costa Rica, Croatia, Denmark, Spain, Slovakia, United States, Estonia, Finland, France, Great Britain, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Marino, Montenegro, New Zealand, Norway, Netherlands, Paraguay, Poland, Portugal, South Africa, Czech Republic, Republic from South Korea, San Marino, Serbia, Singapore, Sweden, Switzerland, Taiwan, Uruguay.

—Permanent Resident Permit as a Foreign Investor—

The Permanent Resident permit as a Foreign Investor requires a minimum investment of $80,000 in a reforestation project endorsed by the national government. There are several projects with nationwide reach that qualify, and return on investment vary by project. Foreign investments in teak and Caribbean pine, are usually very long-term investments (15 to 20 years), while others such as mango, for example, generate returns in the medium term (4 years).
In Panama City, contact POLS Attorneys
URL: www.pols.com.pa Email:
Email: info@pols.com.pa
Phone: (507) 227-6645)

For immigration services in Panama, real estate services, bank introductions, and constitution of public limited companies and private interest foundations in Panama.

info@thevisitorpanama.net

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