Self Economic Solvency Visa

Self Economic Solvency Visa

Panama Immigration Services offers our immigration lawyers with obtaining a Panama Self Economic Solvency Visa.

Law N° 16, of June 30,1960 created this program to offer international investors the opportunity to obtain Panama legal residency, Panama citizenship (and a Panama passport) by making certain Panama investments.

Currently, the Panama Self Economic Solvency Visa offers three (3) different Panama investment options to qualify for Panama residency:

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Panama Investment Option #1:

Panama Investment: Invest a minimum of US$300,000 (Three Hundred Thousand US Dollars) in a three (3) year time deposit (or "certificate of deposit" or "CD") at any Panama bank.

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

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Panama Investment Option # 2:

Panama Investment: Invest a minimum of US$300,000 (Three Hundred Thousand US Dollars) in titled Panama real property. This must be equity, as mortgages do not count.

Stipulations: (1) The titled Panama real property can either be in the personal name of the primary applicant or in the name of a Panama Private Interest Foundation; as long as the primary applicant is either the Founder or a Beneficiary (it may not be in the name of a Panama corporation or trust). (2) The primary applicant must also prove that he or she has sufficient income to support him or herself.

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

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Panama Investment Option # 3:

The third option is a mixture of a 3-year Panama bank CD with Panama real estate purchases equity (excluding mortgages) with both totaling a minimum of $300,000.

Requirements to Qualify for a Self Economic Solvency Visa

Foreigners that invest the minimum sum of Three Hundred Thousand dollars ($300,000) in Panama real estate or a Panama bank time deposit or a combination of both will be able to qualify for this visa. If the foreigner has dependents, the applicant needs to invest an additional Two Thousand Dollars ($2,000) for each dependant.

Qualifying for a Panama Self Economic Solvency Visa with a Fixed Panama Bank Time Deposit.

In addition to the basic requirements established in Article 28 of the Decree Law, the applicant must submit the following documents:

1. Panama bank certification that the foreigner opened a Panama bank time deposit account in the applicant's name for a minimum of three (3) years iin any Panama bank for a minimum value of Three Hundred Thousand dollars ($300,000), or its equivalent in foreign currency;

2. Copies of the Panama bank time deposit certificate authenticated by the bank.

Panama Self Economic Solvency Visa by Investing in Panama Real Estate

In addition to the requirements established in Article 28 of the Decree Law, the following documents must be submitted:

1. Certificate from Panama's Public Registry verifying personal title of the applicant with a minimum value of Three Hundred Thousand dollars ($300,000), free of debt.

Note I: In the case that the title of the Panama real estate is under the name of a Panama Private Interest Foundation, the applicant will qualify if he or she is the Founder and/or one of the beneficiaries. The certificate of the Public Registry must designate the applicant as either the Founder or Beneficiary.

Note II: In the case when the applicant has paid the minimum required cash sum of Three Hundred Thousand dollars ($300,000) towards the total price of the Panama real estate, he or she will be able to finance the remainder through mortgage loans.

Note III: The General Director of the National Service of Immigration will be able to consider the Panama permanent residency application as a Panama self economic solvency visa of those foreigners who invested a minimum of Two Hundred Thousand ($200,000) in Panama real estate but less than Three Hundred Thousand dollars ($300,000) if they entered into a sales contract before this rule went in to effect [August 26, 2008]. This exception should be verified by the bank transfer to the Panama real estate agency as a guarantee of the Panama real estate purchase with an authenticated copy of the promise to buy and/or pre-construction contract.

Panama Self Economic Solvency by Mixed Panama Investments (Fixed Panama Bank Time Deposit and Panama Real Estate Purchase)

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

Dependents: For each additional dependent that applies for Panama residency under this Panama immigration program, 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 Panama Residency:

1. Provide all required documents, and sign the Special Power of Attorney for our law firm to handle your Panama immigration paperwork.

2. The Panama bank account is opened, and you make the time deposit. The Panama bank then provides a certificate of deposit, and a copy of the time deposit contract.

3. Register passport at Panama Immigration office.

4. Present application with all required documents to Panama immigration, with Government fees & Repatriation Deposit (if applicable).

5. Panama immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa.

6 . Panama immigration department issues applicant 2 year Temporary Permit (Visa).

7. Panama immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa.

8. Panama immigration department issues applicant Permanent Residency Permit (Visa).

9. After 5 years of Permanent Resident status, applicant may apply for Panama citizenship through Naturalization process (once a citizen, then a Panama passport may be obtained).

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

When the immigration visa is approved plan to visit Panama for two weeks because immigration may hold onto your passport for 5 business days while they insert the official stamps and information in the passport.

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Option # 2 Procedures for Applying for Panama Residency:

1. Provide all required documents, and sign the Special Power of Attorney for our law firm to handle your Panama immigration paperwork.

2. The Panama titled real property is purchased. The Public Registry issues a certificate of ownership, and a registered copy of the Panama real property purchase contract.

3. Register passport at Panama immigration office.

4. Present application with all required documents to Panama immigration, with Government fees & Repatriation Deposit (if applicable).

5. Panama immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa.

6. Panama immigration department issues applicant 2 year Temporary Permit (Visa).

7. Panama immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa.

8. Panama immigration department issues applicant Permanent Residency Permit (Visa).

9. After 5 years of Panama permanent Resident status, applicant may apply for Panama citizenship through Naturalization process (once a Panama citizen, then Panama passport may be obtained).

It is not necessary for applicants to reside in Panama to qualify for or maintain Panamanian residency or Panama 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 (Panama citizenship and a Panama passport).

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Option # 3 Procedures for Applying for Panama Residency:

1. Provide all required documents, and sign the Special Power of Attorney for our law firm to handle your immigration paperwork.

2. The Panama bank account is opened, and you make the time deposit. The Panama bank then provides a certificate of deposit, and a copy of the time deposit contract. The Panama titled real property is purchased, and the Public Registry issues a certificate of ownership and a registered copy of the purchase contract.

3. Register passport at Panama immigration office.

4. Present application with all required documents to Panama immigration, with Government fees & Repatriation Deposit (if applicable).

5. Panama immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa.

6. Panama immigration department issues applicant 2 year Temporary Permit (Visa).

7. Panama immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa.

8. Panama immigration department issues applicant Permanent Residency Permit (Visa).

9. After 5 years of Permanent Resident status, applicant may apply for Panama citizenship through Naturalization process (once a Panama citizen, then a Panama passport may be obtained).

It is not necessary for applicants to reside in Panama to qualify for or maintain Panamanian residency or Panama 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 (Panama citizenship and a Panama passport).

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Panama Offshore Legal Services Fees:

For Primary Applicant:

Stage 1:
Legal Fee - 2 year Panama Temporary Immigrant Visa: US $2,000
Government Fees and Costs: - To Tesoro Nacional (National Treasury): US $250
- Repatriation Deposit (non-refundable): US $800
- Other Expenses: US $102
Total Government Fees & Repatriation Deposit: US $1,152

Stage 2:
Legal Fee - Panama Permanent Residency Visa: US $2,000
Government Fees and Costs: US $300

Stage 3:
Legal Fee - Panama Naturalization (Citizen / Passport): US $4,000
Government Fees and Costs: US $1,500

For Dependents (spouse or children under 18 yrs):

Stage 1:
Legal Fee - 2 year Panama Temporary Immigrant Visa: US $1,500
Government Fees and Costs: - To Tesoro Nacional (National Treasury): $250
- Repatriation Deposit (refundable once the permanent visa is approved): $800 - Other Expenses: US $102
Total Government Fees & Repatriation Deposit: US $1,152

Stage 2:
Legal Fee - Panama Permanent Residency Visa: US $1,500
Government Fees and Costs: US $300

Stage 3:
Legal Fee - Panama Naturalization (Citizen / Passport): US $3,000
Government Fees and Costs: US $1,500

Required Documents (for Panama Immigration office 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.

7. Original Financial Reference Letters: These can be from any bank, brokerage firm, or credit union. It has to be authenticated from the consulate of Panama in your country. 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.

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 Panama immigration applications and documentation.

2. Letter of Responsibility, signed by the applicant, whereby the applicant takes responsibility for his/her dependents.

3. Panama 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 Panama 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. 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.

Note that immigration request that the applicant for any type of visa, be present physically at the immigration office in Panama, at the time of Visa application.

Panama Immigration will not allow people to visit wearing shorts, t-shirts, or sandals. Immigration will not accept U.S. currency in denominations of $50 or $100.

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If you are interested in relocating to Panama, or obtaining legal residency in Panama, please contact us for a personal consultation.