Have you ever considered taking up residency in another country? If so, it is likely you have come across the Panama Friendly Nations Visa. Here is some information you should know about the visa and its requirements.
What Is a Panama Friendly Nations Visa?
This particular visa is an immigration program where citizens of select countries who have links professionally or economically within Panama are able to apply for residency.
The residency can be permanent and will allow them to have the right to get a Panamanian ID or a Cédula. As long as they meet specific criteria, they can apply for an indefinite work permit.
Those who apply for this visa will receive a provisional residency that will be valid for two years. Then, if they have maintained the specific requirements, applicants are able to apply to reside in Panama permanently. This visa requires one main applicate with an option to add a spouse, children under 15, or parents.
How Much Is the Visa?
There are two or more fees that are charged when applying for the Panama Friendly Nations Visa. These fees are government fees and legal fees and are applied differently in each situation.
You should be prepared to pay at least $10,000 when moving to Panama with this type of visa. There are two fees that must be paid and apply to all applicants over the age of 12. This fee is $800 and covers the cost of deportation if a crime is committed by the applicants. The second fee is $250 and is the basic application fee that all applicants must pay.
Beyond these definite fees, there are a host of other expenses you may need to pay. These fees may change over time, but these numbers are a good estimate. To move to Panama, you must prove financial solvency by opening a bank account and depositing at least $5,000 into it. Applicants can get this deposit back once they’ve applied for the Panama Friendly Nations Visa.
Applicants may also need to pay banking fees ($250), attorney fees ($2,00), yearly company fees ($500 to $1,200) and a handful of other payments. In these instances, applicants should overestimate the required financial needs.
History of the Visa
In 2012, the Panamanian government passed executive order number 343. This stated that 22 different friendly nation citizens with professional and economic ties to Panama were able to apply for provisional residency on a fast track. Now 50 different countries are now able to qualify for this visa.
How to Qualify
There is a short list of items one must have to be able to qualify for the visa. First, you must be a citizen of one of the 50 countries that qualify. An applicant must have economical or professional ties to the country of Panama. They must show proof of financial solvency and must provide the documentation to support it. Lastly, they must pay all required fees.
All documents must be validated, authenticated, and translated. Valid documents must be dated within the last 90 days or they will not be accepted. There are several documents one must have to qualify, including a passport, criminal history background, copy of ID, medical certificate of good health, and more. If married and applying with your spouse an official marriage certificate is required.
Benefits of Taking Residency in Panama
Panama has a wide variety of different benefits that may entice one to take up residency. One of the biggest draws to this area is the weather. Panama’s weather is quite pleasant as the average temperature is around 75 degrees in the morning and around 86 degrees in the afternoon. There is a long rainy season from April to December; however, there is no need for heating systems. Panama is a great place for those sick of cold weather.
The living cost in Panama is quite low compared to other countries. Rent varies, but on the main streets, it can be as low as $700 US dollars per month. Because of this, there are many ex-pats or people from other countries living in Panama. There is also practically no langue barrier as English is seen as their second language (Spanish being the first). These are just a handful of benefits of taking up residency in Panama.
You can enjoy these benefits with a Panama Friendly Nations Visa.