Panama has been characterized as one of the countries with the best financial stability outlook for all types of investors today. Both the plurality of its businesses and the business boom have been attractive points for all those interested in undertaking and investing in business.
If you are a citizen of United States and are contemplating an entry into the business arena as an investor, you might want to explore the opportunity of securing an investor residency permit in Panama. Nevertheless, acquiring this visa necessitates the assistance of skilled legal advisors. Specialized firms, like Legal Solutions Panama, offer a team of experts who can guide you seamlessly through the entire process.
What is the aim of an investor visa in Panama, and what advantages does it offer to foreigners?
Panamanian legislation permits foreign entrepreneur investors to enjoy the same rights as locals regarding property and financial assets within the country. Furthermore, holding this visa grants you legal residency in Panama, enabling investment in real estate, businesses, or time deposits, and access to essential services like education and healthcare.
This nation is notable for its robust economy and conducive business environment, presenting investors with numerous chances to grow their commercial endeavors. The straightforward process of opening bank accounts and managing international transactions, attributed to its status as a financial hub, is a significant advantage.
Additionally, this visa enables applicants and their families to experience a high-quality lifestyle in a nation abundant in culture and biodiversity. The benefits of a political and legal framework supportive of foreign investment, along with the opportunity to acquire Panamanian citizenship after a certain period of residency, render this permit an appealing choice for expatriates in Panama.
What are the requirements to obtain an investor visa in Panama from United States?
As with any legal process required in the country, to obtain an investor visa in Panama, you must submit a collection of documents:
- Power of attorney and application, including notary’s office duties and the corresponding tax stamps.
- Four photographs of the applicant in passport size.
- A photocopy of the applicant’s passport.
- Criminal record certificate of the applicant, duly apostilled.
- Health certificate issued by a qualified physician within the Republic of Panama.
- A certified check for USD 250, payable to the National Treasury, can be made by the applicant or their legal representative. The certification fee per check is USD 10.70, which the holder must cover.
- A certified USD 800 check payable to the National Immigration Service, which may be provided by either the applicant or their legal representative. Certification costs are the same as mentioned for the previous point.
- Personal Background Affidavit Form, to be filled out and signed by the applicant.
- Documents required based on the investment type:
- For real estate investment, the following documents are necessary:
- Certification from the Public Registry, confirming real estate ownership under the applicant’s name, valued at a minimum of USD 300,000, free of any encumbrances.
- If opting for a time deposit, the applicant must provide:
- Bank certification verifying the opening of a time deposit account in the applicant’s name, amounting to USD 300,000 with a minimum term of three (3) years at any general license bank in the country, free from encumbrances.
- Copy of the fixed-term certificate, authenticated by the bank.
- Two letters of responsibility.
If you have dependents, you must account for the extra requirements that need to be submitted.
Step-by-step instructions: Your practical guide to securing an investor visa
This process is straightforward. By following the steps outlined below, you can ensure a seamless visa journey from beginning to end:
- Application Submission: Visit the National Immigration Service in Panama to submit your application. Ensure you have all the necessary documents and complete the appropriate application form.
- Payment of Fees: Pay the administrative fees required for the investor visa. Verify the current fees as they may change by the time you apply.
- Assessment Process: After submitting your application, the National Immigration Service will evaluate your case. This assessment can take anywhere from 3 to 6 months.
- Visa Issuance: If your application is approved, your investor visa will be issued. Carefully review the terms and conditions and ensure there are no mistakes in the document.
Legal Solutions Panama: Professional attorneys to assist you in obtaining your investor visa
As illustrated, applying for an investor visa involves fulfilling multiple requirements. Initiating this process with guidance from seasoned experts is advantageous, and Legal Solutions Panama is well-positioned to assist you right from the outset.
This team of lawyers stands out for the breadth of their services and for their years of experience in advising on visa and immigration procedures. If you are interested in knowing more about how to obtain your investor visa with their support, visit their website and get a free 30-minute consultation with one of their experts.
