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Residency in Panama
Panama offers a variety of visa options tailored for individuals seeking retirement, investment opportunities, or a second residency. At Ilitia, we provide a full range of legal services to support your residency journey, all handled by licensed professionals in Panama. Our team and strategic alliances can also assist with setting up your home, securing insurance, opening bank accounts, and addressing other needs for your stay—whether temporary or permanent.
Visa options in Panama
1. Friendly Nations Visa
This visa is popular for citizens from 50 designated "Friendly Nations" and provides permanent residency.
Key requirements:
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Establish a Panamanian company where you are the shareholder (confidential).
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Open a personal bank account in Panama funded with at least $5,000.
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For dependents (spouse and children under 18 or up to 25 if studying), add $2,000 per dependent.
Friendly Nations List:
Includes 50 countries such as the USA, Canada, Spain, Germany, Japan, and South Korea. (Full list available upon request.)
2. Pensioned Program (Pensionado Visa)
Ideal for retirees receiving a lifetime pension.
Key requirements:
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Monthly pension income of at least $1,000.
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If the pension is less than $1,000 (but $750 or more), applicants must purchase Panamanian real estate worth at least $100,000.
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Benefits:
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$10,000 exemption on importing personal or domestic items.
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Tax-free importation of a personal car every two years.
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Migratory fee exemptions.
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Discounts on entertainment, healthcare, and more.
Note: This visa does not allow the holder to apply for Panamanian citizenship.
3. Self-Economic Solvency Visa
Provides three options for securing residency based on financial solvency:
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Term deposit: Open a fixed-term deposit of $300,000 in a Panamanian bank for three years.
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Real estate investment: Purchase titled real estate in Panama worth $300,000 (can be under a Private Foundation with the applicant as founder or beneficiary).
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Combination: Combine a term deposit and real estate investment to meet the $300,000 minimum.
Additional requirements for dependents:
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$2,000 per dependent.
Residency process:
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Provisional residency is granted for one year while the application is processed. Permanent residency is
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typically granted within 4–6 months.
4. Retired Incomer Visa (Second Passport)
Aimed at individuals seeking a second passport for safety or convenience.
Key requirements:
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Open a term deposit at Banco Nacional de Panamá for five years, yielding monthly interest of $750.
Benefits:
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Obtain a second passport (Note: This passport does not grant Panamanian nationality or residency).
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Tax-free importation of a personal car every two years.
Additional visa options
Panama also offers various other visas for individuals establishing businesses, working for multinational companies, or pursuing other interests. Our team can help identify the best option for your specific circumstances.
Why choose Ilitia?
At Ilitia, we provide comprehensive legal support and personalized guidance for your residency application in Panama. With our expertise and trusted network of collaborators, you can feel confident that every detail of your process will be handled professionally and efficiently.
Contact us today to start your journey toward residency in Panama.