2024 Residency Options in Panama: Visas for Investors and Professionals
Panama continues to solidify its position as a prime destination for international investors, professionals, and retirees, thanks to its updated 2024 immigration categories. Managed by the National Migration Service, these pathways offer clear routes to temporary or permanent residency, backed by tax benefits and legal security.
Key Immigration Categories
Employment-Based Residency:
Targets employees of private companies hiring specialized or trusted personnel.
Hiring Limits:
Up to 10% of total employees for ordinary staff.
Up to 15% for specialized professionals (e.g., engineers, technologists).
Benefits:
Provisional residency for 2 years, renewable to permanent after meeting requirements.
Eligibility for an E-card (foreigner ID) issued by the Electoral Tribunal.
Friendly Nations Visa:
Available to citizens of 50 countries with strong diplomatic and economic ties to Panama (e.g., U.S., Canada, Germany).
Investment Requirements:
Option 1: Property purchase of at least $200,000.
Option 2: Fixed-term deposit of $200,000 in a Panamanian bank.
Process:
Provisional residency for 2 years, convertible to permanent after maintaining the investment.
Self-Economic Solvency Visa:
Designed for high-net-worth individuals seeking residency without local employment.
Minimum Investment:
$300,000 in real estate, bank deposits, or a combination.
Advantages:
Tax exemption on income earned outside Panama.
Qualified Investor Visa:
Updated Requirements (2024):
Until October 15, 2024: Minimum investment of $300,000 in real estate.
After October 15, 2024:
$500,000 in real estate or
$750,000 in fixed-term deposits.
Additional Benefits:
Work permits for immediate family members.
Application Process
Essential Documentation:
Bank certification of funds or property ownership.
Apostilled criminal background checks.
Lease or purchase agreement (if applicable).
Mandatory Legal Assistance:
An authorized attorney must file the application and liaise with Migration authorities.