Panama Immigrant Visa – Economic Solvency

The laws, which regulate Immigration matters in Panama, establish several ways to become a resident in this country. We are pleased to give you all the necessary information of the Immigrant Visa/Self Solvency, so you can get a general view of the way to obtain a permanent residency in Panama once you have this kind of Visa.

This Visa is granted in two stages :

Provisional Permanence permit: valid for one year. This permit can be obtained through Panamanian Consulate in the city of your choice or at the Immigration Department in Panama.

Definitive Permanence permit: which entitles the applicant to obtain a personal identity card or cedula and its application, must be filled out personally by the applicant in Panama.

The immigrant visa is the only visa, which entitles a foreigner to apply for Panamanian citizenship.  The Panamanian Constitution requires that a foreigner hold continuous residence for a five-year period in order to apply for citizenship.  This five years period begins on the date the Provisional Permanence permit is issued.

If applicant were married he would be able to include his wife and children under 18 years old as dependents. Children older than 18 years old up to 25 years old may be included as dependents as long as they are studying college or university supported by the applicant.

The requirements are:

    Filled Registration Form*
    Power of attorney*
    Health certificate issued by a Doctor in Panama.
    Certificate of good conduct issued by the competent authorities at the applicant’s  place of residence during the last two years, duly authenticated by Panamanian Consulate or by Apostille.
    Sworn declaration about personal background signed and filled*.
     Certified Check (from National Bank) in benefit of TESORO NACIONAL for $100.00
     Certified Check (from a National Bank) in benefit of MINISTERIO DE GOBIERNO Y JUSTICIA for $500.00
    Four photographs

* These documents will be provided by our firm and all documents from abroad must be duly authenticated by a Panamanian Consulate or by apostille.

The self solvency can be proved in three different ways:

The applicant can proof his/her solvency through a property, the amount of the purchase has to be at least US$300,000.00, the property should be registered under the applicant’s name and it is necessary to present to Immigration Department a Certificate of Good Standing of the applicant.  In addition the copy of the purchase contract property.

The applicant also has to present banking reference letters from local or overseas banks (letters from overseas banks have to be duly authenticated by the Panamanian Consulate).  The letters should proof to Immigration authorities that the applicant has enough solvency to take care of himself and take care of the property expenses (many as possible), or other kind of certification that indicates that the applicant receives enough incomes to take care of himself, his family and the expenses of the property.

The second option is to 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. The third option is a combination of both.

For a more detailed explanation on how to qualify, view our article

“Requirements to Qualify for a Self Economic Solvency Visa in Panama”

If the applicant wants to include his family, they must bring the following documents:

    Registration Form for each one
    Letter of responsibility from applicant.
    Certificate of good conduct of wife and children over 18 years old*.
     Certified checks in benefit to TESORO NACIONAL and MINISTERIO DE GOBIERNO Y JUSTICIA ($100.00 AND $500.00 in that order, for each one)
    Marriage certificate*.
    Birth certificates of children*.
    Four photos 1 1/2 x 2′ per person.
    Good Health Certificate issue by a Panamanian Doctor, for each one.
    Sworn declaration of personal background for wife and children over 12 years old, duly filled and signed

* All documents from abroad must be duly authenticated by a Panamanian Consulate or by apostille.

Once the year of provisional residency has elapsed, the applicant will apply for the Definitive Permanence Permit with the right to obtain a Panamanian Identity Card and should submit the following documents:

    Power of attorney and application presented by an attorney at law*.
    Health certificate issued by a Panamanian Doctor.
    Solvency proof (the applicant must keep the first stage solvency)
    Expired provisional permit
    Two photographs 1 1/2″ x 2″
    Sworn statement about personal background.*

If applicant has included his family at the beginning, they should bring additionally:

    Letter of responsibility from applicant.
    Expired provisional permit
    Two photos
    Health Certificate
    Sworn statement about personal background.*

NOTE : Daughters and/or sons from 18-25 years old can be included as dependents, if they are studying at a college or university.

Contact Information:

info@thepanamaclub.com

+507-836-6542 / 43 (Panama)

1-(305)-503-9957 (USA)