Panama ranks among the top destinations for people from Canada, credited to its inviting weather, strong economic stability, lively social environment, and diverse cultural legacy. Featuring tropical vistas, extensive biodiversity, and verdant rainforests, Panama combines contemporary conveniences with an elevated quality of life.
As a major financial center, the nation offers a wide range of economic prospects, with its strategic geographical position linking it to various worldwide locations.
If you’re thinking about relocating to Panama, it’s crucial to familiarize yourself with the various visa availables available. This knowledge will assist you in choosing the one that aligns best with your requirements.
Various Permits and Residencies for Traveling to Panama
Understanding the various types of visas and residency permits is crucial to know the requirements for each case. While this article provides an overview of some conditions, it is always advisable to consult with an expert for detailed information and guidance on the procedures.
The various categories of residence permits consist of:
- Investor: If you can prove an investment in real estate or a term deposit at a bank totaling USD 300,000 or more, you may qualify for a residence permit.
- Friendly Countries: This permit can be obtained for work, investing in property, or making a fixed-term deposit of at least USD 200,000.
- Family Reunification: Designed for foreigners married to Panamanian citizens or those with children living in Panama.
- Retired or Pensioned: This permit allows retirees to settle in Panama. A monthly income or pension must be at least USD 1,000 or its equivalent in another currency.
- Professionals: Aimed at individuals who wish to advance their professional careers within Panama.
- Headquarters of Multinational Companies: This permit is for expatriates working in multinational firms located in Panama. It includes:
- SEM Special Events Permit: For participants in special events.
- SEM Permanent Personnel Visa: Valid for a duration of up to five years, with the option to renew for an additional five years.
- SEM Temporary Personnel Permit: Valid for up to three months, with the possibility of renewal.
- Education/Students: This permit grants individuals the opportunity to study in Panama.
- Technical 15%: For specialized staff recruited within the 15% quota, requiring a minimum monthly salary of USD 850.
- Foreigner 10%: For general staff hired within the 10% quota, also necessitating a minimum monthly salary of USD 850.
Criteria for a Residence Permit for Friendly Countries
Panama provides a unique residency pathway for citizens from Friendly Countries through agreements with several nations. This initiative streamlines the procedure for securing Panamanian visa.
The Friendly Countries program encompasses 50 nations, including the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, among others. If you hail from Canada, this visa option is particularly advantageous.
To qualify for this residency permit, there are certain criteria you must satisfy. These are outlined below.
- Citizens from these nations may apply for a provisional residence permit, which remains valid for two years.
- The application fee for the provisional residence permit encompasses notary fees, certifications, processing, and issuance of the residence card, amounting to approximately USD 2,257.
- To apply for a Friendly Countries Visa in Panama, the following documents are necessary:
- Notarized and countersigned power of attorney and application by a licensed Panamanian attorney.
- Copy of the applicant’s passport, authenticated by a Panamanian notary.
- Criminal record certificate issued within the last three months.
- Health certificate.
- Two checks: one for USD 250 made out to the National Treasury and another for USD 800 payable to the National Immigration Service.
- Personal background affidavit form.
- Documentation outlining the purpose of establishment based on the applicant’s economic activity.
- Copy of the applicant’s Identification Card or a similar form of ID.
- Recent bank statement or certification demonstrating an average balance of at least four figures.
- A bill for water, electricity, telephone, or a hotel receipt indicating the applicant’s address.
Legal Solutions Panama: Seek Expert Assistance
Each residence permit has specific requirements and considerations for moving to Panama. For this reason, professional assistance can make this process much simpler. It can make your dream of living in this beautiful Central American country from Canada.
The specialized lawyers at Legal Solutions Panama help foreigners who wish to stay in Panama. They provide expert guidance, answer all your questions, and assist with the extensive paperwork. You can visit their website to schedule a free consultation and ask about your doubts.
