Q. What kinds of Immigration Programs does Panama offer to foreigners?
Panama has several immigration programs which enable foreigners to obtain legal residency and citizenship/passports in the . Most of these laws have been created to promote foreign investment.
• The Immediate Passport Program allows foreigners to obtain an immediate passport under the
• condition that they make a 5 year time deposit (certificate of deposit - "CD"), at the Banco
• Nacional de Panama, which earns a minimum of US$750 per month in interest income.
• Another program called the Self Economic Solvency (Bank Deposit Program) exists where the
• applicant must invest a minimum of US$100,000 in a 1 year time deposit at any licensed bank in
• Panama. For each additional dependent that applies under the primary applicant, the time deposit
• (CD) amount must be incremented by US$5000 (for each dependent).
• The Reforestation Program offers international investors the opportunity to obtain
• legal residency and eventually a passport in Panama through a US$50,000 investment in any
• approved reforestation project.
• Small Business Investor Program allows foreign business owners to obtain legal residency in
• Panama under the condition that they invest a minimum of US$40,000 in either a new business
• venture, or an established company in Panama. Part of the requirement is that the business must
• employ at least 3 Panamanian employees paying them at least minimum wage, with social
• security benefits.
• The Tax Free Processing Zone Program allows foreign investors to obtain legal residency
• in Panama under the condition that they must rent a plot of land or an office or building (rented
• through a 10 to 20 year concession) within one of the new tax free processing zones in Panama,
• for the purpose of operating a business from Panama that exports its products or services. And,
• the Retired or Pensioned Program allows foreigners to obtain permanent legal residency in
• Panama under the condition that they are retired or pensioned. The applicant’s retirement income
• (or pension income) must be at least US$500 per month.
|
