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The Panamanian balboa (B) = 100 centesimos. The official paper currency is the U.S. dollar, which is accepted everywhere at the rate of B1 = US$1.

Sunday, 1 March 2009

What it takes to obtain a panamanian residency?

Certainly, it depends on what you want to do and how long you want to stay in Panama. For example, Investor Visa with a minimum investment of US$150,000.00 in a business with at least 3 Panamanian employees. If you are able to live in Panama by your own means, I strongly recommend you the Personal Income Visa with a term deposit of US$300,000.00 in a local bank for 2 years (minimum) or the ownership of properties, which all together sum US$300,000 or a mix of both options to sum the same amount of money.

Also, the most attractive visas are: Pensioned tourist and Private Income Retiree Visa, with several benefits and tax exonerations.

If you wish to work in Panama, the sponsor company has to prove that you earn monthly more than US$800.00 or US$1,000.00 if you are an executive. For the works visa, you have to obtain your work permit from Ministry of Labor.

Too complicate!!... Get a Panamanian girlfriend! Married with Panamanian Visa grants the work permit and the residency really fast. However, you will have two personal interviews at the Immigration office and one domicile visit.

2 comments:

Montenegro said...

I think its a great opportunity to invest. Return on investment is good. montenegro

http://find.com/montenegro

Paul said...

I am a Canadian national married to a Panamanian residing in Panama for 5 years. I have a business (Internet Marketing) and I still do not have my residency.

My lawyer (my wife is a pasante (paralegal)) says that government has not acted on signing the Visa for all of us who had the misfortune of applying under the previous government.

It is beginning to feel like extorsion every 3 months I pay my 30 dollars, get my carnet for 3 months then go through the process of re-applying for my drivers license and pay them $45 this is never ending.

Panama has lied to the international community that it is welcome to those to live, invest in Panama. It has been anything but welcome.

I love my wife, I pay Panama taxes, I am law abiding, and yet I feel I have been slighted well, I guess if I wait long enough and I stay in good health I my live to have my residency.

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