VILLA LAS PALMAS

BENEFITS OF RESIDENCY

The Friendly Nations Visa allows people from 50 countries, including the US, to fast-track residency visas for business reasons, by opening a business or making an investment and depositing US$5000 plus US$2000 for each dependent in a Panamanian bank. No minimum income requirement exists under this visa and it’s not necessary to relocate to Panama after establishing residency. Successful applicants can keep their residency status for life without having to reapply as long as they pay a visit every two years. As a Panama permanent resident, you’ll have the option to access Panamanian citizenship after just five years. Panama also offers generous discounts on transportation, entertainment, hospital and energy bills for all resident women over the age of 55 and men over the age of 60.
 

Considered among the best retirement programs in the world, the Panama Pensionado program offers excellent incentives such as:

• Import tax exemption for household items.

• Import tax exemption to import a new car every two years (Please note that you will have to pay other taxes when importing your car. You will be exempt from import tax only)

• 25% discount on utility bills.

• 25% discount on plane tickets and 30% on other means of transport.

• 15% discount on loans made in your name.

• 1% reduction in home mortgages for homes used as a personal residence.

• 20% discount on doctor bills 15% on hospital services if no insurance is applied.

• 15% discount on dental and vision exams.

• 10% discount on medicines.

• 20% discount on invoices for technical and professional services.

• 50% discount on entry to cinemas, cultural and sporting events.

• 50% discount in hotels from Monday to Thursday, 30% on weekends.

Healthcare

Panama is known throughout Latin America for its robust healthcare system. Public hospitals and private clinics have highly-qualified bilingual medical staff and professionals. The Panamanian government offers access to its universal healthcare system to all permanent residents. You can also access private international medical insurance plans, which are available to expats living in Panama and are generally much less expensive than insurance in the US. Medications that may require a prescription in other countries are generally available over-the-counter in Panama.

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As of October 15, 2020, Panama has created the subcategory of Permanent Resident as a Qualified Investor; It is specifically focused on those foreigners who invest, at least, an amount of $ 500,000.00 from a foreign source, which may be in a personal capacity or through a legal entity, in which the applicant is always the final beneficiary of the shares of the legal entity that holds the investment. Possibilities:  This recent regulation has established mechanisms or possibilities to obtain permanent residence, in a single stage, through this new immigration subcategory, namely:

• In case of Real Estate Investment: any foreign person who invests the sum of $500,000.00, in the purchase of a real estate property in Panama, which must be free of liens, will be eligible to apply for the permanent residency as a Qualified Investor.

• In case of Real Estate investment by means of a promise to purchase agreement: Any foreign person who invests through a promise to purchase agreement for the acquisition of a real estate property, for the sum of $500,000.00, made through a trust deposit managed by a local bank or trust entity, with license to operate in Panama, shall be eligible to apply for the permanent residency.

• In case of investments made through a Brokerage Agency with a license approved by the Panama Stock Exchange Market Superintendence: any foreign person who makes one or more investments through a Brokerage Agency with a license approved by the Panama Stock Exchange Market Superintendence, for a minimum amount of $500,000.00 in securities of issuers, which businesses affects the national territory, through the Panama Stock Exchange Market, and whose commitment is maintained for at least 5 years from the moment in which said investment is completed, will be eligible to apply for the permanent residency.

• In case of Investment by fixed-term deposit in the Banking Sector: The foreign who makes an investment by opening a fixed-term deposit (s), for a minimum amount of $750,000.00, in any bank with a general license to operate, and that such deposit has a minimum term of validity of 5 years, shall be eligible to apply for the permanent residency.

It is essential to take into consideration that, in order to maintain Permanent Residence as a Qualified Investor, it is imperative that the investment is maintained for a minimum period of five years from the moment it is granted.

Advantages:  One of the most useful provisions established by Executive Decree No. 722 is that it seeks to simplify and facilitate procedures, guaranteeing shorter terms with respect to the usual immigration procedures. This is due to the fact that the applications are processed through the Special Processing Service Division of the Ministry of Commerce and Industries (MICI) and a period not exceeding 30 business days is established for their resolution, counted from the date of receipt of the application.

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Another practical benefit that can be mentioned is that the aspiring qualified investor is allowed to start the application process from abroad, which allows the investment to be made before entering Panama, through his / her attorney, in order to start managing the residency procedure.