If you want to become a permanent resident of Panama for personal or professional reasons, the Qualified Investor Visa program can help. At Mata & Pitti, we have experience helping applicants start investing and banking in Panama for the visa application process. Here are three of the requirements you must meet before your residency application is approved:
1. Minimum Investment
When applying for the visa program, applicants can choose from three investment options with different dollar amount minimums. These investments prove to the Panamanian government that the applicant values their economy and will be a worthwhile addition to the country. The minimum investment amount is $300,000 and must be put toward a real estate property. Applicants must retain their investment properties for at least five years to prove their dedication to permanent residency. Real estate investment minimums will increase to $500,000 after October 2024.
The second investment option is to place $500,000 or more into the Panamanian stock market. Investments in securities must be made through pre-approved Panamanian brokerage firms. Applicants must keep their money in the stock market for at least five years to qualify for the visa. A private bank deposit is the third investment option for qualified visa applicants. The minimum deposit amount is $750,000, which must be deposited in a qualifying local bank. Applicants must continue banking in Panama for at least five years to meet the permanent residency requirements. Our team will help you find and evaluate banks and properties that meet your investment requirements.
2. Bank Statements
To prove that applicants’ funds came from a legal source, they must include recent bank statements with their applications. The statements should also show that their investment transaction was completed successfully. Verification from the applicant’s bank that the investment funds were sent and a notarized letter from the recipient are required to prove the investment was made. Other payments that must be supported with bank statements include the application fees for each investor and their children or dependents. These fees are paid to Panama’s National Treasury and National Immigration Service. Mata & Pitti will help make sure your documents are accurate and delivered to the specific parties on time.
3. Proof of Identity
Qualified Investor Visa applicants must include documents supporting their identity. These include a copy of an authenticated passport with extra photographs, a criminal background check, and a personal background declaration. The personal background declaration gives the immigration office insight into applicants’ work and education history, close relationships, and community standing. If individuals apply for an investment visa with children under 18, they must prove their relation to and responsibility for the minor and give supporting evidence for the children’s identity. Our lawyers will inform you of what documentation you need when applying to the program with dependents.
Start Banking in Panama
Mata & Pitti offers guidance to individuals and families who are interested in relocating to Panama. Panama offers immigrants a range of opportunities to grow businesses and create comfortable lives. Our team understands the steps involved in the Qualified Investor Visa application and will help you gather all the necessary information to improve your chances of approval. Contact our office today to learn more about Panama’s permanent resident visa options.