Banking in Panama has several benefits, including access to financial services and a thriving economy. The country offers foreign stocks, currencies, government bonds, and more to diversify investor portfolios. Our team of attorneys at Mata & Pitti helps foreigners become residents and participate in private banking services with our legal and investment guidance. Here are some of the visa programs available for individuals who want to bank in Panama:
1. Qualified Investor Visa
The Qualified Investor Visa is for foreigners who contribute to the development of the Panama economy through investments. Until October 2024, those interested in using this visa must purchase real estate worth at least $300,000. To demonstrate permanent residence, individuals may invest $500,000 through a brokerage house with a license approved by Panama’s authorities. Banking in Panama also allows interested parties to invest in a time deposit for five years. During that time, investors have various options to protect their investments and assets, such as private foundations, trusts, and more.
2. Self-Economic Solvency Visa
A Self-Economic Solvency visa is specifically for foreigners who are ready to invest. They have three options when applying for this visa, including making a time deposit, real estate investment, or both. A time deposit must be established for three years, while real estate property requires a purchase of a minimum amount of $300,000. Applicants must also provide proof of financial solvency. If an individual wants to invest in both options, they must purchase and invest for a minimum of three years. The government offers applicants permanent residency after two years.
3. Pensioner Visa
Pensioner visa applicants must be retirees, but they are not limited by an age requirement. Qualified applicants must have monthly income or a pension. This visa grants retirees permanent residence within six months and gives them a personal identity card. Other benefits of this visa include discounts on concerts, sports, or public transportation. Medical consultations and pharmacy medications are also discounted for retirees after they gain residency. After five years as a permanent resident, retirees can apply for Panamanian citizenship. Mata & Pitti will help you identify and fill out the appropriate visa and citizenship documents.
4. Macro Enterprise Investor Visa
Those looking to invest in a macro business must have access to at least $160,000 of capital for each applicant to become a shareholder. Other conditions that must be met for a Macro Enterprise Investor visa include investing capital stock in the company, shares, and their class. Applicants must provide proof of investment and documentation of their role as director or shareholder. The company must also have at least five Panamanian employees working full-time. Employee salaries are required to meet the law for their region. Our team can help you identify good investment opportunities to improve your chances of getting your visa approved.
Start Banking in Panama
Mata & Pitti has a team of lawyers who can help you apply for and obtain residency through various visa programs. Investment, real estate, and other visa programs are available for foreign residents and retirees seeking temporary or permanent residency in Panama. Once your application is complete, we’ll confirm the accuracy of all information and submit the documents to the authorities in Panama. Contact our team today to learn about the visa programs that suit your financial preferences.