Panama continues to be one of the easiest countries to migrate to. It has a growing economy that is one of the highest in central and south America. The economy has also become relatively stable with the help of the government investing in job and business growth.
Panama’s economic growth has caught the interest of numerous international companies and many foreign entrepreneurs have been wooed to Panama to start business there.
Why Panama Wants Immigrants
The economic growth, however has caused a discrepancy in the supply and demand for skilled workers. To remedy this problem, presidential decrees were issued to create additional visa types, making it easier for foreigners to become Panamanian residents and citizens.
The intent behind these easier immigration requirements and processes is to attract skilled, college-educated individuals who can take the jobs many Panamanians aren’t qualified for.
Besides attracting educated, skilled workers, the Panamanian government also wants to attract wealthy foreign investors who will help build-up and support the Panamanian real estate, agricultural and reforestation industries.
Panama is welcoming non-workers as well. Immigrating to Panama is easy with the many kinds of visa available, affordable fees and minimal visa requirements.
Types of Panamanian Visas
Panama currently has the following immigration visas available:
- Panama Friendly Nations Visa (citizens of 47 countries deemed friendly to Panama can quickly become a Panamanian resident and citizen upon launching a business or getting employed by a Panamanian company.)
- Panama Self Economic Solvency Visa (for wealthy foreign investors who want to invest in Panamanian real estate and banking.)
- Panama Agricultural Investor Visa (for foreign investors who invest in Panamanian agriculture and farming)
- Panama Pensionado (Retirement) Visa (for middle and high-income foreigners who want to retire to Panama.)
Each type of visa has different requirements to qualify as well as documentation. Most require a fee and/or monetary deposit in a Panamanian bank. Current passport documentation, photos and proof of employment and identity are also usually required. While Panama is eager to accept immigrants, only immigrants who are able to prove that they can sustain themselves and be a contributing member of the Panamanian society are accepted.
The processes are also different, with some involving shorter timeframes than others. For more in-depth detail about each of these type of Panamanian visas, visit the Panama Immigration Services website.
Panama is a desirable country with a stable and thriving economy that offers many employment, entrepreneurial and investment opportunities.
Whether you’re looking for work or considering retiring in Panama, contact Mata and Pitti, a trusted and experienced Panama law firm, today to learn more about and start the process of establishing Panamanian residency and citizenship.