In Panama you can find an alternative to live, do business or work in a company, if your country is in the list of nations that maintain excellent relations with Panama then you found the perfect destination to start a new life in a friendly and comfortable country.
The immigration law through Decree No. 416 of June 15, 2017, which was amended by Decree No. 1174 of November 28, 2013 includes the following countries:
Germany, Andorra, Argentina, Australia, Austria, Brazil, Belgium, Canada, Croatia, Chile, Costa Rica, Cyprus, Denmark, Estonia, Finland, France, Germany, Great Britain, Holland, Hong Kong, Hungary, Ireland, Ireland, Northern Ireland, Israel, Japan, Latvia, Liechtenstein, Luxembourg, Malta, Mexico, Monaco, Montenegro, Lithuania, Norway, New Zealand, Paraguay Poland, Portugal, Slovak Republic, San Marino, Serbia, Sweden, South Africa, Switzerland, Taiwan, Uruguay.
What you should know about this Permit or Visa:
It offers you the opportunity to have permanent residence in Panama in a very simple way, and also to obtain a Panamanian identity card, we have designed frequently asked questions and answers that may help for your case.
How can you obtain your Residence with the friendly countries visa?
You can apply in 2 ways:
Option N ° 1:
Creating a company or corporation.
This option is the most viable to get your permanent residence, because it allows you to live in Panama in such a way that you do not need to depend on a company, but if you want to find a job you have the option to do it because you can also get your work permit once your residence is approved.
What do you need to start the immigration process?:
• Create a corporation: it must have 3 directors and you must be a shareholder for at least 50% of the shares.
• Open a bank account: this amount must have the sum of $ 5000.00 dollars and if you include family you must deposit $ 2000.00 for each dependent. This money is yours, the Panamanian government will not charge this quantity it is only a requirement.
• Identity document of your country
• Certificate of Criminal record or Police record duly notarized or notarized by Panama consul abroad.
• If it is a marriage, you must bring a marriage certificate with an apostille or notarized by a Panama consul abroad.
• If you have children, a birth certificate duly apostilled or authenticated by a Panama consul abroad.
Our office Can guide you to get the following documents during your trip to Panama so you do not need to bring them from abroad:
• Medical certificate of good health
• 4 photos passport size.
• Personal Background Statement (this document we give you during your visit to our offices)
• Proof of residence
• Bank reference letter.
What do you need to open the account?
• Bank reference letter of a bank.
• Income statements corresponding to the last fiscal period or document proving that you pay tax in your country.
• Commercial reference letter (in our office we can make a reference letter so you can present it in the bank)
How long does it take to open a bank account in Panama?
Really opening a personal account in Panama is very fast it can take 3 to 5 business days if you have all the documents.
What do I need to create the corporation?
Copy of passport of the directors.
Fill out the form with the questions that our office will send you
How long does it take to create a corporation ?:
From 3 to 5 business days.
What expenses does a corporation have?
Annually corporations pay $ 300.00 dollars of annual single tax, plus resident agent or law firm.
How can I get my work permit in case I want to work in Panama ?:
Once your residence in Panama is approved you can start with your paperwork to obtain your work permit requirements:
WORK PERMIT REQUIREMENTS
• Copy of migration resolution authenticated by migration.
• Certificate showing your immigration status and must contain 8 dollars in stamps.
• Copy of your migration card duly authenticated by a Panamanian notary.
• You must provide 4 photo-size photos.
• Power of Attorney and Lawyer Application.
How long should I wait for my work permit to be approved:
A minimum of 3 months once all documents are submitted.
Once you have obtained your legal residence in Panama, you should not remain for more than 2 consecutive years outside of Panama so that your permit remains valid.
What expenses do I have to pay to start my legalization process ?:
• Attorney's fees
• The creation of the corporation
• The money you must have in the bank account
• Repatriation payment to the Government of Panama in the amount of $ 800.00
• Payment to the national treasury for the sum of $ 250.00
Children under 12 years of age are exempt from the repatriation payment.
How many days do I have to stay in Panama to complete my legal procedures?
You must remain approximately 15 business days, but if you go ahead with the creation of the company before you come to Panama you can reduce it to 10 business days.
You must keep in mind that you need multiple exit and return visa so you will avoid being fined $ 2000.00 dollars.
PANAMA LAWYERS, will be pleased to help you legalize your residence in Panama
Option N2 °:
Does a company offer you a job offer, with a salary of not less than $ 850.00, hired low 10% of ordinary staff?
In the event that a company hired you as an employee, you will need a work permit and a work letter specifying your name and your salary.
Your employer must give you the following documentation:
-Certificate of Public Registry where the data of the employer are recorded.
- Proof of affiliation to social security.
- National Income good standing
- Work contract
- commercial license
Once you have all the documents of the company plus the basic requirements required by migration:
The lawyer appointed by our firm will gather all the documentation and will present it at the National Immigration Service
1. Copy of identification card or migration ID.
2. Original and certified copy of the latest social security form where your affiliate registration is recorded.
3. commercial license of the company.
4. Four (4) photos the size of the one that appears in your passport
5. Certificate stating your immigration status.
6. Contract of work endorsed by the Ministry of Labor.
7. Certificate of Public Registry of the company.
8. Copy of the generals of the passport
9. Power of attorney
How long does it take to process a work permit ?:
Once all documents are presented 3 or 4 months.
You must keep in mind that you can work only when you have your work permit approved.
This permit gives you residence within 2 years of having your immigration card.
Additionally you are conditioned to keep your job as your residence depends on your job stability.
Dependents of permanent residents may be the following: wives, parents, children under 18 years of age, and up to 25 years of age and always when they are studying a university degree.
Dependents can not work or practice restricted careers in Panama.
Dependents are also required to pay the government repatriation and the deposit to the national treasury
In the event of having an inquiry do not hesitate to let us know.
Visit PANAMA LAWYERS.