Moving to Panama is an intriguing option for many people. The country has a tropical climate, a stable political environment, a strong economy, and a positive, welcoming attitude towards foreigners. Panama offers an attractive tax regime for individuals and businesses. To take advantage of these benefits, you can declare Panama residency.
Residency status allows you to live, work and invest in Panama without a visa. The process of residency declaration is simple, but there are a few requirements you must meet. The following is a step-by-step guide on declaring Panama residency to start enjoying the benefits this beautiful country offers:
Choose the Type of Residency You Want
Panama offers different types of residencies, each with its requirements and benefits. These include:
Permanent residency. This is the most common type of residency. It allows you to live and work in Panama indefinitely.
- Retiree residency: It is available to foreigners over the age of 18. You need to prove you have a monthly income of at least $1,000 from a pension or other source of retirement income.
- Professional residency: You are eligible if you have a degree from a recognized university and proof that you have a job offer from a Panamanian company.
- Student residency: It is valid for the duration of your studies if you are enrolled in full-time studies at a recognized university in Panama.
- Temporary residency: A temporary residency allows you to live and work in Panama for two years. You can renew it an indefinite number of times.
- Investor residency: It is available for those making a significant investment in Panama.
- Friendly Nations visa: It is available to citizens of over 50 nations with a friendly relationship with Panama. It allows you to live and work in Panama indefinitely.
Gather the Required Documents
Once you’ve decided on the type of residency you want, gather the required documents. These include:
- A valid passport
- Two recent passport photographs
- A police report from your home country
- A clean criminal record
- A health certificate
- Proof of economic solvency
- Marriage certificate (if applicable)
Apply for a Residency Visa
A residency visa is required to declare residency in Panama. Apply for a visa at your nearest Panamanian consulate or embassy. The visa application process varies depending on your country of origin. You will be required to submit your application form and all the required documents. Once your application has been approved, you will be issued a residency visa.
Once you have been issued a residency visa, you can go to Panama. You’ll present your passport and a residency visa and fill out a migration card at the airport. This card will be stamped with your entry date and must be kept safe. You will need to present it when you leave the country.
You’ll need to open a Panamanian bank account once you arrive. This is a requirement to receive your residency card and process other legal documents. Most banks in Panama offer accounts for foreigners.
Register with the Immigration Authorities
After you arrive in Panama, you must register with the National Immigration Service (NIS). You will need to complete an application form and submit it and your credentials. These are your passport, residency visa, migration card, and a copy of your rental agreement or proof of property ownership in Panama. You’ll have to pay a registration fee.
Get a Residency Card
Once your registration at the NIS has been processed, you will be issued a residency card. This card must be renewed every two years and allows you to live and work in Panama indefinitely.
Declare Panama Residency
Panama residency offers a wide range of benefits and opportunities for those looking to relocate. These include business opportunities, a low cost of living, beautiful weather, and various activities and attractions. Follow these steps to declare. Once you have your residency card, start enjoying your new life in this tropical paradise!