Introduction
Panama has been one of the most popular destinations for expats looking for a new place to call home. The country’s year-round tropical climate, relatively low cost of living, and favorable residency policies make it an attractive option for retirees and digital nomads alike. One of these policies is the Panama-Friendly Nations Visa, which allows citizens from 50 countries to apply for residency in Panama. In this guide, we will provide a comprehensive overview of the Panama-Friendly Nations Visa, including its requirements, benefits, and application process.
What is the Panama-Friendly Nations Visa?
The Panama-Friendly Nations Visa, also known as the Friendly Nations Visa, is a type of residency visa that is available to citizens of 50 countries that have diplomatic relations with Panama. The visa was created in 2012 to attract foreign investment and to boost the country’s economy.
Who is eligible for the Panama-Friendly Nations Visa?
Citizens of the following 50 countries are eligible for the Panama-Friendly Nations Visa:
1. Andorra
2. Argentina
3. Australia
4. Austria
5. Belgium
6. Brazil
7. Canada
8. Chile
9. Costa Rica
10. Croatia
11. Cyprus
12. Czech Republic
13. Denmark
14. Estonia
15. Finland
16. France
17. Germany
18. Greece
19. Hong Kong
20. Hungary
21. Ireland
22. Israel
23. Japan
24. Latvia
25. Liechtenstein
26. Lithuania
27. Luxembourg
28. Malta
29. Mexico
30. Monaco
31. Montenegro
32. Netherlands
33. New Zealand
34. Norway
35. Panama
36. Paraguay
37. Poland
38. Portugal
39. Republic of Korea (South Korea)
40. San Marino
41. Serbia
42. Singapore
43. Slovakia
44. Slovenia
45. Spain
46. Sweden
47. Switzerland
48. Taiwan
49. United States of America (USA)
50. Uruguay
What are the requirements for the Panama-Friendly Nations Visa?
To apply for the Panama-Friendly Nations Visa, applicants must meet the following requirements:
1. A valid passport with a minimum of two years of validity remaining.
2. A clean criminal record certificate or police certificate from the applicant’s country of origin. This certificate must be issued within six months of the application.
3. A professional reference letter from a lawyer, accountant, or other professional who knows the applicant.
4. A minimum bank deposit of $5,000 in a Panama bank account in the applicant’s name if the applicant plans to work or start a business in Panama.
5. An investment of $20,000 in a Panama company if the applicant plans to work or start a business in Panama.
6. An investment of $20,000 in a Panama property if the applicant plans to live in Panama.
What are the benefits of the Panama-Friendly Nations Visa?
The Panama-Friendly Nations Visa offers several benefits to its holders, such as:
1. Permanent residency in Panama.
2. The ability to work and start a business in Panama.
3. The ability to open a bank account and invest in Panama.
4. The ability to import personal goods and household items duty-free.
5. Access to national healthcare and social security programs.
6. The ability to apply for Panamanian citizenship after five years of residency.
What is the application process for the Panama-Friendly Nations Visa?
The application process for the Panama-Friendly Nations Visa includes the following steps:
1. Collect all required documents, such as a valid passport, criminal record certificate, and reference letter.
2. Submit the documents to the nearest Panamanian embassy or consulate.
3. Complete a medical examination and obtain a medical certificate from a physician approved by the Panamanian embassy or consulate.
4. Obtain proof of economic solvency, such as a bank statement or investment certificate.
5. Pay the application fee, which varies depending on the applicant’s nationality.
FAQs
1. How long does it take to process a Panama-Friendly Nations Visa application?
The processing time for a Panama-Friendly Nations Visa application varies depending on the applicant’s nationality and individual case. On average, it takes three to six months to process the application and receive a response.
2. Can I apply for the Panama-Friendly Nations Visa if I do not speak Spanish?
Yes, it is possible to apply for the Panama-Friendly Nations Visa without speaking Spanish. However, it may be helpful to learn some basic Spanish phrases to communicate with locals and government officials.
3. Can I travel outside of Panama while waiting for my Panama-Friendly Nations Visa application to be processed?
Yes, it is possible to travel outside of Panama while waiting for the application to be processed. However, applicants must obtain a multiple-entry visa before leaving the country and must return to Panama within the visa’s validity period.
Conclusion
The Panama-Friendly Nations Visa is an excellent option for individuals who want to live, work, and invest in Panama. The visa offers numerous benefits, such as permanent residency and access to national healthcare and social security programs. By understanding the visa’s requirements and application process, applicants can increase their chances of approval and begin their new life in Panama.