Actualizado: mar 14
Panama is known to have a stable and booming economy, extensive culture, low cost of living, and business-friendly regulations, making it an ideal destination for foreigners. It is among the most common choices of entrepreneurs aspiring to operate a business in another country because of its pro-business government and high living standards.
Due to its increasing demand and popularity, the government created an immigration program, namely, the "Friendly Nations Visa" that allows citizens from 50 friendly nations with economic or diplomatic ties with Panama to migrate to the country. In this article, you will be guided on the steps and requirements to apply for this immigration visa.
Proving Economic and Professional Ties
Proving your economic and professional ties with the country is an essential requirement to qualify for the visa. There are two commonly used ways to show this:
Forming a company in Panama or serving on the board of directors of a local company doing business in Panama. In Panama, you can also buy an established company. The business must not be dormant, according to the law. Moreover, a minimum of three people from any country should be on the Board of Directors, including the applicant.
Becoming a Panamanian business employee. An employment contract and a letter from the company are needed. If your work necessitates obtaining a visa first, a conditional arrangement will suffice. Next, you'll need to apply for a work permit after you've received your visa.
Proving Financial Credibility
Proving financial credibility is also one of the requirements to apply for the Friendly Nations Visa. You will need to have enough finances to support yourself and your dependents, if there are any. To do this, you must open a local bank account with a licensed institution. After that, you must put at least $5,000 with an additional $2000 for every dependent into your account.
To prove this deposit, you'll need a local bank reference letter from the chosen bank. No additional fees are paid on the residency application, and you can withdraw the entire amount once the visa is accepted.
Documents Required for Application
The following are the required documents to apply for the visa:
Secondary government-issued ID
Eight passport size photos
Bank letter issued by a Panamanian bank as proof of financial solvency
Criminal check from the country of residence released within six months before application submission
Health certificate secured within 90 days prior to application
Marriage certificate for spouse applying as a dependent
Birth certificates of children applying as dependents
$250 crtified chek in favor of the national treasury
$800 certified chek in favor of Panama Migration
List of Friendly Nations:
Initially, 20 countries were eligible for the friendly nations visa, but the Panamanian government expanded the list to 50 countries, namely:
Republic of Korea
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