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If you are an Italian passport holder dreaming of a tropical paradise, then the Panama-Italy Treaty Visa program is your key to unlocking a vibrant and laid-back lifestyle in Panama. This article will provide insights into the application process and requirements, as well as some of the benefits of a Panama residency. Let’s dive in!
Benefits of Residency via the Panama-Italy Treaty Visa
Let’s talk about just a few reasons why many Europeans are choosing to relocate or at least obtain a second residency in Panama. But if you’d like to jump down to read about the requirements and process to apply for the Panama-Italy Treaty Visa, then this link will take you there!
Easy, Affordable and Direct Path to Permanent Residency
The Panama-Italy Treaty Visa offers a streamlined and accessible path to residency in Panama for Italian passport holders. In fact, it is one of just a few residency visa programs that still offers a direct route to obtaining permanent residency status.
If you are lucky enough to qualify on the basis of your Italian passport, then this is one of the least expensive residency programs that Panama offers. And the Panama-Italy Treaty Visa does not require a real estate acquisition or other significant investment like some of the other residency programs.
This one is straightforward and hassle-free, allowing you to embark on your tropical adventure without unnecessary complications.
Relatively Lower Cost of Living Compared to Europe
Panama offers a significantly lower cost of living compared to many European countries. Enjoy affordable housing options, quality healthcare, and a range of amenities that cater to different budgets. Here you can stretch your income further while enjoying a comfortable and fulfilling lifestyle.
Advantages of the Territorial Tax System
One of the unique advantages of Panama’s tax system is its territorial approach. This means that foreign-sourced income is not subject to income taxes in Panama. This is a huge financial advantage for many expats and entrepreneurs.
A Laid-Back Lifestyle in the Hub of the Americas
Forget about harsh winters and embrace a year-round tropical climate in Panama. From pristine beaches to lush rainforests, Panama boasts a diverse and breathtaking natural landscape. Immerse yourself in a laid-back lifestyle that celebrates the balance between work and leisure.
Not only that – Panama’s natural beauty sets a backdrop for one of the most cosmopolitan cities in Latin America. It is also the Copa Airlines hub, with direct flights to locations all around the region and the world.
And Panama’s economy is thriving. As the bridge between North and South America, Panama offers a dynamic business environment, making it an ideal destination for entrepreneurs and professionals seeking new opportunities. There is a lot going on here in Panama compared to a relatively small population.
How to Apply
The Requirements
Apart from your Italian passport, there are just a few easy-to-achieve requirments to qualify for the Panama-Italy Treaty Visa program:
- A police report from your country of residence.
The police report should be freshly issued within 6 months of submitting your application, and it should have an apostille or should be otherwise authenticated. - A 2nd form of ID, such as a drivers license, issued by your country of residence.
- A reference letter from a bank in Panama indicating that the applicant has a balance of at least US $5,000 in a personal savings account.
If you don’t already have a bank account in Panama, then we can help you to open one. And it will definitely come in handy when you start spending any time here! - Either a share certificate demonstrating the applicant’s ownership of a Panamanian corporation or a promissory work contract through a Panamanian company showing a salary of at least US $850 per month.
Creating a company in Panama is fast, easy and inexpensive. So, the most straightforward way of qualifying for the Panama-Italy Treaty Visa is to simply create a corporate entity in Panama. And most people will find plenty of use for the corporate entity if they plan to acquire real estate, launch a business venture, or do any local investing. - 5 passport size photos.
- A Power of Attorney (PoA) and other forms that I will prepare.
The Process
You will need to plan to be physically in Panama for 3-5 business days when we submit your application package for the Panama-Italy Treaty Visa. While you are here, we will make a quick trip to Panama’s immigration office to take a photo for your provisional residency card. This provisional residency cards will allow you to stay in Panama, and to come and go, while the Visa is being processed.
If you are applying via a promissory work contract (or if you just plan on working while you are in Panama), then we will also apply for a Panama work permit while you are here starting the residency application process.
After that, you really won’t have to do much of anything until your permanent residency has been approved, which usually takes around 6 months. It is no problem if you want to stay in Panama, but it also isn’t necessary!
Once your Panama-Italy Treaty Visa has been approved, you will need to go into the immigration office for a second visit. This time, we will take another photo for your permanent residency card!
Bottom Line?
The Panama-Italy Treaty Visa opens doors to a world of opportunities, promising a tropical paradise, economic prosperity, and a laid-back lifestyle. With its ease of application, direct path to permanent residency, and countless benefits, this visa program is an ideal choice for Italian passport holders seeking a new adventure. So, take the leap and explore the wonders of Panama today!
Was this article helpful? Be sure to check out the other content on our blog about relocating, living, working and investing in Panama. You can also reach out to us via email at info@theindependentlawyer.com.
