Have you bought real estate property in Panama for at least $200,000 USD? Then check to see if you qualify for the Friendly Nations Visa!
The Friendly Nations Visa offers one of the fastest and straightforward paths to residency for citizens of nations designated as “friendly” to Panama. Applicants can initiate the process and obtain a temporary residency card in just a couple of days, and then come and go from Panama as they wish until the application is approved (usually just 4-6 months).
There are several different ways for applicants from qualifying countries to apply for the Friendly Nations Visa. The scope of this article is specifically limited only to the investment path.
Requirements to Qualify
If you are a citizen (with a passport) from a designated country, then one way you can qualify for the Friendly Nations Visa is with a minimum investment of $200,000 USD.
The minimum investment must satisfy one of the following to qualify:
- Purchase of a real estate property in Panama with a registered value of at least $200,000 USD.
The property must have been acquired prior to submitting the application, but it can be financed with a local bank. - Certificate of deposit (“CD” or “Time Deposit”) of at least $200,000 USD with a bank in Panama.
The Time Deposit must be made before submitting the application, it must have a minimum term of at least 3 years, and it must be free of encumbrances. The interest generated is not taxable here in Panama.
What I love about the Friendly Nations Visa program is that the requirements are clear and unambiguous. If you make the qualifying investment and have a passport issued by one of the +50 countries on the list, then you can qualify for residency in Panama.
And while the Friendly Nations Visa for investors is a bit higher than the Macro Business Investor Visa, the investment requirements are a lot more straightforward and easier to demonstrate.
Residency for the Whole Family
Applicants who qualify for the Friendly Nations Visa can also obtain residency for their spouse or dependents. You will need to demonstrate economic solvency depending on how many dependents are applying with you, but the threshold is set pretty low ($5,000 USD for the first dependent + $2,000 USD for each additional dependent). Most of my clients demonstrate the requisite economic solvency by simply opening a local savings account and depositing the funds.
Residency Term
Applicants qualifying for this visa will initially obtain residency for 2 years. But as long as you have maintained the qualifying investment, you can qualify for permanent residency when the visa expires.
Work Permit
And one more thing – The Friendly Nations Visa also affords foreigners the opportunity to apply for a work permit in Panama.
Bottom line?
The Friendly Nations Visa is one of Panama’s a popular investor visa for good reason. The requirements are few and unambiguous. And many of my clients who move to Panama plan to buy a home or other real estate anyway here anyway. It also works well for families, and qualifying applicants can obtain a work permit in Panama.
Be sure to check out The Independent Lawyer website to see whether you are likely to qualify based on which country has issued your passport. And in case you are from a Friendly Nations country but are not yet ready to make the $200,000 USD investment, we can look at other ways you may be still be able to qualify.
And if you an investor from a country that does not qualify for the Friendly Nations Visa, then let´s talk about Panama´s other investor visa options!
