Panama has become one of the hottest business places in Latin America. The first step of an interested small or big business investor will be to obtain the proper type of visa to operate in Panama. Below you will find a simple guide to the most frequent business visa issued by the Panamanian Immigration Directorate.

Let it start by talking about the Small Business Investor Visa designed for those who wish to establish a small business in Panama. It is important to know that retail business and some professions are reserved for Panamanians. The most important requirements for this type of visa are the minimum investment of $40,000 and a minimum of three permanent Panamanian employees hired.

The Investor Visa is designed for those who wish to establish a business in Panama. There must be a minimum investment of $150,000, and a minimum of three permanent Panamanian employees hired.

The Person of Means Visa it is only for those who wish to live in Panama off their own means, without the need to work or start a business. The candidates must open a two-year fixed-term deposit account with a local bank for at least $200,000, or purchase real estate in the amount of $200,000, or purchase real estate worth a minimum of $80,000 and open a two-year fixed-term deposit account for at least $120,000. The accounts and the real estate must be in the applicant personal name, fully funded, and free of mortgages or encumbrances.

These types of visas are granted provisionally for one year, and need to be renewed three more times they are granted permanently. After five years, the right to a national identification card and Panamanian Nationality is granted.

If you have a different type of investment in mind, note that Panama offers many different visa alternatives. The visas listed above represent just a few of the more popular options.

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Gaining residency in Panama is relatively easy for retirees. Gaining citizenship is essentially impossible. The most recent revision of Panama’s Immigration Laws went into effect in September of 2008. Under this law a person receiving social security or a private pension can gain residency in Panama.

This is referred to as a “pensionado” visa and, providing you are over 55 years old, you will be referred to as a “jubilado” which means retired person. This status also allows you all sorts of discounts for medications, doctor’s office visits, and more if you show your residency visa.

To become a resident in Panama you need to hire an attorney. Only the attorney or “abogado” can do your paperwork and deal with immigration officials. The current cost runs around $1,500 in costs and legal fees.

With the recent change in the law you need to prove that you receive $1,000 or more per month from Social Security or a private pension. If you come with your wife or children you need $250 a month more for each dependent.

You will need to demonstrate each year that you still are receiving benefits.

Documentation:

You need to have at least 6 months before your passport expires and they need copies. They also want an original birth certificate, with the stamp and five passport photos.

Also, before you leave home go to your country records department and ask for a “police report.” This will be a notarized statement that you have no record of arrests or convictions for any crimes. You need to send this to the nearest Panamanian Consulate for authentification. Include a stamped self-addressed envelope and don’t open it when you get it back. Give it to the lawyer in Panama.

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