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Foreigners who receive pensions or enjoy a pension from foreign governments, international organizations or private companies may apply for this approval. This is evidenced by a letter from a foreign pension, trust, investment fund, insurance or insurance company certifying that funds are available guaranteeing an amount not less than one thousand dollars (US$1,000.00) per month for life. In the event that the applicant proves that he/she has acquired a personal property in the national territory for an amount greater than one hundred thousand dollars (US$.100,000.00), the pension may be for a minimum of seven hundred and fifty dollars (US$.750.00).
Any citizen of one of the countries listed below may apply for this permit: United Kingdom of Great Britain and Northern Ireland, Federal Republic of Germany, Argentine Republic, Confederation of Australia, Republic of Korea, Republic of Austria, Federative Republic of Brazil, Kingdom of Belgium, Canada, Kingdom of Spain, United States of America, Slovak Republic, French Republic, Republic of Finland, Republic of the Netherlands, Republic of Ireland, State of Japan, Kingdom of Norway, Czech Republic, Swiss Confederation, Republic of Singapore, Oriental Republic of Uruguay, Republic of Chile, Kingdom of Sweden, Republic of Poland, Hungary, Hellenic Republic (Greece), Portuguese Republic, Republic of Croatia, Republic of Estonia, Republic of Lithuania, Republic of Latvia, Republic of Cyprus, Republic of Malta, Republic of Serbia, Montenegro, State of Israel, Kingdom of Denmark, Republic of South Africa, New Zealand, Hong Kong Special Administrative Region of the People’s Republic of China, Grand Duchy of Luxembourg, Principality of Liechtenstein, Principality of Monaco, Principality of Andorra, Serenissima Republic of San Marino, Republic of Costa Rica, Republic of Paraguay, Republic of Peru and United Mexican States.
This approval is granted by virtue of the Friendship and Cooperation Agreement that these countries have signed with the Republic of Panama, this list includes 51 countries.
Depending on the economic or professional activity you perform, you must prove your purpose of permanent residence. This must be proven by:
II.I. For work reasons: by a company duly registered in Panama. Both applicants and employers must apply to the Ministry of Labor and Labor Development for a work permit authorizing the applicant to work in the country.
II.II. For real estate investment purposes: A minimum investment of US$200,000.00 demonstrating the applicant’s personal ownership of the real estate property. or the founder and ultimate beneficiary of a private foundation. Property purchases may be financed through local banks.
II.III. For fixed term deposit reasons: Existence of the Deposit, its ownership, value, term, absence of encumbrance, minimum term of 3 years and value of at least US$200,000.00 USD. This investment may be made privately or as a legal entity when the applicant is a natural person who is the ultimate beneficiary of the shares, donations or social participations of the company or the founder and ultimate beneficiary of a private foundation.
Strategy adopted by Panama to minimize domestic deforestation and forest degradation. Its main objective is to protect forests and reduce CO2 emissions, encouraging foreign investment and creating an alternative for obtaining permanent residency.
The Panama Forest Investors Program has three options.
III.I. First: invest a minimum of US$80,000 in forestry investments certified and approved by the Government of Panama under Decree No. 199 of May 7, 2021. This option only offers a temporary stay of 5 years with no renewal option and ultimately does not qualify for Panamanian citizenship. Additional dependents must also invest US$80,000. The investment must be maintained for 5 years to remain occupied during that time.
III.II Second: Invest at least US$100,000 in eligible reforestation investments approved by the Government of Panama. This option provides temporary residency for 2 years, after which permanent residency is granted, with the final option of acquiring Panamanian citizenship (after 5 years of permanent residency). To maintain residency, the investment must be maintained for five years.
III.III. Third: Invest at least US$350,000 in eligible reforestation investments approved by the Government of Panama. This option offers an accelerated 30-day pass to obtain permanent residency and, eventually, the option to obtain Panamanian citizenship (after five years of permanent residency). To maintain residency, the investment must be maintained for five years.
This residency allows foreigners of any nationality to obtain a temporary stay of two years and then extend their stay indefinitely by applying for permanent residency. It can be applied for by foreigners and their family members (spouse, children (under 25 years of age), parents, stepchildren and persons related to the marriage).
Exclusively for foreigners of Italian nationality who wish to reside indefinitely to carry out any type of economic or professional activity. Italian citizens applying for permanent residence under the Friendship Agreement of Commerce and Navigation between the Republic of Panama and the Republic of Italy are exempt from paying a repatriation bond, and bring with them their family members (spouse, children (under 25 years old), children can be included in the application, they can be applied as dependents if they prove that they study regularly and are economically dependent on the applicant.
V.I. Married to a Panamanian: Proof of having married a Panamanian and living with the spouse under the terms of continuity, singularity and stability.
V.II. Dependents of Permanent Residents: Spouses, children under 18 years of age, disabled relatives and two temporary, permanent or national parents may apply. Children between the ages of 18 and under 25 may be claimed as dependents if they are in regular school and under the financial support of a resident or national. Residents or nationals who can prove that they support and care for a minor child may claim the child as a dependent. Likewise, a foreigner who is a dependent of an adopted Panamanian may apply for permanent residency.
Applicants must accredit an investment of at least half a million dollars (US$500,000.00) in the Republic of Panama from foreign sources. If the applicant is beneficial owner of shares in a juridical person in which it has an interest. This is done by the Ministry of Commerce and Industries of Panama and is reported to the Investment Promotion Office, who certifies to the National Immigration Office that the investment meets the required parameters. It must prove that it has made one of the following forms of investment:
VII.I. Qualified Real Estate Investor: For a minimum amount of US$500,000 dollars to acquire unencumbered real estate in the Republic of Panama with funds coming from abroad; if the property is worth more than claimed, you may take out a mortgage to finance the remainder of the loan in local banks.
VII.II. Investor in real estate through a deed of promise of sale in the Republic of Panama: Created for the purpose of allowing the investor, for a minimum amount of US$500,000 dollars, to choose new real estate projects in which the date of delivery of the property cannot be immediate. The requirement will be considered fulfilled at the moment in which the corresponding inscription is made in the public registry, giving rise to the granted residence.
VII.III. Eligible Investors with investments made through Brokerage Firms with the approval of the Securities and Exchange Authority of Panama: For a minimum of US$500,000 dollars through the Panama Stock Exchange.
VII.IV. Investors in Time Deposits in the Banking Sector: Foreigners who invest in opening time deposits for a minimum amount of seven hundred and fifty thousand dollars (US$750,000.00) in banks authorized to operate in the country and a minimum term of 5 years. This deposit must be free of all encumbrances.
One that accredits, by means of an international bank transfer, a national real estate investment of US$300,000.00 dollars made in the name of the permit applicant. In that case, in the case of a legal entity such as a private foundation, its founder shall be the permit applicant.
One that credits, by means of a fixed term account for an amount of US$300,000.00 dollars made in the name of the applicant of the permit, with a minimum term of 3 years or more through a national general license bank.
Foreigners with one or more Panamanian children over 5 years of age may apply for permanent residency, as there is a need to maintain the family unit and guarantee the rights of minors.
Diplomats and members of international organizations from countries that maintain friendly relations with the Republic of Panama, who have concluded their service and wish to establish their permanent residence in the country, may do so together with their dependents. This option allows them to develop economic activities that contribute to an adequate standard of living.
FOREIGN PERSONNEL HIRED BY THE NATIONAL GOVERNMENT OR AUTONOMOUS OR SEMI-AUTONOMOUS ENTITIES:
A foreigner entering the country to render services as personnel hired by the national government or autonomous or semi-autonomous entities may request this permit.
FOREIGN PERSONNEL HIRED BY COMPANIES UNDER CONTRACT WITH THE GOVERNMENT:
The foreigner entering with this permit will do so to render a specific service in a company contracted by the State, with the possibility of extending his/her residence annually for up to six (6) years while the contract is in force. In addition, the hiring must respect the established limits: up to 10% of the regular personnel or 15% of the specialized personnel.
FOREIGN PERSONNEL HIRED AS EXECUTIVES IN COMPANIES OF THE COLON FREE ZONE:
The foreigner who occupies functions in executive, trust, management positions or as specialized technician in companies authorized in the Colon Free Zone may request this permit, provided that his salary is equal or higher than two thousand balboas (B/.2,000.00) per month.
FOREIGN PERSONNEL PAID FROM ABROAD WHO DO NOT HAVE DIPLOMATIC STATUS:
The foreigner who works as hired personnel or in internship in embassies, consulates or representations of foreign governments and international organizations on official mission in Panama, but who is not covered by a diplomatic status, may request this permit. This is granted for annual periods, with a total duration of up to six (6) years.
PERSONNEL HIRED AS CORRESPONDENT OF INTERNATIONAL WRITTEN PRESS, RADIO OR TELEVISION AND REMUNERATED ABROAD:
A foreigner acting as an international written press, radio or television correspondent and duly accredited by the authorities of his/her country may apply for this permit.
FOREIGN PERSONNEL HIRED BY COMPANIES UNDER THE MARRAKESH AGREEMENT:
Permit for Workers in Small Companies.
Foreigners entering Panama to work in companies with less than ten (10) Panamanian employees may apply for this permit, pursuant to the Marrakech Agreement adopted by Panama through Law 23 of 1997. To obtain it, the worker must demonstrate a minimum salary of one thousand balboas (B/.1,000.00) per month.
TEMPORARY PERMIT AS A SPORTS PROFESSIONAL:
Professional sportsmen, technicians, instructors and coaches of sports modalities recognized in Panama, as well as members of sports clubs, associations and federations, whether governmental or not, may avail themselves of this migratory category. For the purposes of this law, a foreigner who enters the country hired in his or her specialty is considered a temporary resident as a sports professional.
This temporary resident permit is valid for one year, extendable for up to three years, and allows multiple entries and exits from the country.
TEMPORARY PERMIT FOR REASONS OF AGRICULTURAL INVESTMENT:
A foreigner who invests a minimum of B/.60,000.00 in the agricultural or aquaculture industry may apply for this permit. The eligible activities will be determined by the Ministry of Agricultural Development according to its national interest. This permit is granted for biannual periods, with a maximum of six (6) years.
To include dependents, an additional investment of B/.500.00 must be added for each one, which can be justified by means of a local bank reference.
TEMPORARY PERMIT FOR FORESTRY INVESTMENT REASONS:
A foreigner who makes a minimum investment of B/.80,000.00, either personally or through a legal entity, in reforestation, forest plantation or other activities authorized by the Ministry of Environment, may apply for this permit.
To include dependents, an additional investment of B/.2,000.00 must be added for each one, which can be justified with a local bank reference.
Foreigners who are spouses, children under 18 years of age and parents of a temporary resident may apply for this permit. In addition, children over 18 years of age and up to 25 years of age may do so if they prove that they are studying and are economically dependent on their parents. This permit is granted for annual periods, with a total duration of up to six (6) years.
Are you planning a trip to Panama? It’s time to discover this beautiful country! Before packing your bags, it is important to know the requirements to obtain a tourist visa.
Foreigners from certain countries must apply for a tourist visa to enter Panama. Be sure to check if your nationality requires it.
Tourist visas are valid for up to ninety (90) days, giving you plenty of time to explore the wonders of Panama, from the Panama Canal to the lush Caribbean beaches.
A foreigner entering Panama to give or receive training, attend meetings, workshops, seminars, audits or verifications in banking institutions may apply for this visa.
The applicant must justify his/her stay, which can be up to nine (9) months. This visa is not extendable once the term has expired.
The Short Stay Visa is introduced in the Non-Resident category, available to remote workers who comply with:
Have a contract with a foreign company or be self-employed in telecommuting.
Perform functions that have an impact abroad.
Receive a minimum annual income of B/.36,000.00 or its equivalent in foreign currency.
This visa, which allows working remotely in Panama without additional procedures, has a duration of nine (9) months, extendable for the same period. The cost of the card is B/.50.00.
Establish your remote work in Panama!
A foreigner who enters Panama for the purpose of exploring investment opportunities or conducting transactions in Export Processing Zones, Call Centers or areas designated for the Film and Audiovisual Industry.
The foreigner who needs to receive medical treatment in hospitals or clinics, whether public or private, may apply for this visa, as long as the treatment does not exceed nine (9) months.
Foreigners entering Panama for non-profit activities, such as student exchanges, cultural, educational, health, scientific, research and internship missions, may apply for this visa. These activities must be supported by agreements with the State or agreements between foreign embassies and companies, educational institutions, governmental entities or non-governmental organizations recognized by Panamanian law.
The foreigner who enters Panama with the purpose of visiting his/her spouse, or blood relatives in straight line (ascending or descending) and collateral up to the second degree of consanguinity, may apply for this visa. These relatives must be nationals or temporary or permanent residents in the country.
The national or temporary or permanent resident who hires a foreigner to work as a domestic service employee may apply for the corresponding visa. This visa has a duration of one (1) year and is extendable annually up to a maximum of four (4) times, as long as the worker continues with the same employer.
Opening Bank Accounts in Panama.
At NEL ATTORNEY, we understand that opening bank accounts is a crucial step for both individuals and companies wishing to establish themselves in Panama. Our team of experts will provide you with the necessary advice to navigate the process smoothly and efficiently.
Don’t wait any longer to enjoy the advantages offered by the Panamanian banking system. Request your consultation today and start the process of opening your bank account with us!
A juridical person constituted by two or more persons of legal age, of any nationality, even if they are not domiciled in the Republic of Panama, to carry out any lawful purpose, in accordance with the formalities prescribed in Law No. 32 of February 26, 1927.
The corporation may perform any act as long as it is in accordance with Panamanian laws, public order and good customs. Therefore, all lawyers and law firms are obliged to know the client (Due Diligence) and keep a record with the information of their clients, sufficient to identify them, before the competent authorities, if so required. This obligation is aimed at providing information required in the course of criminal investigations related to money laundering and drug trafficking.
The corporation may perform any act as long as it is in accordance with Panamanian laws, public order and good customs. Therefore, all lawyers and law firms are obliged to know the client (Due Diligence) and keep a record with the information of their clients, sufficient to identify them, before the competent authorities, if so required. This obligation is aimed at providing information required in the course of criminal investigations related to money laundering and drug trafficking.
The corporate agreement is recorded by means of a public deed and must be presented for its registration in the commercial person section of the Public Registry of Panama. The incorporation of the corporation will not become effective with respect to third parties until the respective agreement has been registered.
– Liability to creditors is limited, which protects your personal assets.
– Any income obtained outside Panama does not pay income tax.
– The amount of the capital stock does not need to be paid in order to be incorporated.
– Unlike other legal entities, the corporation can continue to operate if a partner dies or decides to withdraw.
– It gives a better image and confidence when dealing with clients, investors and banks.
– Taxes are usually higher than for individuals.
– Regardless of whether the corporation performs or perfects activities outside the Republic of Panama, it must keep accounting records and maintain its supporting documentation in the Republic of Panama.
– An annual fee must be paid to the Public Registry of Panama and an annual fee must be paid to the resident agent.
A legal entity constituted by one or more natural or legal persons, whose assets must be destined exclusively to the objectives or purposes expressly set forth in the founding charter. The initial patrimony may be increased by the creator of the foundation (founder), or by any other person.
Private interest foundations are governed by the foundation charter and its regulations, as well as by the provisions of Law 25 of 1995 and other applicable legal or regulatory provisions. The precepts of Title II of Book I of the Civil Code (of legal persons) do not apply to these foundations.
Private interest foundations may not pursue profit-making purposes (not to be confused with non-profit organizations). However, they may carry out commercial activities on a non-habitual basis, or exercise the rights arising from the securities representing the capital of commercial companies that are part of the assets of the foundation, provided that the economic result or product of such activities is exclusively dedicated to the purposes of the foundation.
Private interest foundations may be constituted to take effect, from the moment of their creation or after the death of their founder, by any of the following methods:
1) By means of a private document subscribed by the founder, whose signature must be authenticated by notary public of the place of its incorporation.
2) Directly before a notary public of the place of its incorporation.
In case the foundation is created, whether by public or private document, in order for it to take effect after the death of the founder, the formalities foreseen for the granting of the will are not required.
The foundational act is notarized by public deed and must be submitted for registration in the Private Interest Foundations section of the Public Registry of Panama.
The registration of the foundational act in the Public Registry grants the foundation legal personality without the need of any other legal or administrative authorization. The inscription in the Public Registry also constitutes a means of publicity before third parties.
Investing in Panama Real Estate is not only an exciting opportunity, but specialized real estate law will provide you with a comprehensive approach to facilitate the purchase, sale or rental of property in the country.
Growing Market: Panama is a country in constant development, which translates into a sustained growth of the real estate market.
Investment Diversification: We offer options in residential, commercial and tourist properties, which allows you to diversify your portfolio.
Economic Stability: The Panamanian economy is one of the most stable in the region, providing security to investors.
Property Due Diligence: We perform a thorough analysis of the properties to identify any potential problems that may affect your investment.
Contract Drafting and Review: We ensure that all purchase and sale or lease agreements comply with Panamanian law and protect your interests.
Financial Advisory: We guide you in obtaining financing, including the evaluation of mortgage and credit options.
Real Estate Project Management: We offer assistance in the management of construction and development projects, ensuring compliance with all legal regulations.
Don’t miss the opportunity to be part of the real estate growth in Panama. Contact us for a consultation and start building your real estate future today!
In Panama, an adhesion contract is an agreement in which the clauses are established solely by the supplier (economic agent), without the consumer having the opportunity to negotiate its content. This type of contract is common in situations where the supplier offers services or goods in a standardized manner.
Law 45 of 2007, which dictates rules on consumer protection and defense of competition, regulates these contracts to protect consumers from abusive clauses. Abusive clauses are those that create a significant imbalance in the rights and obligations of the parties, to the detriment of the consumer.
If a consumer finds an unfair term in an adhesion contract, he can request its nullity before the competent courts. This process can be cumbersome, as it involves filing a lawsuit after the contract has been signed.
In Panama, the promise of sale contract is a preliminary agreement in which the parties commit themselves to carry out a future sale and purchase of a real estate property, under certain conditions and within a determined period of time. This contract is commonly used in real estate transactions to ensure that both parties comply with their obligations prior to the signing of the definitive purchase contract.
Key Elements of the Promise to Purchase Contract
1. Identification of the Parties: The full names, identity documents and marital status of the promisor-seller and the promisee-buyer must be included.
2. Description of the Property: Specific details of the property that is the object of the contract, including its location, measurements and boundaries.
3. Price and Form of Payment: The agreed price for the property and the form in which the payment will be made, which may be in a single payment or in staggered payments.
Deadline for the Signing of the Definitive Contract: The time within which the definitive sale and purchase must be formalized.
4. Penalty Clauses: These establish the consequences in case of non-compliance by any of the parties.
5. Sanction for Eviction and Hidden Defects: Obligations of the seller to indemnify the buyer in case the property has hidden defects or if the buyer is deprived of the property for legal causes.
Contract of Sale: Regulated by article 1215, this contract implies the transfer of ownership of a good in exchange for a price in money.
This contract, regulated by Article 1344, refers to the rental of real estate, whether for residential or commercial use.
Assignment of Rights Contract: According to article 1278, this contract allows the transfer of rights from one person to another.
This contract establishes a relationship between two or more persons who are obliged to pool money, goods or industry to obtain a common profit.
It includes both consumer lending (where fungible goods are lent) and usage lending (where non-fungible goods are lent).
Managing and recovering government receivables can be a complex process, but at NEL ATTORNEY, we provide you with the legal and strategic support you need to effectively recover what is due to you. Our experience in this field allows us to act quickly and efficiently to maximize your chances of success.
Process Knowledge: We understand the complexities and legal requirements involved in government claims.
Customized Strategies: We develop an action plan tailored to your specific needs, optimizing resources for the recovery of your accounts.
Time and Resource Savings: We help you avoid delays and complications, allowing you to focus on your business while we manage the recovery of your debts.
Accounts Receivable Evaluation: We perform an analysis of your outstanding accounts to determine the best recovery strategy.
Integral Legal Advice: We guide you in the preparation of all the necessary documentation to file effective claims.
Representation in Negotiations: We act as your representative in negotiations with government entities to ensure the best possible outcome.
Litigation: If necessary, we offer legal representation in litigation related to the recovery of accounts receivable.
Don’t let your accounts receivable become a burden!
Request your consultation and let our experts help you recover what belongs to you effectively!