As many of you already know the popular Panama Friendly Nations Visa was abruptly ended last year by the government of Panama. This program became internationally known among the digital nomad community because of how straightforward the process was and how little investment was needed. Panama is one of the most developed countries in Central America with an international economy, beaches, first world infrastructure, and location which makes it the gateway to South America. With Panama being a short flight from the United States and possessing many of the amenities that Westerners are accustomed to, it is still a highly sought after residency. Since I got my residency under the friendly nations visa, I went out and interviewed several of the top Panama immigration attorneys, so I could properly relay to you the options now available.
Option 1. - Real Estate Investment of $200k - This will make you a temporary resident and after two years you can apply for permanent residency.
Option 2. - Deposit $200k into a Panama bank for a fixed term of 3 years - This will make you a temporary resident and after two years you can apply for permanent residency.
Option 3. Get hired by a Panama corporation or start your own corporation and hire yourself. This will make you a temporary resident and after two years you can apply for a permanent residency.
Option 4. - Red Carpet Visa - Invest $300k in real estate and get permanent residency in 30 days. The minimum investment threshold on this might potentially increase to $500k shortly.
Option 5. Pensionado Visa - Retire in Panama - Prove at least a $1,000 monthly income from Social Security or a government retirement fund. Once the pensionado visa is approved you become a permanent resident.
In my opinion none of these options are very appealing unless you are set on moving to Panama full time and buying a house to live in. I believe that Panama is in a declining property market and the ending of friendly nations visa and enactment of the residency for investment program was a way to indirectly bailout the property market. This change in law has had the opposite effect on the economy and has contributed to a sharp decline in foreign investment and young entrepreneurs in the country. When you have other countries that are offering immediate citizenship for half of what Panama is charging for a temporary residence, it just isn’t competitive and the lack of interest reflects this. There are rumors that the original friendly nations visa program may be reinstated, but this will not happen until after the next election in Panama.
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