The Panama-Italy Friendship Treaty: A Gateway to Permanent Residency
How Italian Citizens Can Obtain Permanent Residency in Panama and Why It's a Great Option
Italy and Panama have a long-standing treaty called the Mutual Friendship, Commerce and Navigation Treaty, which was established in 1966. This treaty has enabled Italian citizens to obtain instant permanent residency in Panama under the Friendly Nations Visa program. In addition, Panamanians are able to exercise the same option in Italy.
Under this program, Italian citizens can obtain permanent residency in Panama by either investing in a local business or purchasing a property in the country. To qualify for the Friendly Nations Visa program, Italian citizens must meet certain requirements, including:
Having a valid Italian passport
Proving economic solvency, which means having a minimum monthly income of $1,000 USD or providing evidence of an investment in a Panamanian business or property
Providing a police clearance certificate from Italy and any other countries where they have lived in the last two years
Obtaining health insurance coverage in Panama
Once Italian citizens obtain permanent residency in Panama, they can apply for citizenship after five years of residency. This program has made Panama a popular destination for Italian citizens looking to establish a second residency or citizenship.
Similarly, Panamanians can also exercise the option of obtaining permanent residency in Italy under the same treaty. This option enables them to live, work, and study in Italy. To qualify for permanent residency in Italy, Panamanians must meet certain requirements, including:
Proving economic solvency, which means having a minimum annual income of €31,000 EUR or having sufficient funds to support themselves and any dependents
Obtaining health insurance coverage in Italy
Passing a language proficiency test to demonstrate proficiency in Italian
Obtaining a clean criminal record certificate
Once Panamanians obtain permanent residency in Italy, they can also apply for citizenship after five years of residency. This program has made Italy an attractive destination for Panamanians seeking to establish a second residency or citizenship.
In addition to the benefits of obtaining residency and citizenship, both Panama and Italy offer a variety of attractions and amenities for expats. Panama is known for its tropical climate, beautiful beaches, and affordable cost of living. Italy, on the other hand, is known for its rich history, culture, and cuisine.
In conclusion, the Friendly Nations Visa program between Italy and Panama provides an excellent opportunity for citizens of both countries to establish a second residency or citizenship in each other's countries. The program offers numerous benefits, including the ability to live and work in either country and eventually apply for citizenship.