How Canada residents can qualify for Panama’s investor visa
Business

How Canada residents can qualify for Panama’s investor visa

Brigette J. Stringer

Panama is often recognized as one of the nations with the most promising financial stability for investors of all kinds today. The diverse range of businesses and the flourishing business environment have made it an appealing destination for anyone keen on starting or investing in enterprises.

If you are a Canada citizen and wish to become an investor in the business world, you should consider getting an investor visa in Panama. However, to obtain this type of visa, you should have the support of experts in legal matters. There are specialized firms, such as Legal Solutions Panama, whose team of professionals can help you from the beginning to the end of your process.

What is the aim of an investor visa in Panama, and what advantages does it offer to foreigners?

Panamanian legislation permits foreign investors to enjoy the same rights as native Panamanians concerning property and capital within the country. Furthermore, this visa grants legal residency in Panama, opening opportunities to invest in real estate, businesses, or time deposits, along with access to essential services like education and healthcare.

This nation is distinguished by its robust economy and welcoming business environment, presenting investors with chances to broaden their commercial ventures. The streamlined process for opening bank accounts and carrying out international transactions, owing to its status as a financial hub, is a significant advantage.

Moreover, this visa enables applicants and their families to experience a high standard of living in a country abundant in culture and biodiversity. The benefits of a political and legal framework supportive of foreign investment, along with the opportunity to gain Panamanian citizenship following a certain residency duration, render this permit an appealing choice for foreigners in Panama.

What are the requirements to obtain an investor visa in Panama from Canada?

Like all legal procedures that must be complied with in the country, in order to obtain an investor visa in Panama, it is necessary to present a series of documents:

  1. Power of attorney and application, relevant to the notary’s office along with the necessary tax stamps.
  2. Four passport-sized photos of the applicant.
  3. A copy of the applicant’s passport.
  4. An apostilled criminal record certificate of the applicant.
  5. A health certificate issued by a qualified physician within the Republic of Panama.
  6. A certified check of USD 250 made payable to the National Treasury, which can be issued by either the applicant or their legal representative. Additionally, the certification cost per check is USD 10.70, which the holder must provide.
  7. A check for USD 800 payable to the National Immigration Service, also requiring certification; this can be issued by the applicant or their legal representative. The certification cost per check is the same as mentioned previously.
  8. A Personal Background Affidavit Form. This must be completed and signed by the applicant.
  9. Documents required vary depending on the type of investment:
  10. If investing in real estate, the following must be submitted:
  • Public Registry certification verifying the applicant’s personal ownership of the real estate, with a minimum value of USD 300,000, and indicating that the properties are free of liens.
  • For opening a time deposit, the applicant needs to provide:
  • Bank certification confirming the opening of a time deposit account in the applicant’s name, amounting to USD 300,000, with a minimum term of three (3) years. This can be conducted with any general license bank within the national territory. The deposit must be free of encumbrances.
  • Authenticated copy of the fixed-term certificate issued by the bank.
  • Two letters of responsibility.

If you have dependents, you will need to account for the additional required documents.

Step-by-step instructions: Your practical guide to securing an investor visa

This process is straightforward. Follow these steps to ensure your visa application proceeds smoothly from beginning to end:

  • Application Submission: Visit the National Immigration Service in Panama to file your application. Ensure all necessary documents are included and complete the relevant application form.
  • Payment of Fees: Settle the administrative fees required for the investor visa. These fees may fluctuate, so be sure to check the most current costs when you apply.
  • Application Review: Once your application is submitted, the National Immigration Service will review your case. This evaluation period typically lasts between 3 and 6 months.
  • Visa Issuance: If your application is successful, you will be granted your investor visa. Carefully check the terms and conditions to ensure there are no discrepancies in the document.

Legal Solutions Panama: Experienced Attorneys to Assist You in Securing Your Investor Visa

As you’ve noticed, applying for an investor visa involves meeting several requirements. Seeking legal counsel from specialists in the field is an excellent starting point, and Legal Solutions Panama can support you right from the outset.

This legal team is distinguished by their extensive range of services and years of expertise in guiding clients through visa and immigration processes. To learn more about securing your investor visa with their assistance, visit here and take advantage of a complimentary 30-minute consultation with one of their specialists.