How to secure a residence permit in Panama for Canada citizens
Investments and Business

How to secure a residence permit in Panama for Canada citizens

Brigette J. Stringer

Panama ranks among the top destinations for people from Canada, credited to its inviting weather, strong economic stability, lively social environment, and diverse cultural legacy. Featuring tropical vistas, extensive biodiversity, and verdant rainforests, Panama combines contemporary conveniences with an elevated quality of life.

As a major financial center, the nation offers a wide range of economic prospects, with its strategic geographical position linking it to various worldwide locations.

If you’re thinking about relocating to Panama, it’s crucial to familiarize yourself with the various residency options. This knowledge will assist you in choosing the most suitable option for your requirements.

Various Permits and Residency Options for Traveling to Panama

Understanding the various types of visas and residency permits is crucial to know the requirements for each case. While this article provides an overview of some conditions, it is always advisable to consult with an expert for detailed information and guidance on the procedures.

The various categories of residency permits encompass:

  • Investor: Individuals who can prove an investment in real estate or a fixed deposit in a bank totaling USD 300,000 or more may qualify for a residency permit.
  • Friendly Countries: This permit is accessible through employment, investing in real estate, or establishing a fixed-term deposit of at least USD 200,000.
  • Family Reunification: Available to foreigners who are married to a Panamanian citizen or have children residing in the country.
  • Retired or Pensioned: This permit lets individuals retire in Panama. A monthly income or pension of at least USD 1,000, or its equivalent in another currency, is required.
  • Professionals: This visa is intended for those interested in advancing their professional careers within Panama.
  • Headquarters of Multinational Companies: Designed for individuals employed by multinational corporations with a presence in Panama. It includes:
  • SEM Special Events Permit: Intended for participants in special events.
  • SEM Permanent Personnel Visa: Valid for a maximum of five years, with possible extensions of another five years.
  • SEM Temporary Personnel Permit: Valid for up to three months, with an option for extension.
  • Education/Students: This permit allows students to pursue their studies in Panama.
  • Technical 15%: Aimed at specialized staff hired within a 15% quota. The salary must be a minimum of USD 850 per month.
  • Foreigner 10%: For standard employees hired under a 10% quota, with a salary requirement of at least USD 850 per month.

Requirements for a residence permit for friendly countries

Panama provides a unique residency option for nationals of Friendly Countries, facilitated by agreements with numerous countries. This program streamlines the procedure for acquiring Panamanian residency.

The Friendly Countries program includes 50 nations: the United Kingdom, Germany, Argentina, Brazil, Spain, the United States, Switzerland, and Monaco, among others. If you’re from Canada this type of visa is convenient.

To qualify for this residence permit, certain criteria must be fulfilled. These requirements are outlined below.

  • Citizens from these eligible countries can submit an application for a provisional residence permit, which is valid for two years.
  • The application process for the provisional residence permit entails expenses covering notary fees, certifications, processing, and the issuance of the residence card, totaling approximately USD 2,257.
  • To apply for a Friendly Countries Visa in Panama, the following documents are necessary:
  • A notarized power of attorney and application, endorsed by a licensed Panamanian attorney.
  • A copy of the applicant’s passport, authenticated by a Panamanian notary.
  • A criminal record certificate issued within the last three months.
  • A health certificate.
  • Two checks: one for USD 250 payable to the National Treasury and a second one for USD 800 designated to the National Immigration Service.
  • A personal background affidavit form.
  • Documentation outlining the motive for establishing residency, related to the applicant’s economic activities.
  • A copy of the applicant’s identity card or equivalent identification.
  • A recent bank statement or certification demonstrating a balance with a minimum average of four figures.
  • A receipt for utilities such as water, electricity, telephone, or a hotel bill showing the applicant’s address.

Legal Solutions Panama: Seek Expert Assistance

Every residence permit involves distinct requirements and factors to consider when moving to Panama. Therefore, obtaining professional guidance can greatly simplify the entire process and help realize your aspiration of living in this stunning Central American nation from Canada.

The expert attorneys at Legal Solutions Panama are dedicated to assisting foreigners aiming to reside in Panama. They offer professional advice, address all your inquiries, and help manage the comprehensive paperwork involved. To arrange a free consultation and address any questions you may have, visit their site.