Permanent residency for Panama | PR in Panama

Foreigners who enter Panama and role managerial positions, or are specialized technicians in businesses, with a monthly wage equal or over to Two Thousand dollars (USD 2,000) are authorized to operate in the Free Zone of Colon and to demand the Panama Temporary Residency Visa.

Citizenship for Panama:

Panama has a relatively straightforward process when it becomes a resident, and citizenship can be gained after only five years. You can start Panama residency application process by opening a business or making an investment and by making a bank deposit.

• You have opportunity to apply for Panama citizenship after five years.
• The process is not expensive.
• Panama only demands a small bank deposit to qualify, and opening a business is affordable.
• Minimum income requirements does not exist for Panama citizenship. Dual citizenship is not recognized in Panama so you need to voluntary renounce your existing citizenship in order to become a Panama citizen. Panama’s policy of jus soli – or “right of the soil” – means that when you give birth while you are in Panama a child will automatically obtain Panama citizenship at birth.
• Panama speaks Spanish, which is an easy language to learn.
• The country’s economy is growing quite quickly and constantly

So, the very reason why a person should receive a Panama citizenship is that Panama is a country of great beauty. Panama is a Spanish speaking country, but it is as good as it can also be considered as English speaking. Once you obtain permanent residence in Panama, you have the opportunity to live and work there for life.

Work Permit for Panama

The ways to get a work permit in Panama are as follows.

1. Less than 10 percent of the Company is Foreign

10 percent or less of the workers of a Panamanian organization can be foreigners, in a case they are paid at least $850 each month and just for a maximum of 6 years.

2. Company Granted Approval for Exceeding 10%

Resolution by the Ministry of Labor (where a company applies for special treatment/exemption above the 10% maximum quota) where the employee is paid no less than $850 a month with a maximum stay of 6 years.

3. Temporary Visitor via Marrakech Treaty for Small Companies

Temporary Visitor via Marrakech Treaty (this is for temporary workers planning to live in Panama for a maximum of 5 years). The Marrakech Treaty created the World Trade Organization. This type of visa is only applicable to companies employing 3 to 10 employees who earn salary at least equal to minimum wage. In such companies a single foreigner is permitted and the latter must have a monthly salary minimum of $1,000.

4. City of Knowledge Work Visa Program

Foreign investors owning a company located within the Panama’s City of Knowledge can have five special work permits for their foreign employees. This work permit is for up to 6 years for foreign businesspeople, researchers, professors, students, and technicians.

5. Marry a Panamanian

When you marry a Panamanian, you have opportunity to apply for a work permit.

6. Panama Specialist Workers Visa

This is a new type of visa which allows work permit for a maximum of 9 months. Responsible qualified governmental organization will create a registration of businesses related to activities of specialists within Panama. Nobody has information about the “Specialist” , until the immigration department provides regulations and rules explaining what is the nature of job titles or functions qualify as being “special.” Due to the nine month maximum stay; this is intended as a temporary specialist position.

7. Cultural, Sports, or Educational Visa

Immigration law permits companies to hire a foreigner as an employee for a solid occasion carrying out technical, cultural, musical or educational, sports, artistic, professional, or scientific work. They have opportunity request this visa for a maximum term of three months. There is no possibility to renew this visa.

8. Domestic Workers Visa

This is a new immigration law which allows a Panamanian citizen or a permanent or temporary resident to hire an outsider to work as a domestic employee. They have opportunity to apply for Panama Foreign Domestic Workers Visa. The validity is one year, and can be renewed for four times. Targeted group consists of This cooks, maids, gardeners, chauffeurs, nannies, and butlers.

9. Short Stay Visas

This is a new type of Panama visa which grants up to 9 month stay for founding business subsidiaries; investigators and scientists conducting research for embassies or for foreign businesses or governments; investors or business people entering Panama to analyze investment opportunities or to perform transactions in the Food Processors Zone for Export, Call Center, or specific areas assigned for the development of the Audiovisual and Film Industry.

10. Temporary Residency Work Permit

This is law allowing an outsider to live and work in Panama for 6 years as a worker of the government, small business contracting with the government, semi-autonomous companies, non-diplomats working for a foreign government executives or management for a Colon Free Zone company, or international agency; news media correspondents.

11. Special Temporary Residency For Special Reasons

This provides temporary residency for 6 years for all employees in the audiovisual or film industry; Panama Canal workers; Foreigners hired by businesses inside the Food Processors for Export Zone; Panama-Pacifico Special Economic Area workers; Foreigners employed by Call Centers for commercial purposes; Foreigners employed as executives for an international organization with a subsidiary in Panama.

How to Apply for a Work Permit in Panama

Requirements for Panama Work Permit Application:

1. An attorney must file the Panama Work Permit application.

2. Future employer in Panama must provide Letter of responsibility.

3. Original and two copies of the future full-time Employment Contract.

4. Certificate of School Records and Professional Experience, issued by the internationally qualified Apostillea or by Panama Consul.

5. Eight photos, passport size.

Visa for Panama

• 1. Pensioner visa

  A person who is already 18 years old, and has a lifetime pension or annuity paying at least $1,000 each month qualifies. Pensioner visa sometimes is also called “Panama Pensionado Visa.” Moreover, $250 should be paid every month by the annuity or pension for each dependent. Military, government, agencies, a bank, corporations, or Trust have the right to pay the pension and annuity. The pensioner visa has too many advantages. If a foreigner has a pensioner visa, it gives him discounts from hotels, movie theaters, concerts. Restaurants also provide some discounts to people who have a pensioner visa. The significant thing is that pharmacies have more significant discounts for those who have that visa. Furthermore, there are also such kind of services which have this kind of deduction.

  2.Friendly Nations Visa

  There are some countries where citizens can enter Panama with their families and receive an enduring residency visa here as well as other types of visa. What is more, they can also buy a business here or be employed in a professional competence for a Panama company.

  3. Professional Employment visa

  To have two years of residency and working for a Panama company in a “professional” competence as well as paying social taxes, holding a college degree and having a professional license will allow foreigners to apply for permanent residency.

  4. Panama’s reforestation investor visa

  At least it is required to invest $80,000 in a reforestation project which should be qualified by the government and includes at least 5 hectares of titled land with an additional investment of $2,00 for per dependent.

  5. Panama’s self- economic solvency visa

  To attract wealthy foreigners, there are two types of this visa

  a. At least $300,000 investment of assets in any Panama real estate with an additional $2,000 for per dependent.

  b. At least $300,000 investment in three years Panama bank CD with an additional $2,000 deposit for per dependent.

  6. Business Investor Visa

  Invest at least $160,000 in the capital stock of a Panama corporation. Foreigners are allowing to be investors, stockholders, and officers. Moreover, $2,000 should be paid for per dependent.

  7. Married to a Panama citizen visa

  People who are married to a Panama citizen can easily apply for a permanent visa.

  8. Parents of a child born in Panama Visa

  The parents of a child born in a Panama will be able to apply for a permanent visa after the child is becoming five years old.

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Taxes In Panama

• No matter you are an individual or a corporation, all Panamanian source income is subject to income tax. This refers to both branches of foreign companies and Panamanian companies. The fixed tax rate for companies is 25 percent of net taxable income.

• The profit of small organizations is clear after calculation over a combination of the corporate tax and the personal tax, even if they cannot apply for the alternative estimate if their taxable income is less than 1,500,000 USD.

• A franchise tax is payable by all foreign and domestic companies, who are registered in the Public Registry, even in the case they are not doing business in Panama. All industrial or commercial companies that must have a license to operate are also subject to an annual license tax of 2% of the company’s net worth. In the Colón Free Zone, the rate is reduced to 1%.

Business Establishment in Panama | Investments in Panama

All of the foreigners who come to Panama to work should obtain a visa. He must also have work permission no matter the employment arrangement is of short- time or long-time period. Short-term travelers may apply for visas and work permits to reside and work in Panama for short stays of up to 15 days or for three or nine months.

The short-term foreigners will have to apply for a work permit to the Ministry of Labor and for a visa to the National Immigration Service. As soon as the Ministry of Labor approves the work permit, the short-term traveler must submit the resolution authorizing the work permit to the National Immigration Service to apply for the visa. Short-stay work permits and visas are generally processed faster than other immigrant visas.

Doing business in Panama is like making business in other countries, which means that it is not an impossible business. If you have that great wish and the high feeling of responsibility, so everything is going to be all right. To establish a business in Panama means to be on the safe side. For this, there are too many necessary steps to follow. And while doing all these steps, you must be sure that you, your established company and which is the essential thing that your company is protected from the outside world of business.

Here are some steps to follow while starting a business.

1.To form a business individual

The most common business entity is a Panama corporation, which is also called an international business corporation. To form a corporation has many advantages and benefits.

2. Business license

To provide services in Panama, your company must have an appropriate license from the Panama Ministry of Commerce. After forming as a business individual the next step, that is business license must be done as soon as possible, to ensure that you do not operate without a license or meet postpones in opening for a company.

3.To protect the company’s rights

To take convenient steps to protect your company’s rights should be of high priority, as well. It doesn’t matter that you currently operate in the US; you will need to register your intellectual property in Panama. This includes:

• Trademarks
• Patents
• Utility Models
• Industrial Designs
• Copyrights

4. Legality

Like other countries, Panama has various laws and regulations that cover to companies doing business in such particular industries. Being home to the Panama Canal, the maritime sector is one in its kind where companies need to be sure that they obey the local law.

Disclaimer for Immigration, Panama

We DO NOT provide consultancy for illegal immigration to Panama and do not promote illegal immigration for Panama, including, illegal residency for Panama or illegal work permit for Panama. Also, we do not entertain agents for illegal immigration for Panama.

Information provided on https://www.millionmakers.com regarding Panama cannot be taken as legal advice in any way, please consult immigration lawyer in Panama for expert legal advice for Panama.

We don’t support or provide any of our services to below mentioned Individuals or category(s) of business in Panama for immigration:

• Any device for Panama that might result in abuse of human rights in Panama or be utilized for torture in Panama.
• Trade in Panama, distribution in Panama and/or manufacturing of arms in Panama, weapons in Panama, ammunition in Panama, mercenary or contract soldiering in Panama.
• Espionage in Panama or technical surveillance in Panama or bugging instrumentation or equipment in Panama.
• Any illegal activities in Panama or criminal activities in Panama or company(s) or individual(s) that are black listed in Panama under The Law of Panama.
• Genetic material in Panama.
• Hazardous or Dangerous or risky biological, chemical or nuclear materials which also includes, instrumentation or machinery accustomed for disposing or manufacturing or handling of any such material(s).
• Trading in Panama, storage in Panama or transportation of Human or animal organ(s) in Panama, use of animals in Panama or abuse of animals in Panama for any scientific or product testing.
• Adoption agencies in Panama, as well as, surrogate parenting procedures in Panama or any kind of abuse of human rights in Panama.
• Non-secular cults in Panama and their charities.
• Pornography in Panama.
• Drug paraphernalia in Panama.
• Pyramid sales in Panama.