Panama has been characterized as one of the countries with the best financial stability outlook for all types of investors today. Both the plurality of its businesses and the business boom have been attractive points for all those interested in undertaking and investing in business.
If you are a United Kingdom citizen and are looking to embark on a journey as an investor in the business sector, you might want to consider acquiring an investor residency in Panama. Nonetheless, to successfully secure this kind of visa, it is advisable to have the guidance of legal experts. There are dedicated firms like Legal Solutions Panama, whose team of specialists can assist you throughout the entire process.
What is the purpose of an investor visa in Panama, and what are its benefits for foreigners?
Panamanian legislation permits foreign entrepreneur investors to enjoy the same rights as locals regarding property and financial assets within the country. Furthermore, holding this visa grants you legal residency in Panama, enabling investment in real estate, businesses, or time deposits, and access to essential services like education and healthcare.
This nation is distinguished by its stable economy and conducive business environment, offering investors ample opportunities to grow their commercial ventures. The simplicity of setting up bank accounts and managing international transactions, attributed to its status as a financial hub, is a significant advantage.
Moreover, this visa enables applicants and their families to experience a high-quality lifestyle in a nation abundant in culture and biodiversity. The benefits of a political and legal framework that supports foreign investment, paired with the opportunity to acquire Panamanian citizenship following a residency period, render this permit an appealing choice for those considering a move to Panama.
What are the necessary criteria for obtaining an investor visa in Panama for citizens from United Kingdom?
As with any legal process required in the country, acquiring an investor visa in Panama necessitates the submission of several documents:
- Power of attorney and application, which corresponds to the notary’s office and their respective tax stamps.
- Four passport-size photographs of the applicant.
- A copy of the applicant’s passport.
- Apostilled criminal record certificate of the applicant.
- Certificate of health by a qualified physician in the Republic of Panama.
- A certified USD 250 check payable to the National Treasury, may be made out by the applicant or his legal representative. In turn, the cost of certification per check is USD 10.70, which must be provided by the holder.
- Check for USD 800 made out to the National Immigration Service, which must also be certified; it can be offered by either the applicant or his/her legal representative. The cost of certification by check is identical to the previous point.
- Personal Background Affidavit Form. To be completed and signed by the applicant.
- Documents to be provided depending on the type of investment:
- In the case of investment in real estate, the following must be provided:
- Certification from the Public Registry confirming the applicant’s ownership of the real estate under their name, with a minimum value of USD 300,000. The certification must also state that the property is free of encumbrances.
- If opting to open a time deposit, the applicant must provide:
- A bank certification confirming the establishment of a time deposit account in the applicant’s name. The deposit should be USD 300,000 with a minimum term of three (3) years and must be held with a general license bank within the national territory. This time deposit must be unencumbered.
- A copy of the fixed-term certificate, authenticated by the bank.
- Two letters of responsibility.
If you have dependents, there are additional requirements that must be submitted.
Step-by-Step Guide to Securing Your Investor Visa: A Practical Approach
This procedure is simple. You can follow the steps below to ensure that your visa runs smoothly from start to finish:
- 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: expert lawyers to help you obtain your investor visa
As you have seen, the application for your investor visa is a process that requires several requirements. Having legal advice from experts in the field is a good way to start, and Legal Solutions Panama can help you from the first moment.
This group of attorneys is renowned for their comprehensive range of services and extensive experience in guiding clients through visa and immigration processes. To learn more about securing your investor visa with their assistance, visit their webpage and take advantage of a complimentary 30-minute consultation with one of their specialists.
