Today the Republic of Panama offers several types of visas that grant temporary, permanent and even short-term residences. Nonetheless, our clients prefer more stable solutions, so they seek to obtain a Visa that grants them permanent residence.
But why Panama? The answer is simple: Panama has it all, warm weather throughout the year, beaches, mountains, good food, great internet and air connection, but above all it has stability, since it is a proud member of a select group of Latin American countries (Chile, Mexico, Brazil and Peru) that have Investment Grade.
In addition to the above, when doing business from Panama, your income is not taxable in Panama, provided that such income comes from a foreign source. What does this mean? This means that Panama has a Tax System that is based on the Territorial Tax Principle. This principle means that only income from Panamanian sources is taxed.
How to become a permanent resident in Panama?
The first step is to ensure that your entry into the country is legal, for this you must have a valid passport for at least 6 months (if you are going to apply for a permanent residence visa), financial solvency, return air ticket and a tourist visa (if required for your country).
The second step is to meet with us to carry out the signing of documents, such as the power of attorney and a background affidavit and also, review the documents that must be submitted to the National Immigration Service and that you have brought with you from abroad, such as the certificate of no criminal record, and if you are applying with your spouse and / or your children, marriage certificate and birth certificate of your children.
It should be noted and this is very important, that the documents you obtain abroad must arrive in Panama duly legalized through the Apostille or through a Consulate of Panama.
Once we have all the necessary documents, we proceed to pre-register your passport with the National Immigration Service, submit your Visa application and obtain your temporary residence permit. The response time of the National Immigration Service has improved substantially, which means that the Visa may be taking between three to four months.
Once you make the decision to move to Panama, either temporarily or permanently, we concern ourselves so that the process is the easiest for you, even from long before your arrival, we are in constant communication with you, reviewing documents and guiding you in everything necessary.
Finally, for those who think so, it is very important to emphasize that a permanent residence does not equal a tax residence. These are two different procedures and that are not necessarily going to be linked, therefore, we advise you that, if your goal or at least one of them is to obtain your tax residence in Panama, consult it with us.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.