Do you know which country has the fastest golden visa program in the world which can actually lead to becoming eligible for citizenship after 5 years without residing there for more than 3 days in 5 years? It's Panama. The tax free haven which always has beautiful weather and oceanside. Within 6-8 weeks you can potentially obtain a residency through investment, NOT donation, and have lots of flexibility in terms of the type of investment and how long you need to reside in this beautiful country. No taxation on your worldwide income and one of the largest trade free zones in the world. What more can you ask for?
Panama is a premier destination for individuals seeking permanent residency through investment, with the Qualified Investor Visa standing out as one of the best options for dedicated investors. With the minimum investment requirement set to increase on October 15th, 2024, it is vital for prospective applicants to take prompt action. With its current affordable entry point at US$300,000, this program offers immediate permanent residency in exchange for an investment in Panama, including the following options: (Link to the government decree for the changes in the investment amounts: https://www.gacetaoficial.gob.pa/pdfTemp/29606/93221.pdf )
- Real estate investment: Purchase property in Panama valued at a minimum of $300,000 until October 15, 2024. The investor must hold the property for a term of 5 (five) years.
- Pre-construction projects: Required investment amount is $500,000.
- Panamanian Stock Market: Minimum investment of $500,000 at a licensed brokerage firm.
- Fixed-term bank deposit: Minimum deposit of $750,000 in a Panamanian bank for at least five years.
It is important to note that for the investors from the list of friendly nations, the investment amounts for obtaining the residency will still remain at US$200,000 for the real estate option even after October 15th.
Panama Residency By Investment Benefits
Panama stands out as a highly attractive destination for foreign investment, thanks to its exceptionally stable banking system, dollarized economy, and strong democratic government. Its strategic geographical location, which hosts the world's second-largest free trade zone, further elevates its appeal to international businesses. These advantages, combined with significant levels of foreign direct investment, have positioned Panama as a leading hub for global commerce and economic growth.
Moreover, Panama offers a highly favorable tax environment, with property taxes as low as 0.8% of the purchase price annually and no taxes on global income. Additionally, a Panamanian passport allows visa-free travel to 139 countries, adding another layer of appeal to this thriving economy.
But Why Choose the Qualified Investor Program in Panama?
The Qualified Investor program offers numerous benefits for individuals seeking residency in Panama with minimal requirements. Here are the key advantages:
* Minimum Stay Requirement: To maintain your residency, you are only required to stay in Panama for one day every two years.
* Fast Processing Time: Panama offers one of the quickest processing times for permanent residency in the world, with approval by law in less than 30 working days after submitting your application.
* Remote Application Process: Most of the process can be completed remotely. Applicants only need to travel to Panama after their permanent residency is approved to finalize the process and receive their Panamanian Resident ID.
* Flexible Real Estate Investment: Investors can purchase any type of real estate without restrictions, or even combine multiple properties to meet the required investment amount.
* Efficient Property Titling: With our support, the property title can be ready within approximately 45 days.
* Family Residency Options: You can include family members in your application, such as a spouse, children under 18, children up to 25 if single and dependent, and parents of any age.
* Attractive ROI: Real estate investments in Panama offer competitive returns, with an average ROI of 6.4% for residential properties and 7.2% for commercial properties.
* Investment Flexibility: Investors can switch or sell their initial investments. A gap between selling and acquiring a new property is allowed, as long as everything is in order by the time of renewal.
* Citizenship Eligibility: A simple 10-page booklet is provided, and an interview may be conducted.The citizenship test is in Spanish.
* Open to All Nationalities: The program is accessible to applicants from any country.
Even though we think this is one of the best programs out there, as everything in this life, it does have its cons. Let's take a look at them:
* Long Path to Citizenship: While the residency process is fast, acquiring full Panamanian citizenship can take several years.
* Limited Global Mobility for Citizenship: While a Panamanian passport allows access to 139 visa-free countries, it does not provide the same level of global mobility as passports from countries like those in the EU or Canada.
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What happens after the program threshold increases?
Even with the increase in the investment threshold, the Qualified Investor (Golden Visa) program will remain an attractive option for individuals seeking global mobility, lucrative business opportunities, and diverse investment options. However, for those interested in a lower investment threshold, the Friendly Nations Visa continues to be an excellent alternative.
As of the recent changes, the Friendly Nations Visa now requires an investment of at least $200,000 in Panamanian real estate or the establishment of a Panamanian company. While the program's earlier version allowed for a simpler and less costly route, the current requirements are still accessible compared to other global residency programs.
The Friendly Nations Visa provides a pathway to permanent residency for citizens of over 50 designated countries including the United States and Canada. It is particularly appealing due to its flexibility, relatively fast processing time, and minimal residency requirements. The program also allows the inclusion of family members, offering an efficient way to establish a foothold in Panama for both personal and business interests.
Under the Friendly Nations Visa option, you will receive a temporary residency for 2 years, and after meeting the minimum residency requirements which we have outlined earlier in this article, you can convert it to another 3 year permanent residency before potentially becoming eligible for citizenship.
List of Qualifying Countries for Friendly Nations Visa
* Andorra
* Argentina
* Australia
* Austria
* Belgium
* Brazil
* Canada
* Chile
* Costa Rica
* Croatia
* Cyprus
* Czech Republic
* Denmark
* Estonia
* Finland
* France
* Germany
* Great Britain
* Greece
* Hong Kong
* Hungary
* Ireland
* Israel
* Japan
* Latvia
* Liechtenstein
* Lithuania
* Luxembourg
* Malta
* Mexico
* Monaco
* Montenegro
* Netherlands
* New Zealand
* Norway
* Paraguay
* Poland
* Republic of Korea
* San Marino
* Serbia
* Singapore
* South Africa
* Spain
* Sweden
* Switzerland
* Taiwan
* Uruguay
* USA
Some of the advantages of the Friendly Nations Visa option include:
* It is a fast and streamlined application process, allowing for the efficient acquisition of a second residence.
* Eligibility for Panamanian citizenship is available after 5 years of permanent residency.
* There are various investment opportunities as well as the option of applying if the applicant holds a job offer from a Panamanian Company.
* It allows for obtaining Permanent Residency.
* It allows for obtaining a work permit to work in Panama.
* Dependents can be included, even if they hold passports from countries not included in the visa program.
On the flip side, the process begins with the submission of the initial application at the immigration office for a temporary residence permit. Generally, it takes around 6 months to process the initial application and then issue a provisional residence permit.
Once the provisional residence permit is issued, it is valid for 2 years, during which the applicant must maintain the investment or employment requirements.
After two years, the holder can apply for permanent residency. Once the application is approved, the provisional residence permit is replaced by a permanent residence permit.
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In conclusion, Panama's Qualified Investor Visa remains a compelling option for high-net-worth individuals seeking global mobility, business opportunities, and a favorable tax environment. With the upcoming increase in the investment threshold in October 2024, now is the ideal time to take advantage of the current entry point at $300,000 for real estate investments. For those seeking a more accessible investment route, the Friendly Nations Visa still offers a fast-track to permanent residency with flexible investment options. Both programs provide attractive opportunities for individuals and families looking to establish residency in Panama while benefiting from its strategic location and growing economy.
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.
