How to apply for an economic solvency Visa
For those who have a little capital, it is possible to apply for an economic solvency Visa and live in a country with political stability. In addition, Panama offers low taxes and a growing economy. We’ll explain here all the steps to follow to apply for the economic solvency Visa program.
Panama’s economy could grow up to 5% in 2022, according to estimates made by local experts. The country’s GNP increased by 13.6 in the first trimester of the year compared with the same period in 2021. Sectors like commerce, transportation, and construction promoted this growth.
Panama is one of the most attractive destinations for foreign investors. Panamanian laws offer tax incentives and legal security, to encourage the arrival of more foreign capital. In addition, this is one of the countries with the lowest crime rates in Latin America.
In order to settle permanently, one of the quickest ways is through the economic solvency Visa.
How can I permanently reside in Panama?
This program has two variations. The investment is $300,000 in both and this money must always come from abroad. In the first variation, the applicant must buy a property and, in the second, must carry out a certified deposit in a bank with a license to operate in Panama.
In this case, the applicant has to deposit a minimum amount of 300,000 Balboas (1 Balboa equals 1 American dollar), in a fixed term deposit, in one of the country’s banks. With this step, he receives a permit from the authorities. After two years have gone by, he can opt for permanent residence. Moreover, if he wants to put dependents in the application, he must add 2,000 Balboas for each one.
The presentation of a duly notarized Power of Attorney and request are among the requirements for applying. The list of documents includes a copy of your passport, health certificate and criminal record, as well as a sworn declaration of personal antecedents.
Additionally, the applicant has to present a certificate of having opened the fixed term bank account, for a minimum three-year period, to the immigration authorities.
In this variation of the economic solvency Visa in Panama, the applicant must invest 300,000 Balboas in property. As in the prior case, you obtain a special permit from the authorities with this investment. R=two years later you can apply for permanent residence.
The requirements are similar to the bank deposit variation. The difference is that the applicant has to present a certification from the public registry where it states that he is the owner of the property, in his name, of the minimum value established by the economic solvency Visa in Panama program.
One of the most expedited methods for achieving permanent residence in Panama is through the economic solvency Visa program.