Did you know about Panama’s great new residency program dubbed the “Red Carpet Visa”? Through Executive Decree No. 722 of October 15, 2020, a migratory subcategory called ‘Permanent Residency as a Qualified Investor’ was created, which grants Permanent Residence in Panama in 30 business days or less.
The decree’s primary objective is to promote foreign investments in Panama with a minimum of three hundred thousand dollars (US $300,000.00) while offering several advantages for investors to request their permanent residency with ease. However, as of October 2022 the minimum investment amount will be raised to five hundred thousand dollars (US $500,000.00) so there are only a few months left to take advantage of this great program at a reduced price.
One of the main advantages of this new program is that the residency process can be started by an attorney in your absence in case you don’t live in Panama or are unable to travel at the time. This means that the process can start without you having to travel to Panama and your residency will be emitted in less than 30 business days thanks to a special office dedicated to “Red Carpet Visa” requests.
Real Estate Investment
Investors will be eligible to request this type of visa by showing that they have made a purchase of a minimum of $300,000 (which will be increased to $500,000 as of October 2022). It is important to note that the investment amount must come from outside of the country. If the property has a higher cost than the minimum requirement, the investor will have the option to finance the remaining amount through a local bank.
- Filing of documents evidencing the value and ownership of the property (Certificate from the Public Registry and Certificate from the National Land Management Authority).
Another great feature is that you can initiate the residency request while you are in the process of completing the purchase. The moment you have a signed purchase contract and the purchase process is underway you can also start the request for permanent residency in Panama.
- Authenticated copy of the Promise to Purchase Agreement.
- Authenticated copy of the Trust Agreement evidencing the partial disbursements to be made by the trust for the purchase and sale.
Panama is consistently ranked as one of the best places to retire, landing the number one spot in 2022 according to International Living based on factors like healthcare, cost of living, climate and retirement benefits. It is also one of the favorite destinations for expats, it uses the US dollar as the official currency and has an advantageous tax system, as well as many other great features which are sure to make you feel right at home.
Looking forward to investing in Panama? Contact us today and we will help you with the process. We have many properties available with great prices ready for you.
If you are also searching for legal assistance, reach out today and our lawyers are ready to help you make the process faster and smooth while you remain in your country. Contact us at email@example.com or text us via WhatsApp at +507 6678-4765.