Panama: What is the friendly nations visa and how to get one.

In the modern era, relationships are founded upon the potential for mutual benefit, and when scaled up to include international relations, this becomes all the more significant. Visa programmes in which the applicant can invest in return for said visa, or donate a sum for the same purpose, are becoming more popular amongst prospective expats and governments across the world are taking notice. One such example of this is Panama, where there is a scheme called the Friendly Nations Visa, allowing applicants from certain listed countries are able to obtain residence in the country and provide what is essentially a simplified road to citizenship as at the end of this period the necessary amount of residency time will be fulfilled. Below we will outline some of the most important information and hopefully help you to understand the programme and whether or not it is for you.

Before we get into any specific details, here are the nations where citizens are eligible for application:

Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Monaco, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, San Marino, Serbia, Singapore, Slovakia, Spain, South Africa, South Korea, Sweden, Switzerland, Taiwan, United States of America, Uruguay and United Kingdom

Requirements for applicants

As with every visa programme across the world, there are certain requirements that must be ticked off before submission of any forms can take place. For the Friendly Nations Visa, you must be able to demonstrate:

1. Prove that you are linked with Panama economically. This can be done in many ways, including real estate investment and either registering a company or becoming an employee of one in Panama

2. Prove financial solvency. This is done by depositing USD$5,000 into a Panamanian bank account. Said money can be taken out of the bank later on once approved.

One important extra thing to mention is that if you are looking to incorporate a business as you method of obtaining the Friendly Nations Visa, there is a more extensive process with more in-depth requirements, including notarised copies of identification documents, checks to different departments of the Panamanian government and reference letters. You will also need your proof of corporate franchise tax payments and business license.

Looking beyond this option, if you are hoping to apply for the scheme through a more traditional route, the timeline is quite short, making it one of the best programmes of this sort available in the current market. Having seen economic difficulty across the world during the COVID-19 pandemic, a scheme such as this where the amount you pay differs depending on the route of application you take makes it even more attractive, however, there are other benefits, including:

1. Tax on income from within Panama only

2. Right to live and work in Panama

3. Visit to Panama once every two years required to retain resident status

The Friendly Nations Visa is ultimately a convenient relocation and or residency option for citizens from countries across the globe, and as we mentioned before, is a mutually beneficial programme for all parties involved. It is important to mention that, for now, the scheme is constructed as mentioned above, however, later this year there will be changes that have already been agreed yet not implemented until August 2021. When said changes are introduced, we will provide a follow up article to keep you up to date!

So, if you are interested in finding out more or you are certain this is for you and you just need the right people to stand beside you during the process, do not hesitate to contact Creimerman today. We are an experienced team working with our clients on cross-border ventures every day, and we would take great pride in assisting you with you Panama Friendly Nations Visa application.