Panama: What is the reforestation visa and why should you consider it?
The idea of relocation can be linked to our theme of this week, the environment. Now more than ever, moving abroad seems like an attractive prospect due to the possibility of finding a new professional and personal environment, as well as receiving the benefits that come with a relocation program, whether it be a residency visa or a citizenship. The focus of today’s article is Panama, specifically, the reforestation visa for foreigners looking to relocate to the Latin American nation. It is important to understand that each residency program is different, and the example we will share today represents a sustainable option for the future, which makes it all the more interesting and intriguing.
We will explore the requirements, steps and benefits of the residency visa with an investment in reforestation in Panama.
Criteria and details are key factors in a process such as this because they represent the difference between an application being successful or not. Please find below the requirements to be able to make an application for the reforestation visa in Panama:
· Process application with a Panamanian lawyer
· Apostille the documents with the Panamanian Consul in your country of origin
· Clean criminal record
· The documents need to be dated within 4 months of you making the application
· Passport valid for 6 months after application is made
· Proof of investment
· Authenticated copy of certificate of shares in favour of the reforestation investors
Even though the investment is something personal for those looking to relocate to Panama, it is also possible to apply as a business entity. For this reason, there are a few more requirements although we will not discuss these today.
You have three options for investment, they are:
1. Minimum investment of US$80,000 in a government approved reforestation project. You will receive a 5-year temporary residency with no right to apply for citizenship afterwards
2. Minimum investment of US$100,000 in a government approved reforestation project. You will receive a 2-year temporary residency and a permanent residency afterwards with an option to apply for citizenship after 5 years of having permanent residency status
3. Minimum investment of US$350,000 in a government approved reforestation project. You will receive permanent residency after 30 days and you will be able to apply for citizenship 5 years later
Each of the above options requires that you hold your investment for at least 5 years in order to retain resident status in Panama. Further to this, there is an additional US$2,000 charge per additional person involved in the application. However, the process goes beyond costs, some of the benefits include:
· Easy process with a route towards Panamanian citizenship
· With the passport you will have visa-free access to 127 countries
· Mutually beneficial as you will be able to help improve the environment while at the same time receiving the above benefits
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.