INMIGRATION LAWS
TEMPORARY VISA OR PRE-AUTHORIZED VISA
While nationals from some countries (such as US, Switzerland, France and Great Britain, Spain) do not need a visa or a Tourist Card, citizens from most countries do require a visa to visit Panama . In many instances, those visas must be pre-authorized by Panamanian Immigration Authorities. Citizens from countries whose visa needs to be pre-authorized by Panamanian Immigration Authorities (such as the Russian Federation , India and the Popular Republic of China) will need to submit to Panamanian lawyer the following documents:
Regulated by Law N° 9, June 24 of 1987, this law allows foreigners to obtain immediate Panamanian Passport under the condition that you make a 5 year time deposit (certificate of deposit - "CD"), at the Banco Nacional de Panama, which should earn you a minimum of US$750.00 per month in interest income.
At current interest rates are 4.5 % (as of September 2004), this means that the investor would need to deposit a minimum of US$150,000.00 in the 5 year time deposit at the Banco Nacional de Panama. The monthly interest earned from the time deposit would be deposited directly into the applicants savings account, and the applicant can withdraw the funds in the savings account at any time. A short visit to Panama is required for the processing of the passport.
RESIDENT AND PANAMANIAN PASSPORT
Through law No. 24 of the 23rd of November, 1992, the Panamanian government offers international investors the opportunity to obtain legal residency and passport in Panama through a minimun investment of $40,000.00 in any approved reforestation project.
This law is very attractive for the individual who is interested in legal residency in Panama with a very solid, long term, ecologically friendly investment. This program is perfect for retirement planning. The Panamanian Government rewards you with Legal Residency and Passport in Panama, in return for your investment in reforestation.
This law allows foreign missionaries to obtain legal residency in Panama under the condition that they will be living in Panama for the purpose of missionary activities, such as being a pastor at a church, or other such activities.
LAW FOR RETIRED AND PENSION INDIVIDUALS
Regulated by the Decree Law No. 260 of the July 30, 1970 and Decree Law Number 146 of the August 24 , 1970, it applies to retired and pensioned individuals who are at least 45 years old or cannot work because of a physical disability. Applicants for a tourist-pensionee-visa must prove to the Panama Government that you have a permanent income of 750.00 US dollars monthly (plus US$100.00 for each dependent). Funds must come from the applicant's pension or retirement funds (Social Security Office, Government, Private Companies or International Organizations). As an alternative, the Panamanian Government also offer the Retired Annuitant Visa: the applicant must receive US$750.00 monthly as result of interests generated from a 5 year deposit in a Private Panamanian Bank.
Benefits: (Decree Law number 146 of the August 24, 1970).
Pensioners who obtain visas are entitled to the following benefits: (1) duty-free importation of household and personal goods up to a value of US$5,000; (2) duty-free importation once a year of a motor vehicle, including a mobile house or trailer; and (3) exemption from inheritance and donation taxes.
SMALL BUSINESS INVESTOR LAW
This Law allows foreign business owners to obtain legal residency in Panama under the condition that they invest a minimum of US$40,000 in either a new business venture, or an established company in Panama. Part of the requirement is that the business must employ at least 3 Panamanian employees paying them at least minimum wage, with social security benefits.
TAX FREE PROCESSING ZONE INVESTOR LAW.
This Law allows foreign investors to obtain legal residency in Panama under the condition that they must rent a plot of land or an office or building (rented through a 10 to 20 year concession) within one of the new tax free processing zones in Panama, for the purpose of operating a business from Panama that exports theirproducts or services.
These tax free processing zones have distinct tax advantages for operating manufacturing plants, assembly plants, software creation facilities, call centers and other such businesses that export their products or services. These businesses also get a substantial tax break on a certain percentage of their products or services sold locally.
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