PANAMA Tax Residency
Panama is situated in Central America and boasts with beautiful scenes of nature. Get lost in the forests of the country, the gorgeous beaches and the developing cities. This is a country that is easily accessible to the rest of central and South America, and it being so close to the sea, it can provide you with amazing import-export benefits.
Foreign investors who would like to become permanent citizens of Panama would have to be a resident of the country for at least 5 years. You would have to be classified as an immigrant rather than an expat. Should you be married to a Panama citizen, you would have to wait 3 years to apply for citizenship.
You would need a number of documents to apply for citizenship. The first is 5 testimonials from non-relative Panama residents stating that you have been residing in the country for the past 5 years and have been living there on an uninterrupted basis. You would need medical documentation proving that you are HIV negative, and a general good health report showing that you are free from dangerous illnesses. You would need a notarized copy of your passport as well as two passport photos. You will also have to announce in a written statement that you are willing to be revoked from your previous citizenship. The fee will come to $300.
Means of income will have to be provided as well as proof of contributions to the country’s social security fund (if applicable). Once the application has been submitted you will have to meet with the Electoral Tribunal and will have to undergo several examinations regarding the geography and history of Panama as well as a Spanish test.
Once the application has been approved, you will be a Panama citizen and will be given a new ID card and passport. You will be able to work, live, vote and do business in Panama. Those under the age of 18 must apply with their parents’ presence and consent.
Citizenship can also be obtained through investments. An application for an immediate passport can be made by depositing an amount into the bank of Panama where it will earn $750 in interest per month.
If you would like to know more about the immigration services in Panama and how their laws will help your business grow, contact us today. A professional agent will be able to assist you in the immigrating process.