Panama is a Top Destination for Expat Living.
It has been over 5 years since I made the move to the Republic of Panama. It was an easy decision for me but for some picking a destination to relocate to seems to be much more difficult.
We have expat friends who live in Mexico, Japan, Australia, New Zealand, Costa Rica, Colombia, Ecuador, Chile and a myriad of other well known countries across the world. Everyone has their reasons why they live in each location but I am going to focus on Panama.
Reasons to get Panama Residency.
When it is time to expatriate choosing a country that has an option to become a legal resident should be a top priority. If you subscribe to the perpetual traveler lifestyle this does not apply. I personally prefer to not travel too much and have a place I call home. If we travel 2-3 times a year that would be extensive.
Panama is not much different than other countries. We have politicians that make poor laws that seem to change constantly. We have one rule here that is just dumb. As a North American you qualify for a six month tourist visa but can only drive legally for three months. This means you have to leave the country four times a year to keep your license legal. In order to get a Panama drivers license you need to be a resident.
Read My Article, "How to Get a Panama Drivers License."
Panama residency also does not cost a fortune. There are many options for Panama residency. Since I am married to a Panamanian I chose through marriage but there are options that suit almost anyone.
The Most Common Panama Residency Options.
- Marriage
- Pensionado (Retirement)
- Panama Business Investment
- Self-Solvency
- Friendly Nations Visa
Marriage is pretty straight forward but also is the one that brings the most headaches. If I would have known the amount of hurdles I would have had to jump through I would have chosen the Friendly Nations Visa instead.
The most common is the Pensionado Visa which is designed for people who are retired. The great thing is that you can be 30 and as long as you can prove that you have a pension coming in for $1000 or more you can qualify. See the Pensionado requirements at the link.
If you have the money to do it, the Business Investor Visa is pretty straight forward. You can open a corporation which runs a business in Panama valued at $160,000 or more. I am not a lawyer but I believe you can qualify by owning property inside of that corporation. I do not recommend owning a brick and mortar business in Panama.
There is also another Self-Solvency Visa which requires $300,000. I know a few people who went this route and they eventually achieved Panama citizenship.
The last that we will discuss is the, "Friendly Nations Visa". This Visa is by far the easiest to achieve for those of you who are not yet retired or have substantial means.
If you have professional or economic ties to Panama you can apply for this Visa. I will focus on those of you who would choose to buy or bring your business to Panama. There are options for people who work for companies as well.
You must prove that you have $5000 in a Panama bank account. You must also have a Panama corporation for business owners. You can see the other requirements at the link but overall this is the easiest way to get residency here.
Below are the Countries that Qualify for the Panama Friendly Nations Visa.
Great Britain
Germany
Argentina
Australia
Republic of Korea
Austria
Brazil
Belgium
Canada
Spain
USA
Slovakia
France
Finland
Netherlands
Ireland
Japan
Norway
Czech Republic
Switzerland
Singapore
Uruguay
Chile
Sweden
Poland
Hungary
Greece
Portugal
Croatia
Estonia
Lithuania
Latvia
Cyprus
Malta
Serbia
Montenegro
Israel
Denmark
South Africa
New Zealand
Hong Kong
Luxembourg
Liechtenstein
Monaco
Andorra
San Marino
Taiwan
Costa Rica
Mexico
Paraguay
Randy Can You Recommend a Panama Lawyer?
No, I can't my experience with Panama lawyers has left me feeling jaded. Every one that we have dealt with has left us disappointed. The problem is that when you recommend someone and they do not do a good job they reflect upon you.
My personal immigration attorney is cheap but she makes so many mistakes that it would have paid to hire a firm. Other lawyers that we have recommended do not treat our clients with the same level of service that we would expect. So we have decided to no longer recommend lawyers in Panama.
We are happy to help you along on your journey but please don't ask me to send you a lawyers name. I do recommend contacting a firm since they tend to do a better job.
In Today's World Having Another Residency Makes Sense.
The world economic system is in shambles. Choosing to set yourself up with residency in another country just makes sense. Panama is a good option because it is largely self sufficient regarding food. We do not need to import many food staples since most food is grown right here in the country.
Also Panama is warm 365 days a year. If we lose power you will survive. If there is a water emergency it rains here eight months of the year. The other four you can prepare for. The police in Panama are collecting a paycheck. These guys and gals will leave you alone just make sure to have your papers in order. Above all cost of living here is reasonable especially if you live outside of Panama City and the well known expat areas.
Bonus Benefits of Panama.
Over the last few years Panama has emerged as a Crypto-Currency hot bed. This means you can work with some of the best minds in Crypto.
Anabell and I can help guide you through the process of setting up life in this country. We know what it takes to run an online business here. We also have connections in every aspect of life across the country. It pays to be connected when you move to a new land.
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