Panama has been characterized as one of the countries with the best financial stability outlook for all types of investors today. Both the plurality of its businesses and the business boom have been attractive points for all those interested in undertaking and investing in business.
If you are a United Kingdom citizen and are looking to invest in the business sector, you might want to explore acquiring an entrepreneur residency in Panama. Securing this visa necessitates guidance from legal experts. Specialized firms like Legal Solutions Panama employ a team of professionals ready to assist you throughout every step of the process.
What is the goal of an investor visa in Panama, and what advantages does it offer to foreigners?
Panamanian regulations permit foreign investors to enjoy the same entitlements as locals regarding property ownership and capital within the country. Moreover, this visa grants legal residency in Panama, enabling you to invest in real estate, businesses, or time deposits, as well as providing access to fundamental services like education and healthcare.
This country stands out for its stable economy and favorable business climate, which offers investors opportunities to expand their commercial activities. The ease of opening bank accounts and conducting international transactions, thanks to its position as a financial center, is a great benefit.
Moreover, this visa enables applicants and their families to experience a high standard of living in a country abundant in culture and biodiversity. The benefits of a political and legal framework supportive of foreign investment, along with the opportunity to gain Panamanian citizenship following a certain residency duration, render this permit an appealing choice for foreigners in Panama.
What are the necessary criteria for obtaining an investor visa in Panama for citizens from United Kingdom?
As with all legal processes that must be followed in the country, to secure an investor visa in Panama, a collection of documents must be submitted:
- Power of attorney and application, relevant to the notary’s office along with the necessary tax stamps.
- Four passport-sized photos of the applicant.
- A copy of the applicant’s passport.
- An apostilled criminal record certificate of the applicant.
- A health certificate issued by a qualified physician within the Republic of Panama.
- A certified check of USD 250 made payable to the National Treasury, which can be issued by either the applicant or their legal representative. Additionally, the certification cost per check is USD 10.70, which the holder must provide.
- A check for USD 800 payable to the National Immigration Service, also requiring certification; this can be issued by the applicant or their legal representative. The certification cost per check is the same as mentioned previously.
- A Personal Background Affidavit Form. This must be completed and signed by the applicant.
- Documents required vary depending on the type of investment:
- If investing in real estate, the following must be submitted:
- Certification from the Public Registry confirming ownership of the real estate in the applicant’s name with a minimum value of USD 300,000. The certification should also indicate that the property is free from encumbrances.
- For those opening a time deposit, the applicant must submit:
- A bank certification showing the establishment of a time deposit account in the applicant’s name. This deposit should be for USD 300,000 with a minimum duration of three years and can be from any general license bank within the national territory. The fixed term should be unencumbered.
- A copy of the fixed-term certificate authenticated by the bank.
- Two letters of responsibility.
If you have dependents, there are extra requirements that need to be submitted.
Step-by-Step Practical Guide to Acquiring Your Investor Visa
This procedure is simple. You can follow the steps below to ensure that your visa runs smoothly from start to finish:
- Application Submission: Visit the National Immigration Service in Panama to submit your application. Ensure you have all the necessary documents and complete the appropriate application form.
- Payment of Fees: Pay the administrative fees required for the investor visa. Verify the current fees as they may change by the time you apply.
- Assessment Process: After submitting your application, the National Immigration Service will evaluate your case. This assessment can take anywhere from 3 to 6 months.
- Visa Issuance: If your application is approved, your investor visa will be issued. Carefully review the terms and conditions and ensure there are no mistakes in the document.
Legal Solutions Panama: Professional attorneys to assist you in obtaining your investor visa
As illustrated, applying for an investor visa involves fulfilling multiple requirements. Initiating this process with guidance from seasoned experts is advantageous, and Legal Solutions Panama is well-positioned to assist you right from the outset.
This team of lawyers stands out for the breadth of their services and for their years of experience in advising on visa and immigration procedures. If you are interested in knowing more about how to obtain your investor visa with their support, visit their website and get a free 30-minute consultation with one of their experts.
