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You can’t just move to Panama, there are immigration rules for living in Panama!
Tourists can visit Panama for 30-180 days, depending on their country of origin. But to live in Panama full time, they need to get a residency visa. Panama offers many different visa programs.
The most affordable visa is the Pensionado Visa. To qualify, you must collect $1000USD per month in lifetime income plus an additional $250 for a spouse. It’s also the most affordable visa because most government fees are waived. A single person can get this visa for about $1200 – $1500 depending on which immigration attorney you are using. Of course, some lawyers charge twice as much as our lawyers.
If you don’t qualify for the Pensionado Visa, then the Friendly Nations Visa is an option. To qualify for the visa, you either need to
- Buy real estate worth at least $200,000 ( you can try to get a bank loan)
- Deposit $200,000 into a 3-year CD at a Panama bank, or (maybe SELF DIRECTED IRA)
- Get a job in Panama, and present a Labor Contract to apply for a visa. (VERY DIFFICULT)
None of those options sounds very friendly!
A Reforestation Visa also requires an investment of $80,000, Yikes!
But there’s a solution, and it only costs about $10,000!
You must meet strict rules to qualify, and our attorney will make sure the i’s are dotted and the t’s are crossed so you qualify. We’ve already helped many people get a visa this way!
Here’s the secret…
Instead of getting a job working for someone else, you can set up a Panama company with a SPECIAL corporation, get a business license, then the company can give you a Labor Contract so you can apply for a visa. You’ll also need a work permit. Our attorney has the entire process approved by immigration.
Unlike the old Friendly Nations Visa, this corporation must be in business. You will also need to be paid a salary of at least $1000 per month and registered with Social Security.
The total cost for the special corporation, business license, work permit, attorney fees, is about $10,000 with our immigration attorney.
That’s a lot better than spending $200,000 on real estate! We advise that it’s better to wait to buy real estate until you have lived in Panama for at least a year anyway! That gives you time to make sure you like living in Panama, like the area you have selected, and that you get more familiar with market prices.
Like all Friendly Nations Visas, you will get a temporary visa for two years. Then, you can convert it to an indefinite permanent visa.
Once you get your temporary visa, you can get a Panama driver’s license too.
You need to do this the right way, the legal way.
So I recommend you only work with the immigration lawyers we recommend who have already set this up for others. We know it works and has already been approved by immigration. Plus, their fees are a lot more affordable!
You should also know that the corporation will have annual renewal fees and reporting requirements. Your attorney can provide more details.
VISIT PANAMA FIRST!
I also recommend that you visit Panama first to make sure you like it before you start the process of getting this Friendly Nations Visa. You don’t want to spend a lot of money to get a visa and then discover that Panama is not right for you or for the kind of business you want to do.
You could join us for an all-inclusive 6-day Panama Relocation Tour or a Private Tour or get information about doing a DIY self-guided tour in our Complete Panama Relocation Guide.
Get the Complete Panama Relocation Guide for the step-by-step details for this new visa option and our recommendations for an immigration lawyer.
The Complete Panama Relocation Guide has all the other information you need to know to have a smooth move to Panama.
When you move to Panama, you’ll need to know a lot more than just how to get this visa and our immigration attorney contact. You’ll need information about different areas to help you decide where to live, how to find a rental, what to AVOID when renting or buying, where to get health insurance (and save 40%), how to buy a car, how to get a driver’s license, how to get your pets to Panama, checklists for moving to Panama, and so much more. The Complete Panama Relocation Guide has all the information plus so much more.
WHAT KIND OF BUSINESS?
If you have an existing business or job, your employer could hire your Panama company to perform tasks, then your Panama company would hire you.
If you don’t already have a business that you could move to Panama, here are some ideas:
Your Panama company could hire you to manage your rental portfolio or other investments in your country.
One of my side businesses is to buy and sell domain names. I make about $1000 a month with very little work doing this. Your Panama company could hire you to manage your domain portfolio and advertise them on auction websites.
You could write eBooks to sell on Amazon. It’s a fast and easy business to set up and you don’t need any inventory. You can even hire editors in Fiverr to help write the book and hire people to design a book cover.
Before I moved to Panama, I’d buy old beat-up houses, fix them up, and then sell or rent them. That would be a good business in Panama if you have some working capital. Getting bank financing is difficult, but you may be able to buy with seller financing.
Your business can be an online business or a regular business in Panama to qualify for this Friendly Nations Visa.
To give you ideas for Online Business opportunities that take very little start-up costs, get my FREE ebook Fund Your Freedom Overseas.
This free eBook does not have information about this new visa option or any attorney contact information. But it will give you ideas of ways you can make money in Panama.
You’ll learn about 3 websites that have millions of freelance job opportunities right now. You’ll be amazed at all the jobs available as a one-off job, part-time, or even contract full-time jobs available to freelancers. You can do data entry, sales, and marketing, IT work, customer support, etc etc.
The Fund Your Freedom Overseas eBook will give you plenty of business ideas for this Friendly Nations Visa option and you’ll learn ways to make money when you move to Panama.
You can set your own hours!
The great thing about an Online Business is that you can start it before you even move to Panama. If you decide to move to Mexico for a while, you can take your business with you if it’s an online business. You can run an online business from anywhere that you have an internet connection.
TERRITORIAL TAXING SYSTEM
If you are not selling products or services IN Panama, you may not owe taxes in Panama. Consult with a Panamanian CPA about your personal situation. We have recommendations for Panamanian CPAs in the Complete Panama Relocation Guide.
BONUS for United States citizens
If you’re a US citizen and you live overseas full time, you can earn up to $112,000 per year per person and not pay taxes in the United States. You still need to file a tax return and report your worldwide income but you can exclude $112,000 of active earned income if you qualify for the Foreign Earned Income Exclusion.
If you’re not selling products or services IN Panama, you may not owe taxes in Panama either.
CONCLUSION
If you do not qualify for a Pensionado Visa and do not want to spend $200,000 on real estate, then this Friendly Nations Visa option is ideal for you.
See details, including immigration attorney contact, in the Complete Panama Relocation Guide.
The Friendly Nations Visa is ONLY Available For People Who Are From These Countries
Andorra
Argentina
Australia
Austria
Belgium
Brazil
Canada
Chile
Costa Rica
Croatia
Cyprus
Czech Republic
Denmark
Estonia
Finland
France
Germany
Great Britain
Greece
Hong Kong
Hungary
Ireland
Israel
Japan
Latvia
Liechtenstein
Lithuania
Luxemburg
Malta
Mexico
Monaco
Montenegro
Netherlands
New Zealand
Norway
Paraguay
Poland
Portugal
San Marino
Serbia
Singapore
Slovakia
South Africa
South Korea
Spain
Sweden
Switzerland
United States of America
Uruguay
Peru
