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Unfortunately, no matter how badly you want to move to beautiful Panama, you may not be able to.
To live in Panama, you need a residency visa. There are rules – lots of rules – for getting a visa. You must dot the i’s and cross the t’s precisely right to get a visa.
The two main things that could prevent you from getting a visa are your criminal record and your income.
Panama has strict income requirements to qualify for a Pensionado Visa. And they have strict investment criteria to qualify for other visas.
Panama is also very selective about granting visas to people with criminal records. Minor things could be approved. But multiple offenses or serious offenses could prevent you from getting a visa, no matter how long ago.
Tourists are allowed to stay in Panama for 180 days. But if you want to live in Panama, you are required to get a residency Visa.
To qualify for the Pensionado Visa, you need to prove a lifetime income (from Social Security, military retirement, or pension from a job) of $1000 for one person plus $250 for each dependent. Some annuities are accepted bu not all. For the Pensionado Visa, Panama does not accept 401(k) or IRA income or rental income. To qualify, the income must be a lifetime income. The Pensionado Visa is the most affordable visa because the government fees are waived for retirees.
The Pensionado Visa is a fast-track visa, as you usually receive a permanent Visa in less than 6 months.
If you don’t qualify for the Pensionado Visa, you can get a Friendly Nations Visa, which requires one of four things:
*Get a job in Panama
*Put $200,000 into a 3-year CD at a Panama Bank
*Buy titled real estate worth at least $200,000
*Set up a corporation that issued you a labor contract.
The most important requirement for any visa application is a national criminal record check, such as an FBI report if you’re a US citizen or an RCMP report if you’re Canadian.
Even if you have some dings on your criminal report, you can usually get a visa UNLESS you have a felony. If you have a felony on your criminal record, you will not be eligible for a residency visa in Panama. Even if these charges were made 20, 30, or 40+ years ago, Panama will not issue you a visa.
If you have multiple DUI’s or misdemeanor drug charges, immigration may require you to provide a blood test to determine if there are drugs or alcohol in your system. If the test is clean, you can get a visa.
If your national criminal report is not completely clean, your attorney will need to request permission from the Director of Immigration for you to apply for a Visa. This process is called a Buena Vista and can take 2-4 months for approval. There is an additional charge for a Buena Vista. Once the Director of Immigration gives the green light, your attorney can help you apply for a residency Visa. Just because you apply to Buena Vista, there is no guarantee that you will be approved.
If you suspect you will have dings on your national criminal record, we recommend obtaining a copy now and consulting a Panama immigration attorney about obtaining a visa before you make plans to move to Panama.
Keep in mind that without a permanent visa, you cannot live in Panama.
