Panama is an increasingly popular destination for people looking to obtain residency, and with good reason. The country offers a safe and secure place to live and a high quality of life. It’s no wonder so many people are considering applying for residency in Panama. Before you take the plunge and apply, here are the requirements you need to meet to acquire Panama residency:
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No Criminal Record
Any evidence of criminal activity can result in your application being denied. Check your records carefully before submitting any paperwork. All applicants need to provide evidence of their criminal record when applying. This may include official documentation from the applicant’s home country and any other countries they may have traveled through or resided in over the past few years.
Financial Stability
Applicants must demonstrate that they have sufficient funds to support themselves while living in Panama. This is without having to seek employment or receive public assistance from the government of Panama during their stay. Applicants should plan to have enough money to cover at least one year’s living expenses plus any additional costs associated with obtaining a Panama residency.
Health Insurance
This insurance must cover all medical and hospital expenses incurred while living in the country. Private health insurers are available in Panama, but some expatriates may choose to purchase international health insurance plans with coverage in their home countries and Panama.
Investment Finances
One can acquire investments by buying stocks or bonds from Panamanian companies or investing in real estate or businesses in the country. The amount invested must remain active within the Panamanian economy for a few years or until the applicant leaves the country permanently.
Educational Background
Applicants with university degrees from accredited institutions can apply for a residency visa if they plan on working as teachers or professors within Panama’s higher education system. These applicants must also provide evidence of their educational credentials before being granted a visa. The educational requirement is only for those who wish to work within Panama’s education system.
Reason for Residency Application
A requirement for residency in Panama is to engage in economic or professional activities in the country. You must prove that you have a stable income or the potential to generate income in Panama. This can include starting a business, finding a job, or working remotely for a foreign company.
If you plan to start a business, you must register your company and obtain a commercial license. In case you plan to find a job, you need a job offer from a Panamanian company. If you are working for a foreign company, you need to provide proof of your employment and the nature of your work.
Acquire Panama Residency Today
Acquiring a Panama residency can be easy but can take a few months. You need to make sure you have all the proper information and documentation. Start by contacting a professional attorney with experience in immigration law. The right attorney or firm will guide you in obtaining the required documents needed to apply.