Many applicants for residency in Panama mistakenly believe they must demonstrate additional financial solvency per dependent. However, this is not universally required across all visa programs.
For most programs, you do not need an additional $2,000 in your personal bank account for each member. In certain cases, the financial solvency per dependent is tied to the principal applicant’s investment or proof of income. Even then, the specifics depend on the residency program you are applying for, as not all impose this requirement.
Specific Residency Program Requirements
The Panamanian government offers several paths to obtain permanent residency, adapting to the needs of singles, families and dependents. As we have mentioned, the financial solvency per dependents and applicants depends on the Panama residency program you are applying for. Below, we explain some of the most common programs and their particular requirements:
Reforestation Visa
This program allows applicants to obtain residency in Panama in exchange for an investment in reforestation projects in the country. If the principal applicant wishes to include dependents, he/she must invest an additional $2,000 for each dependent. This investment does not go into a bank account, but is included as part of the investment process in approved projects. In other words, an additional amount must be invested but there is no need to demonstrate financial solvency per dependent.
Qualified Investor Visa
This program is designed for those who invest in the country in order to obtain residency in Panama. It requires a minimum investment of $300,000 in real estate until October 2024 (then $500,000) or in pre-sale real estate projects. Alternatively, one can invest in the Panamanian stock market or open a time deposit in a Panamanian bank. Dependents can be included with an additional payment of $1,000 to $3,000, depending on their age.
Friendly Nations Visa
This immigration program is aimed at citizens of countries with which Panama maintains strong commercial, financial, and diplomatic relations. Under the old Friendly Nations Visa program, $5,000 in a Panamanian bank account was required for all applicants. As of August 7, 2021, this is only a requirement of financial solvency for dependents, regardless of the number of them included in the application.
Why Does Panama Require Funds in Local Bank Accounts?
Applicants for residency in Panama are required to demonstrate funds in bank accounts to guarantee that they have the necessary resources to support themselves and not depend on public assistance. These funds serve as proof of economic solvency for the immigration authorities. Note that funds deposited in a Panamanian bank account also serve as tangible proof of financial solvency of dependents and applicants.
General Considerations for the Panama Immigration Process
When applying for residency in Panama, it is important to comply with certain general requirements. The most relevant aspects are highlighted below:
- Age of principal applicant: The principal applicant must be an adult (+18 years of age).
- Applications for minors: Minors under the age of 18 must apply as dependents of their parents, and cannot apply alone.
- Documentation in Spanish: All foreign documents must be in Spanish or officially translated.
- Authentication of documents: Foreign documents must be apostilled or authenticated by a Panamanian consulate.
- Recent documents: Documents must have an issue date of no more than two months, while bank certifications are valid for one month. Passports must be valid for at least one year.
- Validity of passports: Passports must be valid for at least one year.
- Certificate of good health: A certificate of good health issued in Panama through a medical examination is required.
- Panamanian lawyer requirement: Most immigration processes in Panama require a local lawyer to handle the application.
In summary, the requirements of financial solvency per dependent and those applying for residency programs in Panama may vary depending on the program, but they are not as complicated as often believed. If you are applying for a visa with dependents, it is important to understand the specifics of each program and make sure you meet the bank account and additional funds requirements. At Kraemer & Kraemer, you will have immigration experts to help you through this process efficiently and guarantee the success of your application. Contact us.
