PANAMA REFORESTATION VISA
Overview
The Panamanian government is committed to protect the environment, and one way they are doing this is by offering a reforestation visa program. Foreigners can invest in reforestation projects through this program and earn permanent residency in the country. Panama offers two different processes to obtain residency for people who invest in a reforestation project, an Express Process and a Regular Process.
The Panama Reforestation Visa allows investors to obtain permanent residency in Panama, as long as they make the proper investment in an approved reforestation project regulated by the Ministry of Environment of the Republic of Panama.
The reforestation visa program is a win-win for everyone involved. Foreign investors get to contribute to the environment and earn a valuable residency status. The government of Panama gets to restore its forests and attract new investment. And the local community benefits from the creation of jobs and the improvement of the environment.
Express process
Foreigners, in their personal capacity or through a legal entity, who make the appropriate investment will be automatically eligible for permanent residence.
In order to keep the permanent residence, the investment must be maintained for a minimum period of 5 years.
Application process & investment
Investors seeking permanent residency must make an investment of at least USD $360,000 divided as follows:
- USD $350,000 investment in an approved reforestation project.
- USD $10,000 for maintenance, and management.
The process can be done in 60 to 180 days following these steps:
Step 1 – Submit the residency application and let immigration review and approve the application.
Step 2 – Obtain permanent residency status in 60 to 180 days.
Express residency
Applicants proceeding with the residency by investment program in Panama must:
- Be at least 18 years of age.
- Hold a clean criminal record.
- Provide personal documentation such as passports, national IDs, birth and marriage certificates (if applicable).
- Proof of funds along with proof of direct investment into an approved forestry program, which must be maintained for a period of 8 years.
Add to your order
(Express)
Main Applicant Included.
Select Dependents:
To Pay Now:$3500
Total:$7500
Main Applicant Included.
Select Dependents:
To Pay Now:$3500
Total:$7500
Fees Breakdown
Regular process
Applicants who seek to obtain permanent residency in Panama through the regular reforestation visa program must invest USD $100,000, utilized as follows:
- $90,000 for the land. The area depends on the project of your choice from our list of partners.
- $10,000 for maintenance, and management for a period of up to 8 years (see application process)
Following Executive Order # 320 from August 8, 2008, if the investor plans to include his dependents (e.g. family) in the application, he must increase the investment by $2,000 for each dependent.
You can also use a Corporation or a Company as an investment vehicle. In that case, the residency application can include any number of applicants as long as each applicant invests USD $100,000 in a reforestation project.
Application process & investment
This immigration program first grants a 2-year provisional residency permit, prior to applying for and obtaining the permanent residency permit. In general, it takes 3 years to obtain permanent residency based on these steps:
- The process begins by submitting the initial application at the immigration office (refer to the application requirements below).
- When the initial application is accepted at the immigration office, the applicant receives a temporary residency permit.
- The immigration office usually takes 6 months (sometimes less) to resolve this initial application.
- Once the initial application is approved, the immigration office issues a provisional residency permit.
- The provisional residency permit is valid for 2 years. Afterward, the holder may apply for permanent residency.
- The immigration office usually takes 6 months (sometimes less) to resolve the application for permanent residency.
- Once the application is approved, the provisional residency permit is replaced with a permanent residency permit.
- Following existing laws, the permanent resident must hold the investment on the reforestation project for at least 5 years once permanent residency is approved.
- During these 5 years, after permanent residency is granted, the permanent resident must submit yearly documentation to the immigration office proving he still holds the reforestation project under his name.
For this reason, the applicant needs to budget and consider maintenance and administration expenses for the reforestation project for at least 8 years.
Provisional residency
The following documentation is required for the initial application to obtain Provisional Residency:
- Criminal Background Check
- Applicant’s certificate of clearance from fees and taxes owed to the government (Paz y Salvo)
- Proof of direct investment in reforestation activities for at least USD $100,000
- If using a Corporation or a Company as an investment vehicle:
- A sworn declaration from the Treasurer or Secretary, stating the activity of the entity, share a percentage of the applicant, and the capital invested for these shares.
- CPA certificate detailing the total investment directly related to reforestation projects and the percentage of such investment attributed to the capital invested by the applicant.
- Authenticated copy of the applicant’s shares certificate.
- Copy of the latest income tax return, detailing the capital invested in reforestation projects. If such does not exist because the entity has not completed its first fiscal year, then a copy of RUC inscription and copy of annual tax (Tasa Unica) payment.
- Company’s original public registry inscription certificate.
Add to your order
(Provisional Residency)
Main Applicant Included.
Select Dependents:
To Pay Now:$2000
Total:$5000
Main Applicant Included.
Select Dependents:
To Pay Now:$2000
Total:$5000
Fees Breakdown
Permanent residency
Holding a provisional residency permit with the Regular Reforestation Visa program for at least two (2) years makes you eligible to apply to for permanent residency.
The following documentation is required to file the application before the National Immigration Services:
- Provisional Residency Permit
- All documents, up to date, used to obtain the Provisional Residency.
Add to your order
(Permanent Residency)
Main Applicant Included.
Select Dependents:
To Pay Now:$500
Total:$1400
Main Applicant Included.
Select Dependents:
To Pay Now:$500
Total:$1400
Fees Breakdown
Contact us
Kraemer & Kraemer provides experience, trust and excellence to our customers since 2008. Contact our team to discuss your case, clarify doubts, or start your application process for the Reforestation Visa.
