Friday, February 14

How to get an investor visa in Panama from Canada: Full guide

Panama has been characterized as one of the countries with the best financial stability outlook for all types of investors today. Both the plurality of its businesses and the business boom have been attractive points for all those interested in undertaking and investing in business.

If you are a citizen of Canada and are contemplating an entry into the business arena as an investor, you might want to explore the opportunity of securing an investor residency permit in Panama. Nevertheless, acquiring this visa necessitates the assistance of skilled legal advisors. Specialized firms, like Legal Solutions Panama, offer a team of experts who can guide you seamlessly through the entire process.

What is the purpose of an investor visa in Panama, and what are its benefits for foreigners?

Under Panamanian legislation, foreign investors are granted the same property and capital rights as native Panamanians. This visa also provides legal residency, enabling investment in real estate, businesses, or fixed deposits, along with access to essential services like education and healthcare in Panama.

This nation is distinguished by its robust economy and welcoming business environment, presenting investors with chances to broaden their commercial ventures. The streamlined process for opening bank accounts and carrying out international transactions, owing to its status as a financial hub, is a significant advantage.

Moreover, this visa enables applicants and their families to experience a high standard of living in a country abundant in culture and biodiversity. The benefits of a political and legal framework supportive of foreign investment, along with the opportunity to gain Panamanian citizenship following a certain residency duration, render this permit an appealing choice for foreigners in Panama.

What are the prerequisites for obtaining an investor visa in Panama from Canada?

As with all legal processes required in the country, obtaining an investor visa in Panama necessitates the submission of several documents:

  1. Power of attorney and application, which corresponds to the notary’s office and their respective tax stamps.
  2. Four passport-size photographs of the applicant.
  3. A copy of the applicant’s passport.
  4. Apostilled criminal record certificate of the applicant.
  5. Certificate of health by a qualified physician in the Republic of Panama.
  6. A certified USD 250 check payable to the National Treasury, may be made out by the applicant or his legal representative. In turn, the cost of certification per check is USD 10.70, which must be provided by the holder.
  7. Check for USD 800 made out to the National Immigration Service, which must also be certified; it can be offered by either the applicant or his/her legal representative. The cost of certification by check is identical to the previous point.
  8. Personal Background Affidavit Form. To be completed and signed by the applicant.
  9. Documents to be provided depending on the type of investment:
  10. In the case of investment in real estate, the following must be provided:
  • Certification from the Public Registry, confirming real estate ownership under the applicant’s name, valued at a minimum of USD 300,000, free of any encumbrances.
  • If opting for a time deposit, the applicant must provide:
  • Bank certification verifying the opening of a time deposit account in the applicant’s name, amounting to USD 300,000 with a minimum term of three (3) years at any general license bank in the country, free from encumbrances.
  • Copy of the fixed-term certificate, authenticated by the bank.
  • Two letters of responsibility.

If you have dependents, you will need to account for the additional required documents.

Step-by-step guide to securing your investor visa: A practical approach

This process is straightforward. Follow the steps outlined below to ensure your visa application proceeds seamlessly from beginning to end:

  • Application submission: Head to the National Immigration Service in Panama to file your application. Ensure you have all the necessary documents and complete the related application form.
  • Payment of fees: Settle the administrative fees linked to the investor visa in Panama. Fee amounts can fluctuate, so verify the current costs when you apply.
  • Review process: After submission, the National Immigration Service will assess your application. This evaluation period may last between 3 and 6 months.
  • Visa acquisition: If your application is successful, you will be issued your investor visa. Carefully check for any terms and conditions that may apply, ensuring the document contains no mistakes.

Legal Solutions Panama: Experienced Lawyers to Assist in Obtaining Your Investor Visa

As demonstrated, applying for an investor visa involves meeting numerous requirements. Engaging with legal experts is a beneficial way to initiate this process, and Legal Solutions Panama can provide assistance right from the start.

This team of lawyers stands out for the breadth of their services and for their years of experience in advising on visa and immigration procedures. If you are interested in knowing more about how to obtain your investor visa with their support, visit their website and get a free 30-minute consultation with one of their experts.