Investing and Living in Panama: Decoding the New Requirements of the Friendly Nations Visa

Friendly Nations Visa: A Brief Introduction to the Program

Panama, a nation of constant growth and development, has always sought to establish strong and friendly ties with other countries around the world. In an effort to attract foreigners who can contribute to the country’s economic and cultural growth, the Panamanian government implemented an innovative immigration program known as the “Friendly Nations Visa.” This program is a unique initiative that offers a simplified path to permanent residency for citizens of 50 countries with whom Panama maintains close friendly and professional relations. The nations included in this list are considered “friends of Panama” due to their historical ties, economic cooperation, and similarity of values and interests. Remember that the assistance of the Delvalle & Delvalle law firm, experts in Panama, is always available to help you with this process. The Friendly Nations Visa was created with the aim of attracting foreign investment, promoting job creation, and strengthening cultural exchange. Applicants must demonstrate an intention to invest in the Panamanian economy or establish a business in the country. In return, they are offered a fast and efficient path to permanent residency. The program is especially attractive to entrepreneurs, investors, and professionals seeking to expand their horizons and take advantage of the benefits Panama offers as a center for trade and business in Latin America. At the same time, it also provides expatriates with the opportunity to enjoy the natural beauty, rich culture, and high quality of life that this tropical country offers. In summary, the Friendly Nations Visa is an open door for those seeking new opportunities and a home in Panama. In the following sections, we will delve deeper into the requirements, benefits, and limitations of this program.

A Look at Panama’s Friendly Nations

The list of “Friendly Nations” of Panama was selected for their strong diplomatic and economic relations with Panama. They reflect the globalized and welcoming nature of Panama’s migration policy. Here is the detailed list of countries included: Germany, Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Cyprus, South Korea, Costa Rica, Croatia, Denmark, Slovakia, Spain, United States of America, Estonia, Finland, France, Greece, Hong Kong, Hungary, Ireland, Israel, Japan, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, San Marino, Mexico, Monaco, Montenegro, Norway, New Zealand, Netherlands, Paraguay, Poland, Portugal, United Kingdom, Czech Republic, Serbia, Singapore, South Africa, Sweden, Switzerland, Taiwan, Uruguay.  

Updated Requirements for the Friendly Nations Visa: What You Need to Prepare

Obtaining the Friendly Nations Visa in Panama involves a process that, although straightforward, requires the preparation of a series of documents to ensure a successful application. Below is a list of the updated requirements you should take into account:

• Completed Application Form: This official document must be filled out with all your personal information and signed. A member of our team will be available to assist you in completing the required forms.
• Valid Passport Authenticated by a Notary: You must present a valid passport with at least six months of validity from the date of your application. Our team will take care of the corresponding authentications.
• Proof of Economic Solvency: To demonstrate your ability to support yourself financially during your stay in Panama, proof of solvency is required. This can be a recent bank statement showing the required investment, a work letter, or documents showing the purchase of real estate with the required value or proof of a connection with a company in Panama.
• Proof of Accommodation: You can present a hotel reservation, an invitation letter from a resident in Panama, or
• Proof of Accommodation: You can present a hotel reservation, an invitation letter from a resident in Panama, or a rental contract.
• Health Insurance: A valid health insurance that covers you during your stay in Panama is required.
• Criminal Background Check: A criminal background certificate from your country of origin or the countries where you have resided in the last five years is necessary. The document must be authenticated by apostille or the Panamanian consulate in the issuing country.
• Recent Photographs: You must provide recent passport-sized photographs.
• Payment of Fees: Finally, you will need to pay the corresponding fees for the Friendly Nations Visa application.

It should be noted that all documents must be apostilled or authenticated by the Panamanian consulate in your country of origin. Additionally, these requirements may vary slightly depending on each applicant’s individual situation, so it is always recommended to verify the updated information with the nearest embassy or consulate of Panama.

Application Process for the Friendly Nations Visa: Steps to Follow

Ensuring a successful application for the Friendly Nations Visa can be a complex but manageable process if you know the steps to follow. In this regard, the guidance of experts in the field, such as the lawyers at Delvalle & Delvalle, can be of great help. Here are the detailed steps: 

• Gather Required Documents: The first step to apply for the visa is to decide, in consultation with our advisory, the best investment option according to each client’s situation, whether through an employment contract with an employing company, the establishment of a corporation, or through a fixed-term investment or the purchase of real estate free of encumbrances. The first step is to gather all the required documents. As mentioned earlier, you will need proof of economic solvency, accommodation, health insurance, among others. It is important to ensure that all documents are up to date and valid.
• Authentication of Documents: All documents issued outside of Panama, such as police records, marriage certificates, and birth certificates of minors (if applicable), must be apostilled or authenticated by the Panamanian consulate in your country of origin.

Contact an Attorney from Delvalle & Delvalle before your trip to review the corresponding documents to ensure they are correct before submitting the application. Since the application process can be complicated, it is advisable to seek the guidance of an expert. The lawyers at Delvalle & Delvalle can help you review your documentation, prepare the application, and guide you through the entire process.

• Submission of the Application: For this step, the applicant needs to be physically present in Panama with all the original required documentation. Once all the documents are in order, your lawyer will submit the application on your behalf to the National Immigration Authority of Panama.
• Waiting for Approval of the Temporary Resident Card: After submitting the application, you will need to wait for it to be processed. This can take several weeks or months, depending on the number of applications being handled at that time.
• Obtaining the Visa: The approval of the provisional residence permit for a period of two (2) years can take between 4-6 months. If your application is approved, you will be granted the Friendly Nations Visa. Your lawyer at Delvalle & Delvalle will notify you and help you understand the terms of your visa.

It is essential to remember that each case is unique, and the requirements and process may vary depending on your personal situation. Therefore, the legal advice of experts like Delvalle & Delvalle can be valuable in navigating this process effectively.

Benefits and Limitations of the Friendly Nations Visa: A Balanced Assessment

The Friendly Nations Visa of Panama offers a range of benefits to citizens of the countries included in the program. However, it is also important to consider the limitations and challenges that may arise during the application process and after obtaining the visa. For more information on the benefits, click here. Some of the prominent benefits of this visa include:

• Ease of Residency: The Friendly Nations Visa allows citizens of the included countries to obtain permanent residency in Panama more quickly and easily compared to other available visas.
• Business Opportunities: The visa facilitates foreigners in establishing businesses in Panama, thereby promoting foreign investment and the country’s economic growth.
• Access to Services: Holders of the Friendly Nations Visa have access to a wide range of services in Panama, such as healthcare, education, and banking services.
• Work Flexibility: The visa allows foreigners to work in Panama, providing them with the opportunity to integrate into the job market and contribute to the local economy.

On the other hand, there are also some limitations and challenges to consider:

• Application Process: Although the Friendly Nations Visa facilitates residency in Panama, the application process can be complicated and requires the submission of a series of documents. Additionally, the duration of the process may vary, which can create uncertainty.
• Changes in Legislation: Laws and regulations in Panama can change over time, which could affect the requirements and conditions of the Friendly Nations Visa. Therefore, it is essential to stay informed about updates and changes in legislation.
• Cultural and Social Adaptation: When moving to a new country, you may face cultural and social challenges. It is crucial to be prepared to adapt to local customs and practices and learn the language to facilitate integration into Panamanian society.

The Friendly Nations Visa of Panama offers numerous advantages to citizens of the countries included in the program, but it also presents certain challenges and limitations. It is essential to weigh these factors when considering applying for this visa and adequately prepare to face any challenges that may arise.  

Recent Changes in the Friendly Nations Visa: What Does It Mean for Investors?

By Executive Decree 343 of May 16, 2012, the subcategory of Permanent Residence for Friendly Nations was created, allowing citizens of certain countries with economic or professional ties to Panama to apply for residency. This decree was modified by Executive Decree 197 of May 7, 2021, and also by Executive Decree 226 of July 20, 2021. The most significant change is that, with this modification, the period for applying for permanent residency and obtaining Panamanian citizenship has been extended to two (2) years from the approval of the provisional residence card. The Friendly Nations Visa of Panama, known for its investment advantages and ease of establishment in the country, has undergone some recent modifications. These changes, implemented by the Panamanian government, have direct implications for investors seeking to take advantage of this program. One of the most significant changes is the update in investment requirements. Previously, applicants had to demonstrate a minimum investment in a business or property in Panama to be eligible for the visa. However, the new requirements have increased the minimum investment amount, which may pose a challenge for some investors. On the other hand, this change can also be seen as a measure to ensure that investors are genuinely committed to the economic development of Panama. Additionally, the review process for applications has become more rigorous, with stricter controls on the origin of investment funds. This means that investors must be prepared to provide more detailed and comprehensive documentation to support their application. Although this may require additional effort, it can also be seen as a measure to ensure the integrity and security of the Friendly Nations Visa program. Lastly, a new requirement has been introduced that obliges holders of the Friendly Nations Visa to spend a certain period of time in Panama each year. This change may be a challenge for those investors who did not intend to reside in Panama full-time. These recent changes in the Friendly Nations Visa of Panama indicate an evolution in the government’s approach to attracting foreign investors. It is crucial for current and potential investors to understand these changes and adjust their investment plans accordingly. In conclusion, the Friendly Nations Visa of Panama represents a unique opportunity for investors and entrepreneurs looking to establish themselves in the country. Despite the recent changes in requirements and conditions, the program continues to offer a viable and attractive path to permanent residency in Panama. It is essential, however, to fully understand the details and updated requirements to ensure compliance with all criteria and maximize the advantages that this program offers. Furthermore, it is important to remember that navigating through any immigration process can be complex and challenging, and this is where the support of expert professionals can be invaluable. At Delvalle & Delvalle, our immigration lawyers are ready to advise you every step of the way, providing the necessary guidance and legal support to ensure a successful process.

If you are considering applying for the Friendly Nations Visa of Panama, we invite you to contact us. Together, we can help you navigate the intricacies of the application process, prepare all required documents, and address any challenges that may arise. Don’t leave your future to chance; let the experts at Delvalle & Delvalle guide you on your path to success in Panama. Contact us today!