The Most Popular Panama Residency Visa Types And Options - Requirements, Benefits, Nuances, FAQ

Are you curious about how to get residency in Panama? 

Whether you're thinking about moving there or just exploring your options, Panama has some of the best residency visas available. 

But how do you know which one is right for you?

In this article, I’ll guide you through the most popular Panama residency visa types, including the Friendly Nations Visa, the Pensionado Visa, and the Golden Investor Visa. 

But I won’t be doing it alone.

I recently had a detailed chat with Tamara and Ryan from The Independent Lawyer, a law firm that specializes in Panama residency visas.

Together, we broke down the requirements, benefits, and key details of each visa option.

You'll find our full conversation here, so you can learn directly from the experts.

Plus, since I’m a client of The Independent Lawyer myself, I snagged a special 10% discount for you — just use code VOVA when reaching out to them.

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So, if you’ve ever thought about starting a new life in Panama or just want to learn about these visas, keep reading!

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The Most Popular Panama Residency Visa Types and Options

Vova: Hey! If you’re considering moving to Panama or just exploring your options, this guide will walk you through everything you need to know. 

Today, I’m joined by Ryan and Tamara, the founders of The Independent Lawyer, a boutique law firm based right here in Panama City. 

Not only are they experts in handling various residency visa processes, but I’m also one of their clients. 

Their firm provides assistance with all the visas we’ll discuss.

So, let’s start with introductions. 

Meet My Guests - Ryan and Tamara

Vova: Ryan, Tamara, can you please tell us a little about yourselves before we dive into the details?

Tamara: Hi everyone, I’m Tamara Fernandez, and I’m one of the lawyers at The Independent Lawyer.

Ryan: And I’m Ryan Bullock, Tamara’s husband and co-founder of The Independent Lawyer. 

We’re happy to be here today to talk about the different residency visa options in Panama.

Residency Visa Options Available in Panama

Ryan: There are many types of visas available for people looking to move to Panama. 

In fact, we work with most of them at The Independent Lawyer. 

However, for today, we’ll focus on the most popular ones that we frequently handle for our clients.

Our clients come from all over the world. 

We’ve worked with people from countries like Canada, the United States, many parts of Europe, Israel, and South Africa, just to name a few. 

Many people come to us for help with their residency in Panama because they’ve either already made an investment in Panama or are planning to invest here.

For a lot of clients, one of the first steps is getting an investor visa. 

Panama offers several investor visa options, especially for people who are investing in specific industries like reforestation, agriculture, or small businesses. 

1 - Friendly Nations Visa

Ryan: One of the most popular investor visas that we work with is the Friendly Nations Visa. 

It’s often the first option we recommend to people who are investing in Panama.

Tamara: Actually, it was the same visa that Ryan applied for 10 years ago. 

The Friendly Nations Visa has two ways you can apply for it. 

One way is through a work contract, which we’ll talk about later. 

The other way is through an investment. 

To qualify for this visa, you need to make an investment of $200,000. 

This can be done by investing in real estate or placing the money in a Certificate of Deposit (CD) for three years. 

The Friendly Nations Visa is available for people from about 56 countries, including Israel, Canada, the United States, Argentina, and many countries from Europe.

Read About More Visas On The Independent Lawyer Website: Residency & Visas In Panama

Although the investment needs to be held for three years, the good news is, it doesn't have to be all paid with your own money. 

You can use financing for this investment, which means you don't need to pay the full amount upfront.

2 - Self-Economic Solvency Visa

Tamara: Another popular visa option for those who are not from the 56 countries is the Self-Economic Solvency Visa. 

This visa requires an investment of $300,000 in Panama. 

Once the investment is made, you can apply for the visa. 

Like the Friendly Nations Visa, the investment also needs to be held for three years.

Vova: Can I ask something about holding? 

So, when you say you need to have $200,000 or $300,000, what does it mean to "hold" that money? 

Can you explain what you mean by "hold"?

Tamara: Sure! For example, if you buy a $200,000 property, you need to keep it for at least three years. 

So, you would not be selling it. 

You just hold onto it for that period.

Vova: I understand now. So, you just don't sell it, and that's what you mean by holding it.

Ryan: Exactly. 

Another example would be if you went to one of the banks in Panama. 

You could open a time deposit, which we call a fixed-rate deposit or a CD (Certificate of Deposit). 

In this case, you would need to keep the money in the bank for three years to qualify for the Self-Economic Solvency Visa.

One good thing about this visa is that it has a higher investment amount than the Friendly Nations Visa. 

The Friendly Nations Visa requires a $200,000 investment, while the Self-Economic Solvency Visa requires $300,000. 

But here's something to keep in mind: that $300,000 must be in equity, meaning it must be your own cash. 

You cannot use a bank loan for 70% of the amount. 

It must be $300,000 in cash that you bring into Panama.

What's nice, though, is that you can combine different types of investments to meet the $300,000 requirement. 

For example, let's say you find a real estate property that costs $200,000. 

In that case, you could make up the rest by opening a three-year time deposit for $100,000 at a bank. 

This way, you would meet the $300,000 investment threshold, which is a good option if you want to mix different types of investments.

-: Just a Reminder! :- 

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Tamara: And just to add, any country can apply.

Vova: Perfect! We also have a video about opening bank accounts in Panama. 

3 - Qualified Investor Visa

Vova: Now, we’ve talked about the two main visas so far, is there another visa similar to what I've heard of in places like the Golden Visa? 

Or is there anything else we should add to the two we’ve covered so far?

Ryan: Yes, Panama does have something similar to the Golden Visa. It's called the Qualified Investor Visa. 

The investment amount is also $300,000. 

You can put that $300,000 into real estate, or you can invest in the Panama Stock Exchange. 

Another option is to put the money into a time deposit or a CD at a bank, but in this case, the investment threshold is raised to $750,000. 

One great thing about this visa is that there is no passport requirement. 

So, anyone who makes the necessary investment can apply, as long as they meet the investment requirement.

If you qualify for this visa, there’s an expedited application process. 

Unlike other visas we’ve discussed, which usually take about six months to process, the Qualified Investor Visa is faster. 

From the time the process begins, it only takes about 30 days to get your permanent residency.

Difference Between Different Residency Visa Options

Ryan: An important point to note is the difference in residency status between this visa and the other investor visas, like the Friendly Nations Visa and the Self-Economic Solvency Visa. 

Those visas give you a two-year residency at first, but you can later extend it to permanent residency. 

In contrast, the Qualified Investor Visa gives you immediate permanent residency.

Vova: Regarding the stock exchange, is the $300,000 investment for Panamanian stocks only? 

Or can it be used to invest in stocks from the US or other countries, while still being in Panama?

Tamara: It has to be in Panamanian stocks.

Vova: Interesting.

Tamara: Yes, with the Golden Visa, you can start the process even if you're outside the country. 

For the other visas, though, you must be in Panama to begin the process. 

As Ryan mentioned, if you qualify for the Qualified Investor Visa, you’ll receive your permanent residency in just 30 days. 

This is different from most other visas, where the initial residency is temporary and renewable for permanent status after two years.

Vova: Awesome! Just a quick reminder for our readers: we have your contact information below in case anyone wants help with any of this. 

-: Quick reminder! :- 

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So, we’ve covered the three investor visas. 

Are there any others, or is that it?

Ryan: Those are the main investor visas. 

Visas That Don't Require Major Investment and Give You Work Permit

Ryan: But there are also other types of visas that don't require a major investment in Panama. 

Many people come to Panama, fall in love with the country, and might think about getting involved in the real estate market here. 

However, they may not want to rush into making big decisions before fully understanding how things work. 

For those who want to take their time, there are other good visa options available. 

For example, we talked earlier about the Friendly Nations Visa. 

This visa doesn't require an investment. 

Instead, you can apply for it based on having a work contract with a Panamanian company.

Tamara: This visa gives you the benefit of obtaining a work permit. 

It’s possible to apply for it, and it grants two years of residency. 

This residency can be renewed until you achieve permanent residency. 

Pensional Visa (Pensionado)

Tamara: One of the most popular visas in Panama is the Pensional Visa. 

The main requirement for this visa is having a pension of at least $1,000 per month. 

This pension can come from the government, an annuity, or a private pension plan. 

The most important thing is that this pension must be for life. 

People who meet these requirements can apply for this visa, which is one of the special types that grants permanent residency right away. 

After about six months of applying, you will receive your permanent residency.

Ryan: Yes, it’s a great option. 

It’s often called the Pensionado visa. It’s aimed at retirees, but there is no age limit. 

As long as you have a pension plan, an annuity, or other retirement income of at least $1,000 a month for life, you can qualify for this visa. 

It also comes with some attractive benefits. 

For example, you are exempt from paying taxes when importing a car. 

In addition, you get discounts on domestic flights, hotel stays, movie tickets, healthcare, and much more. 

There are lots of perks that make this visa appealing.

Vova: That sounds great! 

Tamara: Yes, exactly. There are a few other details to keep in mind. 

For example, if you don’t have the full $1,000 pension but your spouse does, you can still apply together. 

In this case, the total of both pensions will count. 

So, if you make $500 a month and your spouse also makes $500, together, that equals $1,000, which meets the requirement. 

Another situation to consider is if your pension is a bit lower, like $750, but you’ve invested in a property worth $100,000 in Panama. 

In that case, you can still apply for the Pensionado visa and enjoy all the benefits it offers.

Ryan: There are many details to consider when it comes to these visas. 

Obviously, we can't go into all of them here, but that's where we come in. 

We’re really good at this, and we help people by looking at their specific situation. 

We take time to understand their personal needs and guide them to choose the best option for them and their family. 

For example, is the applicant applying with their spouse? 

Do they have dependent children? 

What are the ages of the children? 

Are they still in school back in Canada? 

There are many factors to consider. 

Some people want to invest in Panama or have already made an investment. 

So, there’s a lot to think about.

Professional Visa

Ryan: One visa we’ve been getting a lot of questions about recently is the Professional Visa. 

This one is great because you can qualify for it with a diploma or university degree from your home country. 

It works in a similar way to the Friendly Nations Visa in that it starts with a two-year residency, but you can extend it to permanent residency. 

You can also apply with your spouse and dependent children. 

What makes the Professional Visa different is that it’s a two-step process. 

Before you can apply for residency, you need to validate your diploma, master's degree, or whatever educational qualification you have. 

You must have it approved by the University of Panama, and this process can take a few months. 

Once that’s done, you can begin your residency application. 

But the best part is that this visa allows many skilled people to move to Panama. 

These are immigrants who have a lot to offer, bringing skills that can benefit the country.

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Italian Visa

Tamara: As you can see, we are very passionate about visas, and we have a lot of information to share. 

One visa that is always popular is the Italian Visa. 

This visa is specifically for people who hold an Italian passport. 

If you qualify, it gives you permanent residency in Panama. 

The requirements for this visa are quite simple. 

To apply, you need to have a corporation set up in Panama and an Italian passport. 

Once you meet these conditions, you can apply for the visa. 

The great thing about this visa is that you can also apply with your spouse or dependents. 

They do not need to be Italian citizens to be eligible for the visa. 

As long as you meet the basic requirements, they can also be included in the application for permanent residency.

Ryan: We really like this visa because it is based on an old agreement between Panama and Italy, a treaty that was signed back in the late 1960s, around 1966. 

The agreement gives Italian citizens a direct and easy path to permanent residency in Panama. 

The requirements are very straightforward. 

The most important requirement is that you must have an Italian passport, but beyond that, the process is relatively simple. 

There aren’t many hurdles to jump through, making this a great option for those who meet the basic criteria.

Vova: So, any Italian person over 18, or even younger, can apply for this visa?

Tamara: Actually, it has to be someone over 18, or they can apply if they are sponsored by their parents.

Vova: That's interesting. It's a very unique opportunity for Italians then.

Ryan: Yes, exactly. 

But another important part of this visa is that you need to own a business in Panama. 

Creating a company here is quick, easy, and not expensive. 

And, by the way, if you're planning to be in Panama for business or investment purposes, you'll likely need to set up a company anyway. 

So this visa works well for people who want to do business in Panama, as it ties in perfectly with setting up a corporation.

Vova: That sounds really good for Italians. 

Any other visa options?

Dependent of a Permanent Resident Visa

Ryan: There is another visa we call the “Dependent of a Permanent Resident.” 

This one is useful in certain situations. 

For example, let’s say you’ve already applied for a Pensionado Visa or the Friendly Nations Visa and received approval. 

Then, after you’re settled, you get married. 

With this visa, your spouse can also apply for residency in Panama. 

Also, many people don’t apply for residency for their children right away when they first move to Panama. 

But with this dependent visa, you can apply for your kids’ residency later on. 

We help a lot of people with this process too.

Vova: Great! Is there anything else you’d like to add before we wrap up, guys?

Tamara: I think we’ve covered most of it.

Vova: Yeah, I think we’re good!

Ryan: Exactly. 

There’s still a lot more information, of course, but if you’re interested in getting Panama residency, don’t hesitate to reach out to us. 

Get in Touch With The Independent Lawyer

We offer an initial consultation for free, where we can discuss your specific needs and help you figure out which residency option is best for you.

Vova: Perfect! Thanks again, Tamara, and Ryan. 

I really appreciate your time. 

And thank you to everyone watching.

Tamara: Thank you! :)

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Final Word

In conclusion, Panama offers a range of visa options that can be really helpful depending on your situation. 

Whether you are looking at the Friendly Nations Visa, Pensionado Visa, or something like the Italian or Professional visa, there are paths to permanent residency for individuals and families. 

We’ve talked about how you can bring your spouse or children into the process later with a dependent visa, and how easy it is to set up a corporation in Panama if needed. 

If you’re thinking about moving to Panama or need help with any of these visas, don’t hesitate to reach out to The Independent Lawyer. 

They offer free initial consultations to help you figure out the best options for your case. 

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