As we mentioned in a previous article, Panama offers a wide range of visa options for foreigners. However, this is a country that is friendly to foreign citizens, and obtaining Panamanian citizenship is a feasible process.
So, if you wish to establish yourself in this Central American country, read this article and learn about several alternatives to achieve this goal: We will explore the main avenues to obtain Panamanian citizenship in accordance with the current legislation.
Obtaining Panamanian Citizenship through Investment
As its name suggests, this type of citizenship is intended for all capitalists who wish to invest in this country. The requirements for obtaining this citizenship are as follows:
- A financial investment must be made in Panama, which varies depending on the chosen type of investment. Currently, the minimum required amount is $500,000 USD since October 2022.
- It is necessary to visit Panama at least once every two years after approval to maintain your permanent resident status.
- You can choose to invest in real estate, start a business in Panama, or make investments in funds or bank deposits.
What is the process for obtaining citizenship by investment?
- First, you need to obtain permanent residency in Panama through your investment. After you have resided in Panama for at least five years (or three years in certain cases), you can apply for naturalization and Panamanian citizenship.
- The process also includes passing an exam that evaluates your knowledge of Panama’s history, geography, and political organization.
- Finally, after your application is approved, you will take an oath of loyalty to Panama and receive your Panamanian identity card and passport.
Benefits of Panamanian citizenship by investment
- Visa-free or visa-on-arrival access to 159 countries, including the Schengen Area.
- The ability to live and work in Panama without needing an additional visa.
- Access to high-quality medical and educational services in the country.
- The opportunity to take advantage of tax incentives in Panama.
- The right to own property in the country and travel freely throughout the Central American region.
- Panama offers beautiful beaches, modern infrastructure, and a low cost of living, making citizenship in the country a convenient choice for long-term plans.
Requirements for Citizenship by Residence
The second option for obtaining Panamanian citizenship is through residence. To qualify for citizenship in Panama through this option, you must meet the following requirements:
- You must be of legal age to initiate the process
- Possess a valid passport from your country of origin: Your country of origin must recognize dual citizenship.
- Proof of legal residence in Panama, which entails having a valid residence visa. You can obtain a residence visa through employment, investment, family reunification, or other special policies.
- Proof of economic ties to Panama, meaning demonstrating your economic connection to the country, such as ownership of real estate or a business in Panama.
- You must undergo a criminal background check to demonstrate your good behavior.
What is the process like?
Once you meet the above requirements, you can apply for citizenship by residence in Panama. The process includes the following steps:
You will need to submit an application along with supporting documentation to the National Immigration Service. When your application is approved, you will be asked to take an oath of loyalty to Panama.
Important Considerations
If you are looking to reside in Panama, it is essential to evaluate short-term and long-term considerations before opting for Panamanian citizenship through investment or residency.
In the first case, remember that it is not necessary to live in the real estate property in which you invest to obtain the benefits of the visa. Similarly, residing in Panama is not required to control a Panamanian corporation.
Reasons Why People Seek Panamanian Citizenship
Some reasons why several individuals choose to obtain Panamanian citizenship are:
- Citizenship facilitates access to business opportunities, education, tourism, and culture in different regions.
- Moreover, a Panamanian national identity card grants the benefit of participating in elections: exercising the right to vote and even aspiring to elected positions. This entails having a voice and representation in the Panamanian government and society.
- As we have mentioned in all our articles, Panama is a country with a diversified, dynamic, and growing economy, offering investment, employment, and development opportunities. Additionally, Panama boasts a rich and diverse culture, with a friendly, peaceful, and supportive population.
- It is also worth mentioning that Panama offers quality public healthcare and education services that are accessible and free for all citizens. There are even high-level private options with international recognition.
In conclusion, Panamanian citizenship and citizenship through investment are becoming increasingly attractive as Panama evolves into an international business hub.
Therefore, if you are interested in obtaining Panamanian citizenship through investment, it is advisable to consult with legal experts to fully understand the process and available options:
At Uncover Panama, we are experts in real estate investments in Panama, so you can contact us, and we will provide you with guidance on this matter.