Special Features

Panama visas: How to stay longer

By: Leyla Bayoles, Attorney with Panama Offshore Legal Services
E-Mail: info@pos-inc.com || Phone: (507) 227 - 6645

So you came to Panama as a tourist and like it so much that you want to stay longer. When the typical 90-day tourist visa expires you can leave the country for three days and return as a tourist again for another 90-day period. After doing that a couple of times, many wish to save time and money by obtaining a residency visa. There are many immigration visas available here, more than in most countries.

Here are the types of visas in categories:

Wealthy people can obtain a Self Economic Solvency visa requiring either purchasing titled Panama real estate and/or depositing into a local bank’s three-year time deposit (CD). The total amount invested must add up to at least $300,000. Another visa for the wealthy is called the Panama Bank CD Pension Visa requiring you to invest into a five year CD at one of the two national banks of Panama (Banco Nacional or Caja de Ahorros), earning a minimum monthly interest of $850. You even get what is called an “Immediate Panama Passport” with this visa.

Investors have several visas to choose from. Reforestation Visa is very popular because you only need to invest $60,000 into purchasing at least three hectares of a government-certified reforestation project. This visa is only for six years and does not lead towards permanent residency. An $80,000 investment, purchasing five hectares of certified reforestation property leads to permanent residency and even citizenship. Another option is the Business Investor visa requiring investing at least $160,000 into a business here that employs at least five Panamanians. This visa provides permanent residency. A third option is the Agricultural Investor visa, requiring a minimum investment of $60,000 into agriculture or aquaculture businesses which is only a six year visa. A fourth option is the Tax Free Processing Zone Investor visa which requires renting land, a building or an office in one of the Free Trade Zones in Panama.

Pensioners have their own visa called the Retiree or Pension Program. The only age requirement is to be over 18. As long as you can prove you are receiving a lifetime pension (of at least $1,000 a month) from a government, a large corporation, a trust , bank, insurance company, or mutual fund, you can “retire” in Panama. If the pensioner buys at least $100,000 of Panama real estate, the monthly minimum is only $750. The benefits of this visa are the numerous discounts at restaurants, hotels, airlines, pharmaceutical prescriptions, utilities, hospital bills and even the movies. This is a permanent residency visa.

Work permits are available for those seeking employment in Panama. The City of Knowledge, based at the former U.S. Fort Clayton offers visas and work permits for those who rent an office or building there for their business. Businesses operating from the City of Knowledge have distinct tax advantages for operating manufacturing plants, assembly plants, software creation facilities, call centers, and other such businesses that export their products or services. These businesses also get a substantial tax break on a certain percentage of their products or services sold locally. Foreigners that enter Panama as a researcher, professor, businessman, technician, or student with the purpose to contribute to the development of the Project of the Panama City of Knowledge Foundation will be able to obtain a work permit.

Companies can employ one foreigner for every ten Panamanian employees that are registered in the Social Security fund. This work visa is referred to as the “10% rule”. Visas for specially-skilled workers are also available for any business requesting that foreigners come to Panama to work as specialists that are unavailable here.

There is even a visa for Domestic Workers like maids, chauffeurs, gardeners, and chefs whose employer obtains a one-year visa renewable up to four times. Students at any of the universities in Panama can obtain a visa as long as they register as full-time regular students. This visa can last for up to six years.

Short-Stay visas for up to nine months are available to those looking to establish a business subsidiary here, those who are visiting relatives, conducting research or scientific work, obtaining medical treatment, analyzing possible investments here, conducting international humanitarian work for a reputable government or international agency or those conducting business in the banking sector.

There are many options available for you to stay here in Panama. Be sure to hire an experienced, competent immigration lawyer to assist you along the way.

Panama’s provincial names

Panama has nine provinces. A study of the meanings and origins of their names shows the strong indigenous and Spanish influences here as the provinces were formed and named.

Bocas del Toro (Mouth of the Bull): Probably named after a waterfall discovered by Columbus, that resembled the mouth of a bull.

Coclé: Named after Indian chief Coclé.

Colón: Named after Christopher Columbus

Chiriquí: Ancient Native American word meaning “the valley of the moon”

Darién: Probably named after a powerful Indian chief.

Herrera: Named after Gen. Tomás Herrera, hero of the 1821 independence from Spain and first governor of the province.

Panamá: Ancient Indian word meaning “abundance of fish”

Veraguas: Corruption of the phrase, “verdes aguas” (“green waters”)

INTERESTING FACTS ABOUT PANAMA

LOCATION: Panama is located between Central and South America on the Isthmus of the same name. Its surface is of 75,517 square kilometers, slightly less than the surface of the State of South Carolina. The width of the Isthmus is between 80 km and 192 km, while it is bordered by 1,287.7 km of coastline on the Pacific Ocean.

CLIMATE: Panama has a tropical climate. Temperatures vary between 25 and 30 degrees Celsius and humidity is always high. The average annual rainfall is 1,500 mm on the Pacific coast and 2,500 mm on the Caribbean coast.

SEASON: There are only two seasons, the “dry” during the months of January to April and the “not so dry” from May until the end of the year.

LANGUAGE: The official language is Spanish. English is widely spoken and understood in cities.

CURRENCY: The United States of America dollar. The “official” currency of Panama is the Balboa which is issued only in coins. They are equivalent in size and value to USA coins (so they are accepted by the jukeboxes of the casinos.)

INTERNATIONAL AIRLINES

International Airlines serving Panama with regular passenger flights: Aero Republica 304-0670, American Airlines 269-6022, Avianca 302-3316, Aires 224-9053/56, Can Jet 238-3675, Continental Airlines 265-0040, Copa Airlines 304-2672, Cubana 209-8015, Grupo Taca 360-2093, Iberia 227-2322, Lan Chile 226-7119, Aeroflot 225-0497, Delta 214-8118, RAVSA 238-3554, Santa Barbara Airlines 238-3955, Spirit 238-3840, Aeroperlas 206-8222, KLM 238-2782.

NATIONAL AIRLINES

Domestic airlines operate from the Marcos A. Gelabert airport, in Albrook. They offer scheduled flights and charter flights to any of the 150 airstrips in the country.

AEROPERLAS REGIONAL: Tel: (507) 315-7500

Pearl Islands: Contadora, San Blas: El Porvenir, Corazon de Jesus, Playon Chico, Mamitupu, Uztupu, Puerto de Obaldia. Darien: Piñas Bay. Bocas del Toro, Changuinola and David. AIR PANAMA: Tel: 316-9000: Pearl Islands: Contadora, San Jose, San Blas: Porvenir, Río Sidra, Corazón de Jesús, Tubal, Uztupu, Playon Chico, San Ignacio de Tupile. Darien Garachine, Sambú, Piñas Bay. Bocas del Toro, Changuinola, David. HELICOPTER AND AIRCRAFT CHARTER: Helipan: Tel: 315-0452/315-0453, Helix: 315-0078

OFFICIAL BUSINESS

REGULATIONS OF ENTRY

The period for which a tourist can stay in Panama is 90 days and cannot be exceeded. It is not necessary to obtain exit permits providing the visitor leaves within this time. If your period has been exceeded without justifying your status in Panama, you must cover the costs of a fine to be consonant with the time exceeded.

FOREIGNERS EXEMPT FROM VISA OR TOURIST CARD

Americas: Argentina, Bolivia, Brazil, Chile, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Paraguay, Uruguay. Asia: Israel, Republic of Korea (South Korea), Singapore. Europe: Germany, Andorra, Austria, Belgium, Cyprus, Denmark, Slovakia, Spain, Estonia, Finland, France, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Norway, Netherlands Holland, Poland, Portugal, United Kingdom, Czech Republic, San Marino, Sweden, Switzerland, Vatican.

FOREIGNERS THAT CAN ENTER WITH TOURIST CARD (OR STAMPED VISA)

Americas: Antigua and Barbuda, Bahamas, Barbados, Belize, Canada, Colombia, Dominica, Grenada, Guyana, Jamaica, Mexico, Nevis, United States, St. Kitts, St. Lucia, Trinidad and Tobago, Venezuela. Asia: Japan, Rep. of China (Taiwan), Thailand. Australian continent: Australia, New Zealand.

FOREIGNERS THAT REQUIRE A STAMPED VISA

Americas: Ecuador, Peru, Dominican Republic. Africa: Angola, Botswana, Cape Verde, Cameroon, Gabon, Ghana, Comoros, Madagascar, Matawi, Mauritius, Seychelles, Central African Republic, Republic of the Congo, Sao Tome, Swaziland, Togo, Zimbabwe. Asia: Maldives, Mongolia, Vietnam. Europe: Belarus, Bulgaria, Croatia, Georgia, Moldova, Romania, Russia, Ukraine. Australian Continent: Fiji, Marshall Islands, Kiribati, Micronesia, Nauru, Palau, Papua New Guinea, East Samoa, Tonga, Tuvalu, Vanuatu.

Citizens of other nationalities require an approved visa prior to receiving permission to enter the country.

The Stamped Visa. Can be obtained at Panamanian consulates abroad.

Authorized Visa. Can be obtained at Panamanian consulates abroad with permission from the Immigration Department in Panama and the approval of the National Security Council.

The Tourist Card. It costs $ 5.00 and is issued by airlines or travel agencies. All tourists must carry a valid passport except citizens of the United States of America, who only need proof of citizenship to obtain a card.

MISCELLANEOUS

TRADE: Generally open from 9 am. until 6 p.m. Malls are open later and on Sundays.

DRIVERS LICENSE: Visitors can drive up to 90 days with a foreign license.

ELECTRICITY: 110 volts, 60 cycles.

TIME ZONE: Eastern Standard Time. Not used in the “summer time”.