Advantages of Residency – Why Panama should be on your radar!

Many people do not realize the benefits of obtaining residency in a foreign country. Residency allows you to live, work and travel within your country of residence. It is easier to open bank accounts, buy property and invest among other things.

In several countries obtaining residency is your first step to eventually obtaining a second passport from your new country. While many countries require that you live at least 183 days per year within the country in order to qualify for residency, this is not the case in Panama.

Panama offers one of the easiest and quickest ways to obtain permanent residency along with a potential path to obtaining a second passport.

Panama is considered one of the ideal locations to retire due to its tropical climate and beautiful landscape. One of the main advantages of establishing residency in Panama is that all income earned outside of Panama is exempt from taxation. There is a facility to do business as Panama City is the largest offshore and regional banking centre in Latin America. The country has a rapid rising economy and is a suitable for up and coming entrepreneurs.

In May of 2012, former President Ricardo Martinelli issued a Presidential Decree 343 declaring that citizens of 22 friendly nations could apply to become permanent residents in a fast track manner.
Since then, other Decrees have increased the number of friendly nations to 48.

In order to obtain a permanent residency visa, citizens of friendly nations must establish professional or economic ties with the Republic of Panama. This can occur when an applicant either owns a Panama Corporation or a Panama company which does business in Panama or when an individual is hired to work for a Panama company. Proof of economic solvency is also another requirement.

It is important to take advantage of options that are available to you while they still remain available. Rules and laws are always changing when it comes to residency and citizenship. Contact us for additional information including a copy of the detailed friendly nations residency program.

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