Thread: Your experience in obtaining residency in Panama

I am in the process of speaking to my lawyer about options on optaining my residency in Panama, I do not want to work or set up a buissness so from what I have read I will apply for a person of means the information given so far is that I will have to buy a property or a bank cash deposit in the amount of 300 grand,GULP!! My lawyer is also checking out other options but is a little slow in responding(solid guy but always busy).

My questions are
Has anyone gone through the person of means process
What type of residency programme have you gone through
How difficult or easy was the application

Thanks for reading, any information would be helpfull

Cheers Tom

I am in the same situation as well. Does anyone know if you can buy 2 apartmentts that total over $300k to qualify? Also how soon after you purchase the apartments would you need to apply for the visa? I was thinking to just become a pernament tourist first and see how that goes.

By far the best way is to get pension payments from a foreign trust and get a pensionado visa (discounts given and liquidity available for SMART and PLANNED investments). Looks from the reports as if you are fine going in and out for 72 hours every 6 months. Costa Rica is a 6 hour drive from Panama - bring 2-3 books and hang out at a border hotel for a few days.

thanks. Can you provide more information on the foreign trust. I was told that they were cracking down on those sort of things.

Who said that?

Of course they are not, they just made it a law in 2008. Why would you amend the law in 2008 and add a foreign trust as a viable option to crack down on it?

Whenever someone talks in this country they 9 out 10 times have no statistical basis for what they are saying (lack of experience is common with a firm absolute conviction in something).

Originally Posted by adamruns

thanks. Can you provide more information on the foreign trust. I was told that they were cracking down on those sort of things.

Originally Posted by adamruns

I am in the same situation as well. Does anyone know if you can buy 2 apartmentts that total over $300k to qualify? Also how soon after you purchase the apartments would you need to apply for the visa? I was thinking to just become a pernament tourist first and see how that goes.

Then you will be on the hook for $6K per year in property tax at 2% rate plus HOA fees of $3K per year for 2 units. Not a wise move. Your best bet is to fake a pensionado visa. It's still possible I hear. Making a border run every 6 months would be another good option.

Originally Posted by EdBowers

By far the best way is to get pension payments from a foreign trust and get a pensionado visa (discounts given and liquidity available for SMART and PLANNED investments). Looks from the reports as if you are fine going in and out for 72 hours every 6 months. Costa Rica is a 6 hour drive from Panama - bring 2-3 books and hang out at a border hotel for a few days.

Ed, have you made the Paso Canoas run before? Is it a smooth process or is there anything to look out for? What hotel do you recommend to stay at in this border town? Thx.

My thinking is that I do not need to live in a $300k place so it would be better to buy two cheaper places and rent one of them. The condos I am looking at would have no taxes for 15 - 20 years. I would have no problem leaving every 90 or 180 days depending on what it is at the time but would prefer everything is set up properly.

Originally Posted by EdBowers

By far the best way is to get pension payments from a foreign trust and get a pensionado visa (discounts given and liquidity available for SMART and PLANNED investments). Looks from the reports as if you are fine going in and out for 72 hours every 6 months. Costa Rica is a 6 hour drive from Panama - bring 2-3 books and hang out at a border hotel for a few days.

does a pension payment mean you have to be a certain age to qualify I am not 40 yet also I dont plan on living in Panama full time.
My main concern is 300k in a cash deposit for up to 3 years

I left my car for 1 months in between the two countries once. Usually I go to Guabito on the caribbean side and leave my car with the neighbor of one of the cops. Then I take the bus to Puerto Viejo. Once they forced me to buy a bus ticket back from Costa Rica (although I had my car at the border and obviously couldn't use it, neither could I enter with the car since aduana was on strike). Now I know to bring a printed itinerary.

Whatever they want I guess. Whenever they screw with me here I use my pensionado card for every meal (fast food and restaurants), movie and so on until the Panamanians have paid me back......

Originally Posted by Felicity

Ed, have you made the Paso Canoas run before? Is it a smooth process or is there anything to look out for? What hotel do you recommend to stay at in this border town? Thx.

Originally Posted by adamruns

I am in the same situation as well. Does anyone know if you can buy 2 apartmentts that total over $300k to qualify? Also how soon after you purchase the apartments would you need to apply for the visa? I was thinking to just become a pernament tourist first and see how that goes.

Thanks for hijacking my thread . however from what I have read you need 300k or over in a cash deposit or a property you can also combine both e.g 200k in a property 100k in a CD

The requirement for the pensionado visa is that you are 18 years or older.

Originally Posted by tompoker

does a pension payment mean you have to be a certain age to qualify I am not 40 yet also I dont plan on living in Panama full time.

Originally Posted by EdBowers

The requirement for the pensionado visa is that you are 18 years or older.

thx mate does this mean I have to show an income of a certain amount aswell

Yes, you can mix and match. Any loan amount would be deducted from the property value as inscribed in the public registry. Question, is this the time to make this investment or does a 150 dollar trip to Costa Rica every 6 months make more sense? It's 100 % legal. I know people who have been permanent tourists for over 10 years.

Originally Posted by tompoker

Thanks for hijacking my thread . however from what I have read you need 300k or over in a cash deposit or a property you can also combine both e.g 200k in a property 100k in a CD

Originally Posted by EdBowers

a 150 dollar trip to Costa Rica every 6 months make more sense? It's 100 % legal. I know people who have been permanent tourists for over 10 years.

Sorry for getting off topic...but is it now for sure that any tourist (american european canadian) can stay for 6 months instead of the 3 months...?

If you scribble in 180 with a blue ink pen into the entry stamp and play dumb yes.

Originally Posted by Annepannetje

Sorry for getting off topic...but is it now for sure that any tourist (american european canadian) can stay for 6 months instead of the 3 months...?

Euhm.... OK. So, if you don't want to get in trouble, it is 3 months.

It's not a law yet but they have already implemented the effects of the law. See here: http://www.panamaforum.com/living-pa...st-visa-3.html (Confirmation of 180 day tourist visa?)

Originally Posted by Annepannetje

Euhm.... OK. So, if you don't want to get in trouble, it is 3 months.

Originally Posted by tompoker

I am in the process of speaking to my lawyer about options on optaining my residency in Panama, I do not want to work or set up a buissness so from what I have read I will apply for a person of means the information given so far is that I will have to buy a property or a bank cash deposit in the amount of 300 grand,GULP!! My lawyer is also checking out other options but is a little slow in responding(solid guy but always busy).

My questions are
Has anyone gone through the person of means process
What type of residency programme have you gone through
How difficult or easy was the application

Thanks for reading, any information would be helpfull

Cheers Tom

hi , i went through that visa , person of means , it took 28 months for the 24 month probation period , first time they gave me a 1 yr card , then after that i got to visit the city every 3 months , you need a lawyer to do it for you , the 300 g has to stay invested , pull the money out of the bank at the end of the term and the visa stops , so it is there until you leave or die , but on the good side of that panama pays good interest on CDs , Ed would most likely know what the current rates are , if you buy those apartments you have to worry about rent , taxes , etc , so there are some things to concider

Originally Posted by EdBowers

It's not a law yet but they have already implemented the effects of the law. See here: http://www.panamaforum.com/living-pa...st-visa-3.html (Confirmation of 180 day tourist visa?)

But for the fact that everything is subject to change in Panama (recall the 90-day tourist visa at one time in the not-too-distant-past supposedly was going to be shortened to 30 days), I could personally live with a 180-day visa and avoid the hassle of the other visas. . . . . maybe

Originally Posted by nakedguydb

hi , i went through that visa , person of means , it took 28 months for the 24 month probation period , first time they gave me a 1 yr card , then after that i got to visit the city every 3 months , you need a lawyer to do it for you , the 300 g has to stay invested , pull the money out of the bank at the end of the term and the visa stops , so it is there until you leave or die , but on the good side of that panama pays good interest on CDs , Ed would most likely know what the current rates are , if you buy those apartments you have to worry about rent , taxes , etc , so there are some things to concider

As far as I was aware you only have to keep the 300K in for upto 3 years

Originally Posted by tompoker

As far as I was aware you only have to keep the 300K in for upto 3 years

when they changed the law about 1 1/2 yrs ago from 200 g to 300 g they also changed that part , it now has to be permanent , find a good lawyer and check it out or go one the net to the different websites and start reading

Originally Posted by nakedguydb

when they changed the law about 1 1/2 yrs ago from 200 g to 300 g they also changed that part , it now has to be permanent , find a good lawyer and check it out or go one the net to the different websites and start reading

I have done a lot of research on the net, I did see that it was 200k then upto 300k however I have never seen that you had to keep it in the account for ever,not doubting you but upto date info is always hard to find... I read that after 5 years you can apply for your citizenship would I still need to keep the CD.
My lawyer said that he would let me know this week what my options are.

Thanks for the replys

Can the pensionado visa eventually become citizenship or just the 'person of means' visa?

Visa only.

So the only means to citizenship is the 'person of means' path?

Originally Posted by EdBowers

I know people who have been permanent tourists for over 10 years.

I am one of them, 16 years and counting. I spend US winters in Panama and my summers in the US. My gf is Panamanian & work for the airlines so it is pretty easy to go back and forth. I build websites for a living so I can work from anywhere as long as I have an internet connection. I just never saw the need to go through all the rigmarole to become a resident, so when it is time to leave, I grab my computer and I'm out.

Originally Posted by veedub3

I am one of them, 16 years and counting. I spend US winters in Panama and my summers in the US. My gf is Panamanian & work for the airlines so it is pretty easy to go back and forth. I build websites for a living so I can work from anywhere as long as I have an internet connection. I just never saw the need to go through all the rigmarole to become a resident, so when it is time to leave, I grab my computer and I'm out.

Sure seems to be allot simpler and less expensive.

Originally Posted by CerebralPrimate

Can the pensionado visa eventually become citizenship or just the 'person of means' visa?

No as to pesionado visa.

I understand that technically there are several different ways to obtain permanent residencey and a path to citizenship involving investments and deposits, but the differences are probably not a consideration for most folks.

Another way to citizenship involves the reforestation program. Although much less investment required (increased to $60,000 per person maybe?), I don't sense it's that common. Would love to hear from folks that have personal experience with it though.

Originally Posted by BalaBeacher

No as to pesionado visa.

I understand that technically there are several different ways to obtain permanent residencey and a path to citizenship involving investments and deposits, but the differences are probably not a consideration for most folks.

Another way to citizenship involves the reforestation program. Although much less investment required (increased to $60,000 per person maybe?), I don't sense it's that common. Would love to hear from folks that have personal experience with it though.

I did look into the reforestation programme it was 40k so its gone up to 60k, The return could take upto 20 years or so for the teak to make money, I like the idea of the cash deposit but the amount is the issue

(quote)" I just never saw the need to go through all the rigmarole to become a resident," I want to be a resident because of my own reasons your situation suits you, however I need the residency