In order to apply to a resident permit as a foreign retiree, you must provide a document issued by a foreign government or company confirming you’re entitled and currently receiving a lifetime pension as a retiree, equivalent to $1,000 U.S. dollars per month or more. Unfortunately, inherited money will not qualify as such. Professional or economic ties with Panama are proven either by providing a labor contract between the applicant and a Panamanian company or by incorporating a Panamanian corporation, in order to proof the intent of doing business at a later stage. Any applicant holding 50% of issued shares of a Panamanian company will qualify.
How can I show professional and economic ties with Panama if I want to apply for a Panama Friendly Nations Visa?
I am a native of a country that is on the Panama Friendly Nations list. I want to apply for residency in Panama through its Friendly Nations Visa. I understand that candidates must show they have professional or economic ties with Panama. Could you please explain the definition of professional and economic ties? How do applicants usually show such ties?
Immigration officials of Panama need to know how you will keep living in Panama. For that reason the economic activity that you carry out must be authorized for you. This means that if you exercise the trade, it can only be wholesale trade, since the retail trade is reserved for Panamanians. Services as an economic activity are authorized to foreigners. Your lawyer must know how to identify if the economic activity that you wish to carry out is allowed. For example, when the law speaks of "professionals," it is because it is in the list of economic activities that they are authorized to do. There are professions only reserved for Panamanians or foreigners who renounced their passport of origin through naturalization and registered their foreign professional title in Panama. In that case you should have Panamanian passport and, of course, you don't need this kind of application being from the Friendly Nations. Each profession has a law with which it was created and protected. For migration, you only need to confirm that your economic activity will support you and your family and that you will not depend on the government of Panama to live in Panama.
Professional or economic ties with Panama are proven by either owning real estate, owning a business or having an employment in the country. Those are the three options accepted by immigration. The most popular is owning a business, as a simple incorporation of a company is accepted.
Economic or professional activities to be conducted in Panama, can be proved by one of the following options: economic activity (provide documentation that the applicant is a member of the board of directors or shareholder of a Panamanian corporation). The required documents are: a certificate from the Panama Public Registry of the company; copy of the notice of operation of the company; copy of the shares of the company. Regarding professional activity, a professional activity is a job or work contract with a Panamanian company. The applicant must provide an employment contract with a Panamanian company sealed in the Ministry of Labor and copy of the notice of operation of the employer. If applicants don't have a work contract, they usually incorporate a Panamanian company.