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How long do I need to keep the required deposit in a Panama bank account if I want to maintain my Friendly Nations visa?

I learned that citizens of countries in the Panama Friendly Nations list will be able to obtain residency in Panama by simply making a $5,000 deposit in a local bank account. How long does an investor need to keep the deposit?


Answers
  • Gomez Tomiczek
    July 26, 2019

    Panama law does not have to control the bank certifications that prove the deposit of $5,000. Therefore, in practice, once you have filed for the Friendly Nations visa, you can take your money out of the bank and wait for your residency to be approved. But as the laws of Panama can change overnight, we recommend keeping the funds in the bank until the residency is approved.

  • Panama Global Solutions
    July 26, 2019

    Once the residency application has been filed, you may use your funds as you wish.

  • Mulford Abogados
    July 26, 2019

    The deposit needs to be kept until the visa is granted (approximately 4 months). Also, please note that even when this is an important requirement, it's not the only one, as the applicant needs to provide documents showing the economic activities to be conducted in Panama (employment contract or that he owns a company).

  • Kraemer & Kraemer
    July 25, 2019

    For the Friendly Nations Visa, the economic solvency just requires an initial deposit of USD 5,000 in a personal bank account in Panama prior to starting the process, and there are no requirements to keep the funds during the process, so many applicants will use the funds towards the expenses of the process or other personal needs.