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Is it possible to remove my required bank funds after receiving my Panama residency?

I wish to receive residency in the country but not live there permanently. I am from one of Panama’s Friendly Nations, so I can make a $5,000 deposit. But how long does it have to be in the bank? Can I move it to something else once I have been approved? What are the requirements maintaining my residency under this program?

  • Kraemer & Kraemer
    February 18, 2019

    There is no need to mantain the funds in the account once the application is properly submitted. The main condition to mantain residency once permanency is obtained. It's to not be absent of the country for more than two consecutive years.

  • Panama Global Solutions
    February 16, 2019

    What the national immigration service requires is that the applicant confirms he/she has at least $5,000 the moment that the residency application is filed, but funds may be used right after the application has been filed. You’ll be setting up a regular savings account, not a fixed-term deposit.

  • Mulford Abogados
    February 17, 2019

    Please note that you can move the $5,000 deposit as soon as permanent residency is granted.