There are many benefits to moving to another country or establishing permanent residency there. While having a second country of residence might seem like something only for the rich and famous, that just isn’t true. The Panama Friendly Nations Visa is a fast-track way to gain residency in the great country of Panama so you can enjoy living, vacationing, or retiring in Panama. This program has not been around for a long time, but it is still very popular. Here is some great information on why and how it might matter to you.

The Panama Friendly Nations Visa

The Panama Friendly Nations Visa was established to give people a faster track to establishing residency in Panama. When opening a offshore corporation or setting up a private interest foundation, there are other benefits that can come from having residency. There are advantages to doing business and living in Panama, so the country has been trying to attract the interest of business owners and other hard-working people.

To become a part of the program, potential residents first need to confirm that they are from one of the eligible countries that has a relationship with Panama. Next, fill out an application. There are supplemental applications that can be filled out for immediate family including a spouse and children up to the age of 25 years old. Each person must also pay an application fee for each applicant that goes to the National Immigration Service and the National Treasury. Other costs will accrue too like legal fees, visas for multiple entries, establishing a corporation, opening a bank account, and getting a work permit.

The Benefits of Residency in Panama

Most people think that the weather is the main benefit of living in Panama, but they would be wrong! The sunshine and warm is just the cherry on top to living in this beautiful country. If you are considering establishing residency in Panama, here are just some of the many benefits.

  • Affordable Cost of Living. When it comes to living costs such as housing, food, services, and entertainment, Panama’s cost of living is much lower than many countries in North America and Europe.
  • Healthcare Services. Technology and advancements in medicine are current in Panama, providing their residents with high quality healthcare services. The costs are great too, with treatments and procedures lower in cost than other countries. If you are retired, you can also receive discounts on prescription drugs and some services in healthcare, hospitals, and from dentists.
  • Solid and Stable Economy. Panama uses the US dollar in their economy and does not have high fluctuations like other countries. If you are wanting the highest rated financial center in the region, look no further than the Panama financial and banking center. They also have advantageous tax laws that may save you money.
  • Culture and Recreation. While Panama may not be a large country geographically, it has it all. Bordered by the Pacific and Atlantic oceans, Panama has beautiful islands full of lush rain forests and sandy beaches. It also boasts modern cities with a fun night life. You will never tire of exploring this country. The food, shopping, and friendly people are great too.
  • Language. The official language of Panama is Spanish, but English is commonly spoken too. Even if you don’t know Spanish, you will have no problem living in Panama.

If you have glimpsed what life can be like with a Panama residency or the benefits of a secondary residency, let’s get the process started. Since we have been doing this for so many years, our lawyers are experts at the different processes and programs in Panama. Contact one of our immigration lawyers to talk about what the best options are for your family and situation, including the Friendly Nations Visa pathway.