Panama Passports and Visas

The Kind of Visas in PANAMA are the next: - More info, please visit our website: http://www.panamalegalconsultants.com

- Immediate Passport Program: offering Immediate Panamanian Passport
Foreigners can be obtain immediate Panamanian Passport under the condition that they make a 5 year time deposit (certificate of deposit - "CD"), at the Banco Nacional de Panama, which earns a minimum of US$750 per month in interest income.
Since interest rates fluctuate, the minimum amount generated monthly must be $750. That means the original 5 year CD deposit with the Banco Nacional de Panama will vary depending on current interest rates. The monthly interest earned from the time deposit (CD), would be deposited directly into the applicants savings account, and the applicant can withdraw the funds in the savings account at any time.

- Self Economic Solvency Visa: offering Permanent Residency & Passport
The Self-Economic Solvency Visa offers three different investment options to qualify for residency status in the Republic of Panama:
Investment Option 1: Invest a minimum of US$200,000 in a two year time deposit or "certificate of deposit" or "CD", at any licensed bank in Panama.
- Conditions: The time deposit (CD) account must be in the personal name of the primary applicant (it may not be in the name of a corporation, foundation, or trust). The interest earned from the time deposit (CD), will be deposited monthly into any savings account at the bank that you designate (the savings account may be a personal account, or a corporate account). The interest income is not taxed by the Panamanian government, nor is it subject to any tax reporting requirements. - Dependents: For each additional dependent that applies for residency under the primary applicant, the primary applicant must prove that he or she has enough income to support the general costs of living of each dependent.
Investment Option 2: Invest a minimum of US$200,000 in a titled property (real estate) in the Republic of Panama.
- Conditions: The titled property must be in the personal name of the primary applicant (it may not be in the name of a corporation, foundation, or trust). The primary applicant must also prove that he or she has an income to support his or her general costs of living.
- Dependents: For each additional dependent that applies for residency under the primary applicant, the primary applicant must prove that he or she has enough income to support the general costs of living of each dependent.
Investment Option 3: Invest a minimum of US$120,000 in a two year time deposit or "certificate of deposit" or "CD", at any licensed bank in Panama, plus invest a minimum of US$80,000 in a titled property (real estate) in the Republic of Panama.
- Conditions: The time deposit (CD) account must be in the personal name of the primary applicant (it may not be in the name of a corporation, foundation, or trust). The interest earned from the time deposit (CD), will be deposited monthly into any savings account at the bank that you designate (the savings account may be a personal account, or a corporate account). The interest income is not taxed by the Panamanian government, nor is it subject to any tax reporting requirements. The titled property must be in the personal name of the primary applicant (it may not be in the name of a corporation, foundation, or trust). The primary applicant must also prove that he or she has an income to support his or her general costs of living.
- Dependents: For each additional dependent that applies for residency under the primary applicant, the primary applicant must prove that he or she has enough income to support the general costs of living of each dependent.

- Small Business Investor Program: offering Permanent Residency & Passport.
The foreign business owners can be obtain legal residency in Panama under the condition that they invest a minimum of US$150,000 in either a new business venture, or an established company in Panama. Part of the requirement is that the business must employ at least 3 Panamanian employees paying them at least minimum wage, with social security benefits.

- Reforestation Visa: offering Permanent Residency & Passport.
- All applicants must provide a Police Clearance report on a police department's letterhead, signed by a police official.- All documents must be issued no more than 4 months prior to submitting the visa application.- All visa applications must be processed by a Panamanian lawyer.
- All overseas documents must be authenticated by a Panamanian Consulate nearest you or by Apostille.
- Passports must have at least 6 months remaining before expiration.
- Dependants can be included with both options.
Panama Reforestation Visa offer 2 options:
A. Small Business investment of at least $40,000;
B. Large Business investment of at least $80,000.

- Retired or Pensioned Program: offering Permanent Residency only.
Foreigners can obtain legal residency in Panama under the condition that they are retired or pensioned. According to the Immigration Department of Panama, there is no minimum or maximum age required to qualify you only need to provide the below described requirements / documents.
The applicants retirement income (or pension income) must be at least a life time US$500 per month. For each dependent, the retirement income (or pension income) amount must be increased by US$100. For example, a husband with wife and one child, would need to prove a total pension income of US$700.Beneffits of this Visa Tax free importation of new or used household goods for up to USD 10,000.00; No income tax is paid in Panama for the pension received nor the interest gained from the fixed term deposit;
All benefits given to Panamanian retired persons by Law No. 6 of 1987 (some tax benefits, discounts in restaurants, hotels, teathers, etc.); Tax free importation of a car, for personal or family use, every two years;
No obligation to pay warranty deposits, as required for other types of visas.
** After filing the visa application, the whole procedure may take two months.

- Multiple Entry & Exit Visa (Optional)
The Residency Visas is for foreigners so they can establish residency and permanently reside within the territory of the Republic of Panama. Every Immigrant or Resident should have an Entry and Exit Visa if he or she plans to travel into and or out of the Republic of Panama.An "Immigrant" is a foreigner or tourist that has applied for a resident Visa in the Republic of Panama. A "Resident" is a foreigner or tourist that has completed a resident Visa application program and has obtained a Permanent Resident Card in Panama.
The Multiple Entry & Exit Visa allows foreigners to enter and exit the Republic of Panama as many times as necessary during the validity of the Multiple Entry and Exit Visa, or until the expiration date of the Visa.Time frame:It takes approximately five (5) business days to process the Multiple Entry & Exit Visa at the Immigration office.Validity of the Multiple Entry & Exit Visa depends on the Legal status of Client:
If Immigrant (Resident Visa is in process): the Multiple Entry and Exit Visa is valid for one year or less (depending on the expiration date of the current provisional resident visa).
If Permanent Resident (Resident Visa is completed): the Multiple Entry and Exit Visa should be valid for a maximum term of two years.

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El ministro de Turismo Ruben Blades desmiente rumores sobre visas y vacunas para turistas

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El ministro panameño de Turismo, Rubén Blades, desmintió que se haya adoptado la medida de reducir el tiempo de estancia en el país de turistas a solamente 30 días y que Panamá esté exigiendo vacunas para permitir la entrada al país. “Esos comentarios son completamente falsos y lo que buscan son desacreditar las acciones del Gobierno nacional. Queremos aclarar que los turistas pueden venir a Panamá hasta por 90 días, con dos prórrogas después de los primeros 30 días, tanto en los casos en los que se exija la visa o la tarjeta de turismo.”Según Blades, los comentarios surgen a raíz de “un manejo irresponsable de información” que está circulando por Internet, en el que se sugiere que se ha disminuido la cantidad de días que los turistas pueden permanecer en Panamá y que se estará exigiendo una tarjeta de vacunación para su entrada al país. “Personas inescrupulosas se están dando a la tarea de circular rumores que lo que persiguen es hacerle daño al país” advirtió Blades.

El ministro aclaró que el Instituto Panameño de Turismo (IPAT) no fue inicialmente consultado para la elaboración de un proyecto de ley de salud “que busca mejorar los controles sanitarios, adhiriéndose al reglamento sanitario internacional”, comentó y aclaró que los ejecutivos del IPAT tuvieron conocimiento del mismo el viernes de la semana pasada. “El desarrollo de la actividad turística implica consideraciones que no están dentro de nuestra jurisdicción; queremos aclarar que la ley no ha sido sancionada y que la ministra de Gobierno y Justicia, Olga Gólcher, enviará una nota a todas las aerolíneas y al cuerpo diplomático, a fin de aclarar que el aspecto de la vacunación aún no está aprobado oficialmente”, señaló el ministro de Turismo.Por su parte la entidad rectora del turismo en Panamá, solicitó a la Dirección Nacional de Migración que adoptara las medidas pertinentes a fin de que los turistas interesados en hacer efectiva la extensión de su visa de turismo concedida por treinta días y prorrogables por sesenta días adicionales, puedan hacerlo en cualquiera de las oficinas de la Dirección de Migración a nivel nacional. “Es una medida importante que creemos beneficiará al turismo” afirmó por último Blades.

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The Panamanian minister of Tourism, Rubén Blades, denied that the measurement has been adopted to reduce the time of stay in the country of tourists to only 30 days and that Panama is demanding bovine to allow the entrance to the country. “Those commentaries are completely false and what they are to discredit the actions of the national Government. We want to clarify that the tourists can come to Panama until by 90 days, with two prorogations after the first 30 days, as much in the cases in which the visa or the card of tourism is demanded.”According to Blades, the commentaries arise as a result of “an irresponsible handling of information” that is circulating around Internet, in which it is suggested has diminished the amount of days that the tourists can remain in Panama and that will be demanding a card of vaccination for its entrance to the country. “Bad people are circulating rumors who what they persecute are to do damage to him to the country” noticed Blades.

The minister clarified that the Panamanian Institute of Turismo (IPAT) initially was not consulted for the elaboration of a project of health law “that it looks for to improve the sanitary controls, adhering to international the sanitary regulation”, commented and clarified that the executives of the IPAT had knowledge of he himself Friday of the last week.

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E-commerce en Panama

It seems lie but here in Panama we are not to the height of oferecer e-commerce like in other countries. This is partly due to the laws that have congealed everything what has to do with this activity, to avoid fraudulent banking operations as well, false businesses, etc. Some banks offer this solution of purchase with credit card that mainly turn out to be something expensive and complicated for the small companies, aside from which everything depends on the type on watch and product that thinks to offer. The electronic commerce must be thought like an extension of the models of existing businesses. That I mean with this? If you have a solid model of business before expanding it online, is a great opportunity of which your business prospers through e-commerce.

It is really necessary to look for the few options available in Panama to mount a business of e-commerce. For that reason I say that first that there is to see is that service is offered. For example, if what thinks to offer is legal services, practically there are no options since this type on watch does not guarantee anything to him stable to the bank (fraudulent returns by reclamations, operations, risky clients). But nevertheless if one is a product that is given by courier already he is something different since he is something tangible and from less sense of expectancy.

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They are a panamanian law firm specialists in legal services, Panama offshore corporations, private interest foundations, immigration (passports and visas), open bank accounts, asset protection, brokerage and merchant accounts, escrow services, and real estate contracts and transactions.

Panama Offshore Corporation Services
"Our clients use panamanian offshore corporations for trusts, or private interest foundations, to open and manage brokerage accounts, or asset protection. The panama corporations are formed to mantain the privacy and confidentiality of transactions like the transfer of founds for the another country and of the protection of the assets."

Private Interest Foundations
"Panama foundations represent an option, different from Panamanian offshore corporations. Private Interest Foundations permit the protection of assets destined to non commercial activities, but including its use as a holding company or for testamentary purposes. "

Panama Offshore Bank Accounts
"In Panama Legal Consultants we specialize in the process of bank accountsin prestigious and reputable Panama banking institutions Our law firm will assist for make the bank account application process more easy for you.."


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Denovo - Condo in Obarrio, Panama City

41 stories into the sky. The neighborhood features a Ferrari dealership, Rolex, Hugo Boss, Cartier and the best luxury brand found in Panama. The brand standard of DENOVO includes international services from ¨world-cierge,¨ translators fluent in eight languages, a business center with conference room and personal assistants who execute both personal and professional needs ... your way.

The Price: 230,000 - $390,000
Total Area: 969-1195 sq.ft

Currently Panama is offering tremendous incentives for buyers of new construction in the form of property tax incentives, citizenship and so much more. Also, as one of the largest centers for international banking, foreign national financing is easier than ever before.
The Executive Residences at Denovo will be fee simple condominiums that can be enrolled in a rental program similar to condo hotels, but without many of the fees and restrictions typically associated with them. All Executive Residences will come fully furnished in the most luxurious of ways including wiring and telecommunications in your private office, central air conditioning and wine cellar.
Panama Legal Consultants: We are a lawyers with experience in real estate consulting and properties transactions. Please call us: ++ (507) 6798-1338
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U.S. retirees fuel boom in Panama

By JENALIA MORENO
Copyright 2007
Houston Chronicle

PANAMA CITY, PANAMA — Towering cranes and more than a dozen residential skyscrapers under construction obscure the retired Houston couple's view overlooking Punta Pacifica, Panama City's hot new foreign enclave.
In one direction, Donald Trump is building a 68-story, sail-shaped edifice on the Pacific Ocean called the Trump Ocean Club International Hotel & Tower.
In another, Spanish company Grupo Mall, which is selling properties out of Houston, is putting up Los Faros de Panama, The Lighthouses of Panama, a glitzy development complete with apartments, a casino and a hotel.
At least 170 residential towers worth $3.2 billion are planned or currently under construction, according to a recent survey by real estate consultancy Prima Panama.

Fueling this boom, in part, are U.S. retirees lured by Panama's cheap health care, dollar economy and widespread use of English. More moving southBetween 2003 and March 2006, the Panamanian government issued 1,379 visas to Americans 55 and older, according to a report by the Washington, D.C.-based Migration Policy Institute, adding to the already growing retiree population.

In 1990, by contrast, 491 American retirees called Panama home, according to the institute. With 78.2 million U.S. baby boomers expected to reach retirement age in the next two decades, developers and the real estate industry are counting on Panama to issue many more visas.

"Panama is the latest country to join this boom — and with a lot of dynamism," said Orlando Lopez, general manager of Central America for Houston-based Stewart Title, which plans to open an office in Panama City later this year. Lopez, who's based in Costa Rica, estimates the office could guarantee $300 million in properties within a year of operation.

Other Houston-based companies are also hoping to get a piece of this market. Houston-based AbroadEstatesgroup has the exclusive rights for the Texas market to sell homes in Grupo Mall's development, which will have three towers, the central one reaching 84 stories. A handful of Houstonians are expected to produce down payments for units in the development, said Jose-Pablo Fernandez-Cueto, international operations officer for AbroadEstatesgroup, which also offers financing for homes in Mexico and Costa Rica.

Incentives abound Panamanian developers began aggressively catering to U.S. buyers, with golf courses, gated communities and American-style shopping centers, about three years ago. Magazines and even television shows with tips for buying property abound in Panama. Promoters tout the nation's warm weather, flights to the U.S. and discounts for a variety of items, including movie tickets and doctor's visits.

The Panamanian government is also selling the nation, offering some exemptions on property taxes, duties for importing household goods and a car. Such incentives seem to be at least sparking the interest of American retirees.

A Panama Marriott Hotel guest from Wisconsin recently stopped at the concierge desk to ask about the location of retirement communities. One March morning, a group of visiting Americans met with real estate agents in the lobby of the InterContinental Miramar Panama for tours of properties.

And more than 150 U.S. real estate agents recently attended Panama Spectacular, a weeklong conference providing tours of dozens of properties in Panama City and along the Pacific Ocean. Promoting the countryPanamanian native Xiomara Samudio, an Atlanta real estate agent and Continental Airlines flight attendant, was one of the attendees.
"I thought it was just a wonderful idea for my business to be able to visit all the developments so that I can go back and sell Panama," said Samudio, who walked barefoot on the beach at a gated community.

"As a Panamanian, I feel extremely proud that the government of Panama and all of the real estate people have done an extraordinary job promoting the country." Though there are plenty of promotions of projects, real estate agents and interested buyers can view few completed developments for now.

Instead, they stop by fenced-in construction sites, model homes and empty Pacific Coast beaches where developers promise to build high-rise buildings and gated communities. "This phenomenon right now is all about sales and beginning to get into construction," said Paul McBride, chief executive officer of Prima Panama, the real estate consultancy, which also publishes Paradise, a magazine for North American retirees. His company also offers a travel-discount program, and in 10 months it issued 3,500 memberships.

"The inventory is not going to show up for another three to six years," McBride said.
Although few properties are complete, Panamanian, European and American developers continue their plans for posh skyscrapers in the city and luxury beachfront communities in the city's suburbs.

Miyaki Project in Obarrio Panama