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Immigration and Visas
Immigration Laws in Panama contemplate many different types of visas that allow individuals buying property (to have as a second home or with investment purposes) to obtain permanent residency in the Republic of Panama. Among these Visas 3 that are the most popular:
- The Retiree Visa: This type of visa has as its main requirement that the applicant holds a time deposit with the Banco Nacional de Panama (Panama's National Bank) for 5 years. This time deposit or CD needs to pay the individual a minimum of US $ 750.00 per month. The amount of the deposit will depend on the interest rates at the time.
- The Pensioner Visa: This type of visa is one of the most popular because since it's main requirement is that the applicant proves that he/she receives a rent pension of $ 600.00 minimum on a permanent bases . In addition the applicant will need to show and extra monthly income of $ 100.00 for each dependent he/she declares.
- The Self Economic Solvency Visa: This visa allows all of those individuals that have purchased property in Panama for over $ 200,000.00 free of all liens.
These visas are just a few of the many that are available for those who want to live in Panama. Pillar Solutions can assist you in choosing and obtaining the type of visa that will best accommodate your needs.
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