Permanent Residency in Panama: Opportunities for Peruvians with the Friendly Nations Visa

The Friendly Nations Visa was created to foster economic and cultural relations with specific nationalities deemed strategic by Panama. Under Executive Decree 226, this visa allows citizens of listed countries, now including Peru, to obtain permanent residency efficiently.

Not only does this streamline the immigration process, but it also encourages investment in Panama, a country known for its economic stability and tax benefits. For Peruvian nationals, this inclusion grants access to formal employment, participation in the real estate sector, and the possibility of opening fixed-term deposits in Panamanian banks.

Why is this important?

• Allows for quick access to residency rights.
• You can work, invest, or start a business in Panama without additional restrictions.
• The process is simpler compared to other immigration options.

To qualify for the Friendly Nations Visa, applicants must meet one of the following primary pathways:

A. Employment-based residency

The applicant must secure a job offer from a legally registered Panamanian company. In this case, submission of the employment contract and payment of immigration fees are required.

B. Real estate investment

Purchasing property in Panama under the applicant's name, with a minimum value of $200,000, qualifies one to apply under this visa. This presents a significant opportunity for those looking to diversify their investments in a growing real estate market.

C. Fixed-term bank deposit

Another option is obtaining residency by opening a fixed-term deposit account with a recognized Panamanian financial institution, with a minimum deposit of $200,000. This is a solid choice for individuals looking to leverage Panama’s stable banking system for financial security.

If you're a Peruvian citizen considering applying for this program, here are the key documents you'll need:

• Valid passport.
• Criminal record certificate from your country of origin and/or current residence, duly apostilled or legalized.
• Proof of financial solvency: this may include a bank letter, account statements, or documents related to acquired property or fixed-term deposits.
• Copy of Executive Decree 226 applicable to this visa.
• Employment contract, property deed, or bank certificate, depending on whether the application is based on employment, real estate investment, or fixed-term deposits.
• Passport-sized photograph.

Additionally, working with legal experts in Panama, such as Limitless Legal, can ensure that your application is handled correctly, avoiding mistakes or delays.

According to the Panamanian immigration legislation, permanent residents must enter the country at least once every two years. If you don't meet this requirement, your resident status may be revoked. However, if for any personal or professional reason you have been forced to be absent for long periods, there are legal mechanisms for rehabilitate your permanent residence.

What happens if you exceed the six years out of the country? In that case, a special rehabilitation process will be required. The requirements for this procedure will include additional documentation and, in general, have the advice of a lawyer specialized in Panama.

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Among the main advantages of residing in Panama under the Friendly Countries Permit are:

• Access to international markets: Panama is a strategic point for global business.
• Tax benefits: The country has friendly policies for foreign investors.
• Economic Stability: Thanks to its dollarized economy.
• Quality of life: Panama is known for its advanced health and safety systems, in addition to its tropical climate.

In addition, this residency will allow you to work or invest in dynamic sectors such as real estate, tourism and technology.

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