In the past, Panama was well-known for the Panama reforestation visa, which offered a long-term investment option (10 years) for Permanent Residency. This permanent residency offers the option to naturalization and citizenship, but “fell from grace” along with many other long-term residency programs.
Pros & Cons of Reforestation Visa:
However, it offers the lowest investment in Panama for those who do not qualify for a friendly-nations visa. In order to qualify for permanent residence in Panama, you invest USD$80,000 in a reforestation project which must be registered with the Ministry of Environment.
| Description | Reforestation | Solvency Visa |
|---|---|---|
| Investment | $80,000 | $300,000 |
| Type | approved reforestation project (not home) |
Time deposit Real estate purchase |
| Opening Bank account | not required | required for Time Deposit good idea for real estate |
| Registration at Immigration | required | required |
| Set up corporation | optional | not required |
| Buy a property | required, unless you purchase shares of a company that is already registered | required for real estate purchase option |
| Application for the visa – 2 year | When you initially apply, you get the 180 day permit. When your visa is approved, you get a 2-year immigration card. Then you get a cédula. |
When you initially apply, you get the 180 day permit. When your visa is approved, you get a 2-year immigration card. Then you get a cédula. |
| Total time till you get a cédula | 3+ years
If you start a reforestation project yourself and have to apply for the approvals with the Ministry of Environment, this could be longer. |
About 3 years (give or take 6 months) |
Basic & specific requirements
The following basic requirements apply for the visa:
- Police report (national with finger-prints) – all over 16 years of age
- Foreign documents authenticated by Apostille or Panamanian Consulate
- Passport expiry date greater than 6 months
- Birth certificates for any children (dependents)
- Marriage certificate for spouse
The following specific requirements for the Panama reforestation visa:
- minimum investment of $80,000 – a minimum of 5 hectares (12.3 acres) of reforested land (or a plan to reforest the 5 hectares)
- additional $2,000 per dependent (so additional $6,000 for spouse + 2 kids)
The proof of the investment includes the following documentation (which our law firm can assist you in obtaining):
- certification by CPA of the investment – that you paid in the capital and no loans for this capitalisation
- authenticated copy of the share certificates (if applicable)
- Affidavit by company secretary/treasurer of ownership & activities (if applicable)
- Copy of the company’s tax returns (or registration with the tax department if first fiscal year has not closed yet)
- certified copy of the Ministry of Environment’s approval
- Property ownership certification (public registry)
- Company incorporation certification (public registry)
Panama immigration lawyer: For more information, please contact Joan Villanueva regarding the reforestation visa option.