Economic highlights of the future
Expansion of Tocumen International Airport
- leader in Latin America with more than 80 direct connections to 36 countries
- new terminal completed in 2020
- expansion of the airport building to 148,000 square meters
- 68 gates
- further expansion of route network and capacity planned
Panama Metro Lines
- Panama has the only metro in Central America
- line 1 was inaugurated in 2014
- line 2 was inaugurated in 2020
- line 3 will run along the canal bridge
- more metro lines are planned
Amador Causeway Convention Centre
- The largest conference and event center in Central America will be completed in Panama City in 2022.
- The center covers an area of 59,000 square meters.
- State-of-the-art comfort for international events and congresses.
Amador Causeway Cruise Terminal
- Addition to the cruise port on the Caribbean side of the channel.
- It can accommodate two cruise ships and will be expanded to accommodate the world’s five largest ships.
- Cruise terminal in Panama City to be completed in 2022.
- This will advance Panama to the top travel destinations and increase tourism.
Cobre Copper Mine – one of the most important copper mines in the world
- The copper mine is one of Panama’s largest employers.
- Panama’s largest source of exports.
- The copper mine represents about 5% of Panama’s GDP.
New canal bridge
- Work has begun on the 4th bridge over the canal connecting Panama City and the interior.
- This bridge will relieve traffic in and around Panama City.
- Line 3 of the Metro will run along it.
- Pedestrian and bicycle paths will be added to the bridge.
Currency & banking
- US dollar is local currency
- With up to 8% p.a. GDP growth, Panama has been one of the fastest growing countries in the world since 2002.
- Panama has its own currency (Panamanian Balboa 1:1).
- This has the advantage that in case of a financial crisis Panama is not forced to rely on the international valuation of the US dollar.
- No central bank in Panama – creation of a fully market-oriented money supply.
- Panama now has over 100 international banks, making it one of the largest banking centers in the world.
Real estate - investment
Panama - The country
- 4.2 million inhabitants; more than 40% of them live in Panama City
- in a global comparison of countries, the happiest people live in Panama
(Gallup study 2012 and 2014)
- language: Spanish / English
- democratic government
- from the Atlantic to the Pacific Ocean in one hour by car
- no own military / protecting power is the USA
The 10 provinces of Panama
- San Blas
- Los Santos
- Bocas del Toro
Emigrate to Panama
Panama – emigration or 2nd residence
Panama is one of the most popular emigration countries and is regularly ranked among the top 5 best real estate locations worldwide.
If you are thinking of emigrating to Panama or would like to establish another residence in Panama, we would be happy to advise you.
Panama allows interested people to obtain a residence permit in Panama thanks to a selection of visa programs. (see visa programs)
Panama offers several attractive visa programs:
GOLDEN VISA / Qualified investor visa
This visa can be applied for from abroad and receives the Golden Visa after 30 days.
- A visit by the investor to Panama is required to complete the application process.
- The investor can choose between the following investments:
- real estate starting at $300,000 ($500,000 as of October 2022)
- fixed deposit account investment (minimum $750,000)
- investment from $500.000 in the stock market of Panama
The respective investment must be held for at least 5 years.
- Projected costs (non-binding, as of December 2020):
- visa for applicants: $19.200 one-time
- visa for family members significantly lower (on request)
- one-time account opening service: $550 (optional)
- An investment starting from $300,000 (e.g. real estate, forestry investment, etc.).
- The investor receives a two-year residence permit. After that
a permanent residence permit will be issued.
- Until the permanent residence permit is obtained, the investment must be held.
- Expected costs: (non-binding, as of December 2020)
- visa: $3750 one time
- one time account opening service: $550 (optional)
PENSIONADO VISUM – Retirement Visa
- You will be granted unrestricted residency if you are older than 18 years and have a pension or lifetime income of at least $1,000 per month and an additional $250 for your spouse.
- Great discounts in restaurants, hotels, cultural events, hospitals, etc. go along with this visa.
- However, there is no work permit associated with the Pensionado visa.
- Estimated costs (non-binding, as of December 2020):
- visa: $2,600 one-time
- one-time account opening service: $550 (optional)
- with an EU passport you can stay up to 6 months in Panama without a visa
BUSINESS INVESTOR VISA
- for company founders with recruitment of at least 5 Panamanian employees
- reforestation investments (e.g. teak, pineapple plantations)
- Provided you have five years of permanent residency, you can apply for Panama citizenship.
PANAMA FRIENDLY-NATIONS VISA
- Unlimited residence permit in Panama
- For 50 selected countries: Andorra, Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Greece, Hong Kong, Hungary, Ireland, Israel, Italy*, Japan, Latvia, Liechtenstein, Lithuania, Malta, Luxembourg, Mexico, Monaco, Montenegro, Netherlands, New Zealand, Norway, Paraguay, Poland, Portugal, Republic of Korea, San Marino, Serbia, Singapore, Slovakia, South Africa, Spain, Sweden, Switzerland, Taiwan, United States of America, and Uruguay
- residence in Panama only required every two years
- two-year temporary and subsequently permanent residence permit in Panama (provided the following requirements are still valid in two years)
- real estate investment (at least 200.000,- Dollar) or employment (since 01.October 2021)
- most important application requirement is the incorporation of a company in Panama
- recommended is the opening of a bank account in Panama
- Required documents: passport, multilingual police certificate of good conduct, apolstilized
- marriage certificate (updated status from the responsible registry office multilingual), proof of income, references/due diligence from your bank and lawyer or tax advisor (English)
- children: updated birth certificate (date of issue should not be older than 3 months + certified translation);
- in case of school-age children still think about school certificates (+ apostille)
- estimated costs for the residence permit with the Panama Friendly Nations Visa (as of 10/01/2021):
- visa: $3,500,- one-time
- real estate investment: purchase transaction $9,500,-
- company formation: $1,500 one-time
Plan two trips to Panama. For the first visit you should plan about 3 weeks. At the beginning of the trip, the application will be filed and after about 10-14 days, a second visit to the authorities will take place. The second trip to Panama is to pick up the residence permit in Panama. This is expected after about 6 months.
*Italy has a special visa agreement with Panama