Business

Why Panama is perfect for United Kingdom investors seeking a visa

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Panama is recognized as one of the leading nations with exemplary financial stability prospects appealing to a variety of investors today. The diversity in its business landscape, coupled with a thriving business environment, has drawn attention from individuals eager to embark on and invest in entrepreneurial ventures.

If you are a United Kingdom citizen and are looking to embark on a journey as an investor in the business sector, you might want to consider acquiring an investor residency in Panama. Nonetheless, to successfully secure this kind of visa, it is advisable to have the guidance of legal experts. There are dedicated firms like Legal Solutions Panama, whose team of specialists can assist you throughout the entire process.

What is the purpose of an investor visa in Panama, and what are its benefits for foreigners?

Under Panamanian legislation, foreign entrepreneur are afforded the same rights as local citizens concerning property and capital. Moreover, this visa grants legal residency in Panama, enabling you to invest in real estate, businesses, or fixed-term deposits, and provides access to fundamental services, including education and healthcare.

This country stands out for its stable economy and favorable business climate, which offers investors opportunities to expand their commercial activities. The ease of opening bank accounts and conducting international transactions, thanks to its position as a financial center, is a great benefit.

Moreover, this visa enables applicants and their families to experience a high-quality lifestyle in a nation abundant in culture and biodiversity. The benefits of a political and legal framework that supports foreign investment, paired with the opportunity to acquire Panamanian citizenship following a residency period, render this permit an appealing choice for those considering a move to Panama.

What are the prerequisites for obtaining an investor visa in Panama for citizens of United Kingdom?

As with all legal processes that must be followed in the country, to secure an investor visa in Panama, a collection of documents must be submitted:

  1. Power of attorney and application, which involve the notary’s office and the necessary tax stamps.
  2. Four passport-size photos of the applicant.
  3. A copy of the applicant’s passport.
  4. Apostilled criminal record certificate of the applicant.
  5. Health certificate by a licensed physician in the Republic of Panama.
  6. A certified USD 250 check payable to the National Treasury, which can be provided by the applicant or their legal representative. Additionally, the certification fee for the check is USD 10.70, to be covered by the applicant.
  7. Certified check for USD 800 payable to the National Immigration Service, which can also be provided by the applicant or their legal representative, with the certification fee matching the previous item.
  8. Personal Background Affidavit Form, to be filled out and signed by the applicant.
  9. Documents required based on the type of investment:
  10. For real estate investments, the following documents must be provided:
  • Certification from the Public Registry verifying ownership of real estate in the applicant’s name, with a minimum value of USD 300,000, and confirming that it is free of any encumbrances.
  • If opting for a time deposit, the applicant should provide the following:
  • A bank certification confirming the opening of a time deposit account under the applicant’s name with an amount of USD 300,000 and a minimum term of three (3) years, issued by any general license bank in the country. This deposit must be unencumbered.
  • An authenticated copy of the fixed-term certificate from the bank.
  • Two letters of responsibility.

If you have dependents, you will need to account for the additional required documents.

Step-by-Step Practical Guide to Acquiring Your Investor Visa

This process is straightforward. Follow these steps to ensure your visa application proceeds smoothly from beginning to end:

  • Applying: Go to the National Immigration Service in Panama to submit your application. Bring all required documents and fill out the corresponding application form.
  • Fee payment: Pay the administrative fees associated with the investor visa. The amounts may vary, so check the updated costs at the time of your application.
  • Evaluation process: Once the application is submitted, the National Immigration Service will conduct an evaluation of your case. This process can take between 3 and 6 months.
  • Obtaining the visa: If your application is approved, you will receive your investor visa. Be sure to review the terms and conditions that may apply, ensuring no errors in the document.

Legal Solutions Panama: expert lawyers to help you obtain your investor visa

As you have seen, the application for your investor visa is a process that requires several requirements. Having legal advice from experts in the field is a good way to start, and Legal Solutions Panama can help you from the first moment.

This team of lawyers stands out for the breadth of their services and for their years of experience in advising on visa and immigration procedures. If you are interested in knowing more about how to obtain your investor visa with their support, visit their website and get a free 30-minute consultation with one of their experts.