PanaGreat info@panagreat.co.za +27 81 305 1515 www.panagreat.co.za PANAMA AMA – A R REAL L OPTION ON FOR SOUTH AFRICAN ANS
INTRODUCTION 10 Steps The process of applying for Permanent Residency has 10 This Presentation is aimed at making the process of applying for Permanent Residency in Panama main steps. The details of each person or family’s easier to understand and complete. It may seem application requirements will vary depending on their own daunting at first, but the steps to complete your personal circumstances. Panama Friendly Nations Visa application is relatively straight-forward. 1. Determine cost - Get quotes on legal and immigration fees from reputable law firms in Panama 2. Select law firm & register Panamanian Corporation 3. Obtain all documents required & Apostille relevant documents 4. Book flights and accommodation & travel to Panama 5. Visit your law firm to hand over original documents 6. Visit bank & open a Panamanian bank account 7. Deposit $5 000 in new bank account 8. Visit Immigration offices to hand in your application 9. Return to Immigration offices to collect Temporary PR. 10. Collect your Permanent Residency and E-cedula in 3 – 4 months time.
RELIABLE CAUTION INFORMATION Be careful of advice on the Internet and on Facebook forums, it is not always correct. At PanaGreat any advice and information we give you have For quick and reliable information about Panama, been verified by several law firms, not JUST by our own join our WhatsApp group with hundreds of experience. members – some living in Panama for years, others who moved there recently and fellow Just because something was applicable to one person, members also planning their relocation. does not mean it is applicable to you. Law changes can also Send “Please add” on WhatsApp to 082 410 0437 make some good-intentioned advice dangerous to follow. Free advice often ends up costing you more in the long run. Just because somebody was happy with their law firm does not mean they are affordable or the best. Always get a few quotes on any service to compare. REMEMBER: You are always welcome to ask us for advice and information – we share freely at no cost.
FRIENDLY NATIONS The Friendly Nations Visa offer you Permanent Residency VISA Est. 2012 without requiring you to stay in Panama. To keep your Permanent Residency status you will have to visit Visas available: Panama at least once every 2 years after collecting the a) Investment Visa (US$ 300 000 in companies or real estate). resolution. b) Reforestation Visa (US$ 80 000, buying 5 hectare Teak plantation). Citizenship in 5 Yrs on request. c) Work Visa (Need job offer, Visa tied to your employer). d) Pensionado Visa (Require a lifetime income of US$ 1000 / month / IMPORTANT person, or US$ 1 250 / month / couple). If you visit Panama to complete your Friendly Nations e ) Friendly Nations Visa through financial ties with Panama. Visa application, and return to South Africa, you will (Recommended) need to collect your Permanent Residency within 6 months in Panama IN PERSON
a) Investment Visa (US$ 300 000 in companies or real estate). This is an expensive option. d) Pensionado Visa b) Reforestation Visa – Expensive, risky. No Minimum / maximum age to get this Visa. c) Work Visa US$ 1 250 / month (combined / couple) required. Sponsor required from Panamanian Company. Most likely will need to speak Spanish – Clients, customers, You need to show an extra US$ 250 / dependent (dependents only employers, suppliers may be Spanish speaking. allowed if they are under 25 years old and still studying). Renewal – Must be done every 2 years. Visa tied to sponsor, if you change employer, you must re- The visa does not allow for a work permit, however Pensionado apply. Visa holders have the right to invest and manage their own business interests. May request citizenship after 5 years, on condition of an unbroken employment and living record in Panama. Pensioners in Panama qualify for several Tax Exemptions. Pensioners also qualify for many other discounts ranging from 5 - 50% on most services and goods in Panama. These discounts apply to all permanent residents and citizens over a certain age (Woman 55 or older, men 60 or older).
e) Friendly Nations Visa with financial ties to Panama FRIENDLY NATIONS Open & own a Panamanian Corporation. VISA – The most Company can be established from SA, you do not need to be in Panama. Your law firm will mail documents to be completed and popular and mailed back. effective option All Panamanian companies require 3 Directors. If you do not have a 2 nd or 3 rd person, your law firm will provide you with a staff member in their firm. You may nominate anybody in SA that is in good standing, they do not have to come to Panama. You may have up to 4 shareholders, so up to 4 people can “share” a corporation. Applicants may bring in dependents. All children under 18 years old will automatically be dependents. If they are between 18 and 25 they can only be added as dependents if they are still studying. Only main applicants can apply for work visas. Parents may be added as dependents. You may apply for both spouses as main applicants. This is recommended.
Registration of Corporation IMPORTANT: Foreigners in Panama are not allowed to open a retail Application form requires following information: business. We also strongly advise against businesses that will * Possible corporation’s name. require you to hire employees. There is a whole host of issues and potential problems that come with hiring * Name and address of all directors (3 directors minimum). Panamanian employees. Perhaps eventually you will feel brave enough to start a * Name and address of all shareholders. (4 Max) business with employees, but we don’t recommend making it your first business. * Amount of authorized capital. If you do require a local work force, contract workers instead of employees could be a good option. * Bookkeeping information, source of funds and purpose of organizing the corporation. (Law Firms will help). You need to be a shareholder in the corporation to be a Main Applicant. Directors can be any adult, living in SA or elsewhere. They will never be required to go to Panama. They will be required to have a passport and ID.
In order to apply for permanent residency on your new corporation, Profile form of directors to be completed: you will need to bring the following from SA: Complete name Contact information • Police Clearance Certificate for all applicants of legal Nationality age. At time of application in Panama, the date of issue on the document must be less than 6 months Occupation ago. To be Apostilled. Tax residency information Copy of passport and second I.D. • Marriage certificate if the main applicant will have a Once completed & translated, (your law firm will arrange, spouse or child as dependent. To be Apostilled, recent check that it is included in price) your lawyer will register the unabridged recommended. corporation. • Unabridged Birth certificates if the main applicant will You may then run or dissolve the corporation. However you list parents as dependents. To be Apostilled. have to apply every 3 years for work permit, so it might be in your best interest to keep the corporation active. • Passport for each person. (More than 6 months Annual Corporation Costs: US$ 500. before expiry date) • These costs are above any income taxes you Second form of South African I.D. for all applicants. (Children’s 2 nd form of ID is their Birth Certificate) may owe, and is for keeping your corporation in business. • Source of Income documents (SARS ITA34 document, bank statements, Payslips, etc.) Main applicant must open a bank account with a Panamanian bank. 2 Main applicants may open joint account
Apostille Preparation of your application is crucial. An Apostille is simply the name for a specialized certificate, issued by the Department of International Relations and One document missing halts the entire process. Cooperation (DIRCO) . The Apostille is attached to your original document to verify it is legitimate and authentic so it will be accepted in one of the other countries who are members of the You will be asked a substantial fee for Apostille at Panama Hague Apostille Convention of 1961. Panama and South Africa are both members, thus Apostille is the recognised method of Embassy . authentication of documents. This is a free service from DIRCO. Office hours are from 08h30 – Apostille of documents are done for free at DIRCO, although 12h30 for submission of documents. you will have to queue. 1 – 5 Documents will be ready for collection the next working day. 6 – 18 Documents will be ready in 3 working days. 19 Documents or more will be ready in 5 working days . We offer a service to Apostille all documents, charged per family or per envelope (NOT per DIRCO Contact - OR Tambo Building, 460 Soutpansberg Rd, Rietondale, Pretoria. document). This is particularly helpful and cost (www.dirco.gov.za) effective if you reside outside Gauteng. A complete breakdown of costs for Apostille can be found near the end of this PowerPoint. (Page 32)
Recommend
More recommend
