A Guide to the Red Carpet and Pensionado Visas

Panama, with its stunning landscapes, vibrant culture, and a thriving economy, has become an increasingly popular destination for expatriates seeking residency in Central America. Among the various residency options available, the Red Carpet Visa and Pensionado Visa stand out as two distinct routes offering unique benefits.

In this blog, we will explore these pathways to residency, providing insights into the requirements, advantages, and the overall process for obtaining each visa.

Red Carpet Visa:

Overview:

The Red Carpet Visa, officially known as the Friendly Nations Visa, is designed to attract foreign nationals from a list of 50 friendly countries. It is a streamlined process aimed at facilitating residency for individuals who have economic and professional ties with Panama.

Requirements:

1. Nationality: Applicants must be citizens of one of the designated "friendly nations."
2. Economic Ties: Demonstrate economic or professional activities in Panama, such as opening a bank account or establishing a local business.
3. Clean Criminal Record: Provide a police record from the applicant's home country and Panama.

Advantages:

1. Fast Processing: The Red Carpet Visa offers a relatively quick processing time compared to other residency options.
2. Work Authorization: Holders of this visa can work legally in Panama.
3. Permanent Residency: After five years of holding the Red Carpet Visa, applicants can apply for permanent residency.

Pensionado Visa:

Overview:

The Pensionado Visa is tailored for retirees and pensioners looking to enjoy their golden years in Panama. This visa offers a range of benefits, making it an attractive option for those seeking a peaceful and retirement-friendly environment.

Requirements:

1. Pension Income: Applicants must prove a stable monthly income, such as a pension, of at least 1,000/Usd for an individual or 1,250/Usd for a couple.
2. Health Insurance: Obtain health insurance from a Panamanian insurance provider.
3. Clean Criminal Record: Provide a police record from the applicant's home country and Panama.

Advantages:

1. Tax Incentives: Pensionados are entitled to various tax exemptions, making Panama a tax-friendly destination for retirees.
2. Discounts: Enjoy discounts on a wide range of goods and services, including medical expenses, entertainment, and transportation.
3. Residency for Life: The Pensionado Visa provides permanent residency, offering a secure and stable living arrangement for retirees.

Whether you are a professional looking to establish ties in Panama through the Red Carpet Visa or a retiree seeking a tranquil haven with the Pensionado Visa, Panama offers a range of options to make your residency dreams a reality.

Understand the requirements and advantages of each route, you can make an informed decision and embark on a seamless journey toward calling Panama your home.

Contact, legal assistant, Alex Gomez at Legal at Work at info@work.pa or call us at +1-702-517-7293