Economic Solvency for the Opening of Fixed-Term Deposit

LEGAL@work is pleased to offer assistance to individuals seeking to obtain permanent residency in the Republic of Panama through the Permanent Residence Permit for Economic Solvency through Opening a Fixed-Term Deposit(PPT-SEP-DPF). This permit allows for foreign individuals to invest a minimum of three hundred thousand balboas (B/.300,000.00) in fixed-term deposit accounts and demonstrate that the funds originate from outside of Panama.

The permit is valid for a term of two years and after that period, the applicant may opt for permanent residency.

To apply, the following requirements must be met:

1.     Power of attorney and application (notarized)

2.     Three (3) photographs

3.     Copy of passport (notarized orby corresponding authority)

4.     Criminal background check

5.     Health certification

6.     Certified check for B/.250.00 in favor of the National Treasury

7.     Certified check for B/.800.00 in favor of the National Migration Service

8.     Personal background declaration form

9.     Bank certification of the opening of a fixed-term deposit account in the applicant's name for a minimum amount of B/.300,000.00 or its equivalent in foreign currency and for a minimum duration of three (3) years at any general license bank within the country. The account must be free of liens.

10. Notarized copy of the fixed-term deposit certificate from the bank

11. In case of dependents: 11.1. Responsibility letter 11.2. Proof of relationship 11.3. Proof of residence 11.4. If over 18, certification of single status and studies.

Fees for visa

To apply for Permanent Residency after the two-year term, the applicant must submit the above requirements, except for the Criminal Background Check and the certified checks. The estimated cost for the services, exclusive of legal fees, would be around B/1,250.00.

Our firm is dedicated to providing accurate and professional assistance throughout the application process.

Please do not hesitate to contact us for more information or to schedule a consultation.