Obtain A Second Residency In Panama With The Friendly Nations Visa

Are you looking for a second residency in a country where you are not burdened under taxes or one with a stable political and economic environment for your business to thrive? Well, in that case, you should expect to deal with expensive processes, heaps of paperwork, and long waiting periods.

Or should you?

While, in most cases, that might be the case. But there is still a simple and easy way of accessing permanent residence in a politically and economically stable country with high living standards, well-developed and modernized infrastructure, and affordable, high-quality health care… all without any hassle, unnecessary costs, and delays.

We are, of course, talking about the Panama Friendly Nations Visa.

Understanding The Panama Friendly Nations Visa

Back in 2010, the Government of Panama introduced the "Friendly Nations Visa" permanent residency program, which gave preferential treatment to citizens from 50 countries with professional or economic ties with Panama. The eligible countries include the United States, most of the European countries, Hong Kong, Argentina, Taiwan, Japan, Israel, Canada, and Brazil.

Citizens of these countries are eligible to apply for permanent residency and later obtain a Panamanian ID (cédula), allowing them to live and work in Panama indefinitely.

Benefits Of The Panama Friendly Nations Visa

The Panama Friendly Nations Visa has gained immense popularity - especially among business owners - due to the many advantages it brings to the table.

For one, the entire process is pretty straightforward. If you are a citizen of one of the 50 eligible countries, all you need to do is set up a local Panama corporation, open an offshore bank account and fund it with $5,000. After your application, you are issued a temporary residence card that is valid for up to one year, and once your case is approved, you get your own cédula.

And then there are the tax benefits. Panama uses a territorial tax system where its residents are only taxed on income sourced within its jurisdiction. This means that your company incorporated in Panama is exempt from the taxes on its income sourced from outside the country; you can conduct business from anywhere in the world and still enjoy Panama's tax advantages.

Panamanian business laws also promise privacy and security for offshore companies. For example, there is no provision for offshore companies to disclose the names of directors and shareholders. In addition, Panamanian banks cannot disclose any details about their clients either... and that makes Panama an excellent option for offshore banking.

So, if you are looking for a quick and simple second residency in the gorgeous tax haven that is Panama, the Panama Friendly Nations Visa is the easiest way to get it. Keep in mind, though: obtaining the Friendly Nations Visa can be quite bureaucratic. You need a representative like Liberty Enterprises to take you through the process. They can handle the complete process from submitting required documents to arranging meetings directly with the Panama immigration department so that you don’t have to spend weeks in the country dealing with the process.