Before buying that expensive real estate hoping to get a Self-Solvency visa, the foreigner must comply with one of the following options:
1) a time deposit account, in his name, with a minimum of two years extendible time deposit in a local bank and a minimum amount of Two Hundred Thousand American dollars (US$200,000.00). This time deposit must be mortgage free. The fulfilment of this requirement must be verified by means of a letter issued by the bank where the time deposit is registered, and the time deposit number must be certified; also the time period of the deposit must be specified. Additional to the above, an authenticated copy of the time deposit certificate or agreement by the bank, must be attached or
2). The ownership, within the national territory of a mortgage free real state property in the amount of Two Hundred thousands (B/200,000.00), or
3). The ownership, within the national territory, of a real state property in the amount of Eight Thousand Dollars (B/80,000.00), plus a two year time deposit in a local bank, with the minimum amount of One Hundred Twenty Thousands (B/120.000.00). This will be proved by the means of a Public Register Certification of the property in behalf of the petitioner and a letter issued by the bank where the time deposit is stating that it is pledge free, the time deposit number, and length of time. Additional to an authenticated copy of the time deposit, a certificate or agreement by the bank must be attached.
Owning a property through a corporation, private foundation or other entity - or buying any property with a mortgage - does not qualify for a Self-Solvency Visa.
This is the official list of requirements, as posted in http://www.migracion.gob.pa/eng/service_popup.php?id=3 on January 15, 2008:
1) a time deposit account, in his name, with a minimum of two years extendible time deposit in a local bank and a minimum amount of Two Hundred Thousand American dollars (US$200,000.00). This time deposit must be mortgage free. The fulfilment of this requirement must be verified by means of a letter issued by the bank where the time deposit is registered, and the time deposit number must be certified; also the time period of the deposit must be specified. Additional to the above, an authenticated copy of the time deposit certificate or agreement by the bank, must be attached or
2). The ownership, within the national territory of a mortgage free real state property in the amount of Two Hundred thousands (B/200,000.00), or
3). The ownership, within the national territory, of a real state property in the amount of Eight Thousand Dollars (B/80,000.00), plus a two year time deposit in a local bank, with the minimum amount of One Hundred Twenty Thousands (B/120.000.00). This will be proved by the means of a Public Register Certification of the property in behalf of the petitioner and a letter issued by the bank where the time deposit is stating that it is pledge free, the time deposit number, and length of time. Additional to an authenticated copy of the time deposit, a certificate or agreement by the bank must be attached.
Owning a property through a corporation, private foundation or other entity - or buying any property with a mortgage - does not qualify for a Self-Solvency Visa.
This is the official list of requirements, as posted in http://www.migracion.gob.pa/eng/service_popup.php?id=3 on January 15, 2008:
Immigrant Visa and Residence Permit due to Personal Economic Solvency | |||
To grant an Immigrant Visa and Residence Permit due to Personal Economic Solvency for a foreigner or family group that wants to immigrate. CODE: VISEP.
This immigrant’s visa and the corresponding resident permit can be requested by a family group that wants to immigrate all together and establish their permanent residence at the Republic of Panama. The family group must prove that they have, and bring along with them into the country, the proper economic means to support the family expenses such as housing, food, education, health, transportation and so on. This visa can only be requested by a family composed by: a) a couple (formally married and with a marriage registered in the Republic of Panama). b) The parents of the principal requester. c) Under age children; d) Single children over 18 years old but under 25 years, regular students attending high school or university studies can’t apply to this visa, brothers or sisters, over legal age married children, nor brother or sister in law or cousins.
Important: If any of the members of the family group is going to arrive to Panama afterwards, then this individual has to do it after the request of immigrant’s visa was granted to the family. In this case, the person must request an Immigrant visa as a dependent of a family resident.
Processing time frame: 2 to 4 months
REQUIREMENTS:
Foreigner
The costs of the carnets will be paid by the interested party as well as the B/10.00 fiscal stamp for those foreign citizens that require a visa.
Power of attorney and request by means of a lawyer: The Power of Attorney must be presented before a Public Notary or personally before the Directorate of Migration and Naturalization by the visa’s applicant (if it is only one person) or by all the components of the family group over 18 years old (head of family and dependents). This must show the complete general information of the interested parties, including full name and parent’s nationality. In addition, the petitioner must specify all the general information of the lawyer of the applicant and dependents, including office’s address, domicile at the Republic of Panama, telephone numbers and e-mail. Also the complete information of the attached checks must be given (check number, drawing bank’s name, date and amount), list and enumerate the attached documents and quote the facts and legal fundaments that sustain the request. The power of attorney, as well as the request must be stamped or sealed with B/. 4.00 per page. ]
Certified or cashier’s check in the amount of B/ 100.00 in favour of the National Treasury.
Certified or cashier’s check in the amount of B/. 500.00 in favour of the “Ministerio de Gobierno y Justicia” (Ministry of Government and Justice) as a repatriation’s deposit [applicable to persons older than 12 years]
Good Health Medical Certificate [: issued within the three (3) months prior to the presentation date (it must have date, signature and seal with the doctor name, including the code and register number of the physician.]
Penal history and police record issued by the previous country or residence country within the last two years, ( if the interested party has been in Panama for the last two or more years on a consecutive time, this document will not be necessary).
Passport of the country of origin [... with a minimum of six months validity time]
Complete copy of the passport [.of all the applicants]
Two (2) Carnet size photo [...of every one pertaining to the family group dated (no hats or veils and front face and up dated]
Relationship’s evidence [.Marriage certificate and /or Birth Certificate of every children to whom the visa is requested, according to the case]
Letter of responsibility from the married couple: [... or the spouse that claims to be the head of the family and income provider, which will allow the members of the family to support their basic needs such as a home, food, education, transportation, health expenses and so on. ]
Visa Request: [... To apply for this visa, the foreigner must comply with one of the following options: 1. a time deposit account, in his name, with a minimum of two years extendible time deposit in a local bank and a minimum amount of Two Hundred Thousands American dollars (US$200,000.00). This time deposit must be mortgage free. The fulfilment of this requirement must be verified by means of a letter issued by the bank where the time deposit is registered, and the time deposit number must be certified; also the time period of the deposit must be specified. Additional to the above, an authenticated copy of the time deposit certificate or agreement by the bank, must be attached or 2). The ownership, within the national territory of a mortgage free real state property in the amount of Two Hundred thousands (B/200,000.00), or 3). The ownership, within the national territory, of a real state property in the amount of Eight Thousand Dollars (B/80,000.00), plus a two year time deposit in a local bank, with the minimum amount of One Hundred Twenty Thousands (B/120.000.00). This will be proved by the means of a Public Register Certification of the property in behalf of the petitioner and a letter issued by the bank where the time deposit is stating that it is mortgage free, the time deposit number, and length of time. Additional to an authenticated copy of the time deposit, a certificate or agreement by the bank must be attached.]
Provide proof of the amount and source of income that will support the petitioner’s general expenses and of his dependent(s).
Legal Base:
Article 1, paragraph 6, articles 24, 25, and 26 of the Law Decree No.16 of 30 of June of 1960, and Executive Decree No.52 of February 19 of 2003.
This immigrant’s visa and the corresponding resident permit can be requested by a family group that wants to immigrate all together and establish their permanent residence at the Republic of Panama. The family group must prove that they have, and bring along with them into the country, the proper economic means to support the family expenses such as housing, food, education, health, transportation and so on. This visa can only be requested by a family composed by: a) a couple (formally married and with a marriage registered in the Republic of Panama). b) The parents of the principal requester. c) Under age children; d) Single children over 18 years old but under 25 years, regular students attending high school or university studies can’t apply to this visa, brothers or sisters, over legal age married children, nor brother or sister in law or cousins.
Important: If any of the members of the family group is going to arrive to Panama afterwards, then this individual has to do it after the request of immigrant’s visa was granted to the family. In this case, the person must request an Immigrant visa as a dependent of a family resident.
Processing time frame: 2 to 4 months
REQUIREMENTS:
Foreigner
The costs of the carnets will be paid by the interested party as well as the B/10.00 fiscal stamp for those foreign citizens that require a visa.
Power of attorney and request by means of a lawyer: The Power of Attorney must be presented before a Public Notary or personally before the Directorate of Migration and Naturalization by the visa’s applicant (if it is only one person) or by all the components of the family group over 18 years old (head of family and dependents). This must show the complete general information of the interested parties, including full name and parent’s nationality. In addition, the petitioner must specify all the general information of the lawyer of the applicant and dependents, including office’s address, domicile at the Republic of Panama, telephone numbers and e-mail. Also the complete information of the attached checks must be given (check number, drawing bank’s name, date and amount), list and enumerate the attached documents and quote the facts and legal fundaments that sustain the request. The power of attorney, as well as the request must be stamped or sealed with B/. 4.00 per page. ]
Certified or cashier’s check in the amount of B/ 100.00 in favour of the National Treasury.
Certified or cashier’s check in the amount of B/. 500.00 in favour of the “Ministerio de Gobierno y Justicia” (Ministry of Government and Justice) as a repatriation’s deposit [applicable to persons older than 12 years]
Good Health Medical Certificate [: issued within the three (3) months prior to the presentation date (it must have date, signature and seal with the doctor name, including the code and register number of the physician.]
Penal history and police record issued by the previous country or residence country within the last two years, ( if the interested party has been in Panama for the last two or more years on a consecutive time, this document will not be necessary).
Passport of the country of origin [... with a minimum of six months validity time]
Complete copy of the passport [.of all the applicants]
Two (2) Carnet size photo [...of every one pertaining to the family group dated (no hats or veils and front face and up dated]
Relationship’s evidence [.Marriage certificate and /or Birth Certificate of every children to whom the visa is requested, according to the case]
Letter of responsibility from the married couple: [... or the spouse that claims to be the head of the family and income provider, which will allow the members of the family to support their basic needs such as a home, food, education, transportation, health expenses and so on. ]
Visa Request: [... To apply for this visa, the foreigner must comply with one of the following options: 1. a time deposit account, in his name, with a minimum of two years extendible time deposit in a local bank and a minimum amount of Two Hundred Thousands American dollars (US$200,000.00). This time deposit must be mortgage free. The fulfilment of this requirement must be verified by means of a letter issued by the bank where the time deposit is registered, and the time deposit number must be certified; also the time period of the deposit must be specified. Additional to the above, an authenticated copy of the time deposit certificate or agreement by the bank, must be attached or 2). The ownership, within the national territory of a mortgage free real state property in the amount of Two Hundred thousands (B/200,000.00), or 3). The ownership, within the national territory, of a real state property in the amount of Eight Thousand Dollars (B/80,000.00), plus a two year time deposit in a local bank, with the minimum amount of One Hundred Twenty Thousands (B/120.000.00). This will be proved by the means of a Public Register Certification of the property in behalf of the petitioner and a letter issued by the bank where the time deposit is stating that it is mortgage free, the time deposit number, and length of time. Additional to an authenticated copy of the time deposit, a certificate or agreement by the bank must be attached.]
Provide proof of the amount and source of income that will support the petitioner’s general expenses and of his dependent(s).
Legal Base:
Article 1, paragraph 6, articles 24, 25, and 26 of the Law Decree No.16 of 30 of June of 1960, and Executive Decree No.52 of February 19 of 2003.
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