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PANAMA BANK CD PENSION VISA (Rentista Retirado Visa) Panama Offshore Legal Services helps foreigners with qualifying for a Panama Bank CD Pension Visa. This is also called the "Immediate Passport" program. Panama Bank CD Visa allows residency and a special Panama passport as long as you maintain a 5-year certificate of deposit in one of the two national banks of Panama with a minimum monthly interest of $850. The minimum monthly interest used to be $2,000. This "special" Panamanian passport looks like any other passport but will include the actual country of nationality. That means if a Filipino (for instance) obtains the "Immediate Passport" under this visa the Panama passport will still declare the holder as a citizen of the Philippines. The two national banks are the National Bank of Panama and the Caja de Ahorros Bank (both Panama government banks). Said funds must continue to be held in the Panama bank CD until permanent resident status is obtained. Early withdrawal will result in the cancellation of the provisional visa. These funds must remain free and clear of any obligations or guarantees. Violation of this requirement will result in loss of all rights and incentives. The foreigner will be granted a five year residency which can be re-newed under the same conditions set forth here. In addition to the requirements mentioned in Article 28 of the Decree Law, the applicant must submit the following documents: 1. Banking certification of the National Bank of Panama or the Caja de Ahorros Bank, which certifies: the fixed time deposit (CD), the interest that it generates, the duration or term of the Panama bank CD, and that the Panama bank CD is free of all liens or encumbrances. 2. Copies of the authentication of the CD by the bank. To request an extension of the Panama Bank CD Pension Visa, besides the requirements mentioned above, the applicant should submit the following document: 1. National Paz y Salvo (Certification of Incumbency) of incomes in favor of the interested applicant. Procedures for Applying for Panama Immediate Passport: 1. Provide all required documents, and sign the Special Power of Attorney for our law firm to handle your immigration paperwork. 2. The bank account is opened, and you make the time deposit. The bank then provides a certificate of deposit, and a copy of the time deposit contract. 3. Our law firm submits your application and documentation to the Immigration Department of Panama, for the Panama Passport. 4. Within approximately 2 to 3 weeks, the Immigration Department will issue the Panama Passport. At this point, the applicant is required to go physically to the Immigration Department for picture taking and thumb printing, for the issuance of the Panama Passport. * Note: It is not necessary for applicants to reside in Panama to qualify for or maintain the Panama Passport, however, a short visit to Panama is required for the processing of the passport. The Immediate Passport Program will provide you with a 5 year permanent residency. However, the applicant does not obtain Panamanian citizenship through this program. Procedures for Applying for Resident permits (Visas): 1. Register passport at Immigration. 2. Present application with all required documents to immigration, with Government fees & Repatriation Deposit (if applicable). 3. Immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa. 4. Immigration department issues applicant 2 year Temporary Permit (Visa). 5. Immigration department issues applicant 3 months Temporary Permit (Visa) & Multiple Entry-Exit Visa. 6. Immigration department issues applicant Permanent Residency Permit (Visa). Note that immigration request that the applicant for any type of visa, be present physically at the immigration office in Panama, at the time of Visa application. Panama Immigration will not allow people to visit wearing shorts, t-shirts, or sandals. Immigration will not accept U.S. currency in denominations of $50 or $100. When the immigration visa is approved plan to visit Panama for two weeks because immigration may hold onto your passport for 5 business days while they insert the official stamps and information in the passport. The applicant will also be able to obtain the Panamanian "Immediate Passport". Required Documents (for Immigration processing): 1. Photocopy of valid passport of the applicant, including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all pages showing entry/exit stamps (all pages used in the passport). 2. Original Police record of the applicant, from the place of residence, duly notarized and authenticated by the Panamanian Consulate nearest you. 3. Original Birth Certificate of the applicant, duly notarized and authenticated by the Panamanian Consulate nearest you. 4. Original Marriage Certificate for the applicant (if applicable), duly notarized and authenticated by the Panamanian Consulate nearest you. 5. Six (6) passport sized photographs of the applicant. 6. Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant has no contagious diseases and is in good mental and physical condition. THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA. Documents that our law firm will provide to you: 1. Special Power of Attorney, signed by the applicant, authorizing our law firm to process the immigration applications and documentation. * Note: for authenticating documents through the Panamanian Consulate, please contact us to request the contact information of the Panamanian Consulate nearest you. Required Documents (for opening bank account / CD): 1. Photocopy of valid passport of the applicant (and dependents - if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all pages showing entry/exit stamps (all pages used in the passport). The photocopy of passport should be notarized. 2. Two Original Financial Reference Letters: These can be from any bank, brokerage firm, or credit union. They should be on the financial institutions letterhead, signed by a representative of the financial institution, and show the contact information (address, tel, fax, email, etc.) for the reference to be verified. To view an example of a Financial Reference Letter, click on the underlined words. 3. Two Original Commercial Reference Letters: These can be from any company or professional (a company, attorney, accountant, etc.). They should be on the company or professionals letterhead, signed by a representative of the company (or the professional), and show the contact information (address, tel, fax, email, etc.) for the reference to be verified. To view an example of a Commercial Reference Letter, click on the underlined words. 4. Two Original Personal Reference Letters: These can be from any person that you know (a friend, family member, doctor, lawyer, accountant, etc.). They should be signed by the person, and show the contact information (address, tel, email, etc.) for the reference to be verified. To view an example of a Personal Reference Letter, click on the underlined words. Note that immigration request that the applicant for any type of visa, be present physically at the immigration office in Panama, at the time of Visa application. FEES: For Primary Applicant: Legal Fee
- Processing of Panama Passport: US$5,000 If you are interested in relocating to Panama, or obtaining legal residency in Panama, please contact us for a personal consultation with Panama Offshore Legal Services. Order Now or Contact Us Today!! |
