Shockingly easy permanent residency offer from Panama but a limited time only

[Jingthing]

I thought some people might be interested in this ridiculously liberal PERMANENT residency offer from the country of Panama.

As far as I can tell it only requires a bank account ANYWHERE of a measly 5K USD plus some kind of action to start a business, buy property there, set up a corporation and obtain a business license, etc.

It offers INSTANT permanent residency to passport holders from these countries:

http://money.usnews.com/money/blogs/On-Retirement/2012/10/22/new-easy-retirement-residency-in-panama

BTW, I think MAYBE that means if you hold one of these passports you can ALSO bring your non-list nationality spouse, such as a Thai spouse along with you on the program but that isn't really clear. In any case, entire families are included.

Andorra

Argentina

Australia

Austria

Brazil

Belgium

Canada

Chile

Croatia

Cyprus

Czech Republic

Denmark

Estonia

France

Finland

Germany

Greece

Hong Kong

Hungary

Ireland

Israel

Japan

Latvia

Liechtenstein

Lithuania

Luxembourg

Norway

Malta

Monaco

Montenegro

Netherlands

New Zealand

Poland

Portugal

San Marino

Serbia

Singapore

Slovakia

South Africa

South Korea

Spain

Switzerland

Sweden

Taiwan

U.K.

United States

Uruguay

Here is the BIG catch.

This was an executive order of the current president.

He only gets ONE five year term and it's nearing the end of that term.

Predictions are the NEXT president will almost definitely revoke this super liberal offer.

So this is probably mostly for business types who already are familiar with Panama.

Current retirees there are also converting to this program because it allows them to legally WORK in Panama, which their very good retirement visa program does not.

Panama City is one of the lowest cost major cities in the world and it has become rather a first world city complete with massive skyscrapers. Of course its well known as an international finance center like Singapore but the country offers small town, beach, and rural choices as well.

The degree of liberalness of this program is even more surprising considering Panama consistently rates high on desirable countries for expat retirement. Their people rate very high on global HAPPINESS surveys.

It's too bad this offer has a short time frame. I'd be surprised if we ever see such a liberal offer again from any country as desirable as Panama.

To be clear, once you get the permanent residency there, you've got it, even when the offer for NEW people gets nixed.

Edited July 7, 2013 by Jingthing

[smokie36]

Au revoir JT.....I wish you well in your Caribbean dream!

[Jingthing]

Au revoir JT.....I wish you well in your Caribbean dream! 

Too much time pressure for me personally.

Sent from my GT-S5360B using Thaivisa Connect Thailand mobile app

[NanLaew]

Au revoir JT.....I wish you well in your Caribbean dream!

Too much time pressure for me personally.

Sent from my GT-S5360B using Thaivisa Connect Thailand mobile app

Fair enough. But if you had discovered this article and program last October, would you have made the move?

Or, if the new President extends or expands it?

Edited July 7, 2013 by NanLaew

[Jingthing]

I would strongly consider checking it out then. I haven't even been there!

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[jellydog]

"Lowest cost" ? I don't buy it. Depends on your lifestyle, but you won't be living anywhere near high on the hog in Panama City without spending a few bucks.

[ChinChanGamble]

It amazes me the amount of expats in Thailand who have an interest in South America, even if they have never been! I'm not quite ready to move permanently to Thailand yet, but when I do it will be because I have been there and know I will like it!

The amount of interest in SA is amazing, to me SA and Asia seems worlds apart! It also seems to be to do with where you will get more bang for your buck, is this the only thing it comes down too? I only ask out of interest!

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[jpinx]

I would strongly consider checking it out then. I haven't even been there!

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JT - where did you read the details about the bank account etc? I'd be interested in the requirement to actually "be" there.

I liked these bits of the link you gave....

"............allows retirees who can show an income from a pension or Social Security of at least $1,000 per month, ............:"

and.....

..."If you hold a passport to any one of these countries, you, your spouse, your parents, your children under age 18, your children with disabilities, and your children aged 18 to 25 who are single and registered at a university can all claim residency. And this is not temporary residency requiring a series of renewals, as with most visas, but permanent residency immediately...."

I lived in Peru for 3 years a while ago, with long stays in Bolivia and Ecuador, but not Panama. Latin America is not the same as SE Asia by a long way, but you can live economically if you move out of the city centres. In my experience the cost of living - comparing like-for-like - is less in Thailand by a fair margin.

[Jingthing]

I've been to a number of Latin American countries but not Panama, including:

Mexico several times

Costa Rica

Dominican Republic

Peru

Brazil

Argentina

Miami

East Side LA

So I know enough to know these countries have a lot of differences.

For example I really wasn't very impressed by Costa Rica but wouldn't assume I would have the same reaction to Panama before actually experiencing it myself.

The Dominican Republic -- you couldn't pay me to live there ...

The Panama retirement program is long standing and totally separate from this current super promotion deal for the specific countries. I'm not at pension age so couldn't go for that yet even if I wanted to.

I didn't post to really push Panama per se, but I found the offer so unusual and so remarkable that I reckoned it might have meaning to some people who already have knowledge of Panama.

Another point. I wasn't suggesting Panama City was a super cheap place to live, but that it is relatively cheap for the level of city that it is on a relative international basis. For example, Singapore is significantly more expensive. I do know you can live much cheaper in Panama in the boonies, like most places of course.

The most popular destination in Latin America now for people where LOW BUDGET is the top priority is probably Ecuador.

http://internationalliving.com/2010/09/the-cost-of-living-in-panama-city-is-blow-your-mind-low/

Panama City: Cost of living in a cosmopolitan city

If you’re looking for inexpensive, cosmopolitan living—but with the conveniences you’d expect in New York, Chicago, Miami, or any other major First-World city—you may want to take a serious look at Panama City.

...

Here, in the region’s only true First-World city, convenience is the word. You can dine in ultra trendy restaurants…attend amateur and professional productions…shop at the malls and unique local stores. And because this is also the Americas’ major telecommunications hub, your international phone calls go through the first time, every time, and high-speed Internet is available virtually everywhere you go. (In fact, Panama currently boasts the best Internet penetration in the region).

Edited July 7, 2013 by Jingthing

[David48]

Bye Bye Thai Visa Forum ...

Jingthings on the way.

Look out the Panama Visa Forum .com ...

.

[market trader]

I would strongly consider checking it out then. I haven't even been there!

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I think you have been reading Kathleen Peddicord's overseas retirement living to much. I have been to Panama on many occasions and unless you live high in the mountains miles away from a city, this place is a hell hole for heat and high humidity.

[NeverSure]

Panama is really expensive compared to Thailand. I can think of a lot of places I'd rather go for the price of living.

Comparison

[Jay Sata]

Closer to home Vietnam offers quite a nice lifestyle and with more rights for an expat.

[NeverSure]

Closer to home Vietnam offers quite a nice lifestyle and with more rights for an expat.

I thought it was hard to get a visa to live in 'Nam. Was I told wrong?

[sustento]

Wouldn't it be better to choose a country that you're happiest living in rather than one that offers the best "benefits"?

Edited July 7, 2013 by sustento

[Jingthing]

Wouldn't it be better to choose a country that you're happiest living in rather than one that offers the best "benefits"?

If you can't live there, what difference does it make?

In my view, residency possibilities are a HUGE factor.

[sustento]

Wouldn't it be better to choose a country that you're happiest living in rather than one that offers the best "benefits"?

If you can't live there, what difference does it make?

In my view, residency possibilities are a HUGE factor.

Wouldn't it be better to choose a country that you're happiest living in and that will allow you residence rather than one that offers the best "benefits"? Happy now? Jeez...

[sustento]

Here's a nit. You have my permission to pick it to death

[Jingthing]

Wouldn't it be better to choose a country that you're happiest living in rather than one that offers the best "benefits"?

If you can't live there, what difference does it make?

In my view, residency possibilities are a HUGE factor.

Wouldn't it be better to choose a country that you're happiest living in and that will allow you residence rather than one that offers the best "benefits"? Happy now? Jeez...

Of course. Which is why I suggested this item would mostly be of interest to those people who already know and enjoy Panama. If there was more time to take advantage of the special offer, it might also be of interest to those people who might be interested in learning more about Panama. Personally I am quite interested in Latin American possibilities for the future as evidenced by travel there over the years. Of course it would be a rare person who would just choose move to a country without ever being there ... perhaps someone like that Snowden character or refugees of course being exceptions.

Edited July 7, 2013 by Jingthing

[Jingthing]

OK, here's info about the global city costs rankings.

According to The ECONOMIST, Panama City is the third CHEAPEST city in the world.

Believe it or not and I wouldn't blame you not to believe it.

http://edition.cnn.com/2013/02/04/travel/cost-of-living-2013/index.html

Top 10 least expensive cities
=1. Karachi, Pakistan
=1. Mumbai, India
3. New Delhi, India
4. Kathmandu, Nepal
=5. Algiers, Algeria
=5. Bucharest, Romania
7. Colombo, Sri Lanka
8. Panama City, Panama
9. Jeddah, Saudi Arabia
10. Tehran, Iran

Edited July 9, 2013 by Jingthing

[alyx]

Thanks for the list

Quite interesting if one links people's freedom to cheap living, which, in some of these countries come down to "life is cheap" apart from Colombo, of course, which I do not know but I heard quite nice things about it