In order to visit Panama you should apply for a specific visa. The type of visa depends on the purpose of your visit. Let us have a look at some of the visas issued for Panama when people want to settle or stay there for a long period of time. The first visa is pension visa. The visa is issued to a person whose pension does not amount to more than $500. You will need to prove the financial figures under scrutiny. Normally a pension statement from the government will be more than enough. There is a basket of many benefits for holding this visa in Panama.
Private income retiree visa is a visa for people who don’t have a monthly pension and he is no loner working. He has received a lump sum on his retirement and this money has to be deposited in a five year certificate with the Bank of Panama to yield at least $750.
Then there is the person of means visa which is a type of visa for people who want to live in the country by their own means. They have no interest in starting a new business in Panama. However the person must have a one year certificate of deposit in any local bank of at least $200,000 out of which $80,000 can be in the form of home purchase. Upon acquiring the visa that certificate of deposit has to be renewed for one year. After the visa is renewed it is granted permanently with the right to local identity card. After five years the person can apply for Panamanian nationality.
The investor visa is for those people who want to set up a business in Panama. However the person needs to make a minimum investment $150,000 and a minimum of 3 local people hired in his organization.