Reforestation Investment Program

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LARGE REFORESTATION $80,000 INVESTMENT

The Panamanian Government grants foreigners the right to obtain legal residency in Panama under the condition that they have invested at least US$80,000 and purchase a minimum of 20 hectares in a Certified Reforestation project in Panama (said Project requires to be Certified by the Environmental Government Institute – ANAM: “Asociacion Nacional del Medio Ambiente”), through a Forestry Registry.

In addition to the common requirements established in the article 28 of the Decree Law, the applicant should contribute the following documents:

1. In the case of legal entity they should present: affidavits by the secretary or treasurer of the business (cannot be yielded by the one interested), where he is accredited the activities, the ownership of the nominative shares emitted in favor of the foreign applicant, properly freed and full, and the total capital stock;

2. Certification of the Authorized Public Bookkeeper (CPA) that details the grand total invested in a direct way in the activity of reforestation and that the capital is from the investor. (The bookkeeper should include copy of the decree and of the card in force);

3. Authenticated of the certificate shares sent off in favor of the reforestation investors;

4. Copies of the tax return of the business, where the capital invested appears. If a fiscal period has not yet lapsed since the foundation of the business, in its place the copy of the constancy of inscription in the Unique Registration of the taxpayer and copy of the unique rate should be contributed;

5. Copies of the resolution sent off by the National Authority of the Environment, of the Forest Registration;

6. Original certification of the inscriptions of the business and the property in the Public Registration;

7. Proof that the investment is carried out in direct form in activities of reforestation, by a minimum of sixty thousand dollars ($60,000) which will be able to be shown with documents such as:

a. banking Certification of the funds transfer or of the payment (obligatory);
b. Financial Status audited;
c. Commercial bills of buying and selling;
d. Documents or merchandise importing proofs;

To request an extension, besides the requirements mentioned in the numerals described in the previous article, the applicant should contribute the following documents:

1. Paz y Salvo of the applicant;

2. Bills or other documents that show disbursements performed in the last year for the project of reforestation, or certification of the business that this carrying out the plan of maintenance that the contract continues in force.


PROCEDURES:

STEP 1: Corporation set up (it is optional if you wish to register/buy the Property/Lot in to a Corporation (IBC), or if you wish to register/buy in your Personal Name, you must make a decision and let us know, however, we advise Corporation, because of many advantages such as: flexibility, future anonimity):
You do not need to physically visit Panama to set up your Corporation. You just need to:

1. Provide 3 Name choices (Note that Panama Corporations must include the prefix “Inc.”, “Incorporated”, “Corp”, “Corporation” or “S.A.”)

2. Provide your Personal Information (for the Reforestation Investor Visa, Applicant must be appointed as the President and Legal Representative of the Corporation)
If you wish to buy the Property/Lot in your Personal Name, then you must either be personally/physically present in Panama to sign the Public Deed of Purchase Contract in front of a Notary (in Panama), or you could Grant us Power of Attorney which must be authenticated through the Consulate/Embassy of Panama nearest you

3. Note: The registered Capitalization of the Corporation will be US$80,000, which is the amount of your Reforestation Investment.


STEP 2: Lot Purchase Transaction Procedure:
1. POLS (POLS – Law Firm) will draft Purchase Contract between BUYER and SELLER.

2. BUYER sends payment to PT&E (PANAMA TITLE & ESCROW) www.panamatitle.com, the Escrow company (it is very important that you send the total amount to coordinate all the necessary payments, and services such as: Property purchase: $80,000, Corporation set up, Corporation Taxes, ANAM registration fees, Immigration Visa fee and expenses, etc.), and completes the following documents:

a. Escrow Contract:
http://www.panamatitle.com/forms/escrow-agreement.pdf

b. Wire Deposit Notification Form, and/or:
http://www.panamatitle.com/forms/wire-deposit-form.pdf

c. Check Deposit Notification Form:
http://www.panamatitle.com/forms/check-deposit-form.pdf

d. Disbursement Request Form:
http://www.panamatitle.com/forms/disbursement-request-form.pdf

3. POLS coordinates “The Closing” (payment to the SELLER and registration of the contract).

4. POLS finalizes title transfer registration at the Public Registry of Panama to BUYERS Corporation.


STEP 3: ANAM (National Environmental Authority) Registration:
BUYER’S Corporation (or you Personally as owner of the Lot, depending on the option you chose), as the new owner of a lot at the Reforestation Project, must be registered at ANAM. The procedures are the following:

1. POLS will draft a Minute of Shareholders of the Corporation, signed by the Directors, where it is authorized to develop the Reforestation Project.

2. POLS will draft the Power of Attorney and the Registration request of the Corporation (or the Registration request from your Personal Name) at ANAM.


STEP 4: Passport Registration (only applicable to BUYERS who wish to apply for Residency):
A short visit to Panama is required to register, at any time (means at any Step previous the Visa application) and stamp BUYER’S Passport at the Immigration Office. The requirements are:

1. Two (2) passport sized photographs of the applicant (and dependents – if applicable).

2. Complete registration Form (POLS will provide this to BUYER, who only needs to sign).

3. Original passport, and one (1) photocopy of passport (the original passport will be returned to the BUYER immediately after the registration of it). Note that all Passports must have a validity of more than 6 months.


STEP 5: Reforestation Visa Application (only applicable to BUYERS who wish to apply for Residency):
The Panama Reforestation Investor Visa processing is divided in 2 Phases. Phase 1 is the Provisional Resident Visa. Phase 2 is the Permanent Resident Visa.
Phase 1 (Provisional Resident Visa):

Document Requirements – Prior to the presentation (application) of the Provisional Resident Visa, the following are the requirements and documents that must be completed:


Documents that POLS (POLS) will provide:

1. Special Power of Attorney, signed by the applicant (and dependents – if applicable), authorizing POLS to process the Immigration applications and documentation (we would draft it and have it ready for your signature).

2. Provisional Resident Visa request (POLS will draft it and one of our Attorneys will sign it).

3. Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant (and dependents – if applicable) has no contagious diseases and is in good mental and physical condition. This must be done during your initial visit to Panama.

4. Letter of Responsibility, signed by the applicant, whereby the applicant takes responsibility for his/her dependents, if applicable (POLS will draft it and have it ready for your signature).

5. Certification from the Public Registry of Panama of Client’s Corporation (Optional, if Client buys under a Corporation – POLS will obtain this).

6. Certification from Authorized Public Accountant certifying the investment amount of US$80,000.00 in the Reforestation Project and the Capitalization amount and Shares issued of the Corporation for US$80,000.00 (POLS will obtain this)).

7. Certification from the Secretary of the Client’s Corporation of the amount of Shares issued (POLS will prepare this document).

8. National Environmental Authority certification of Client’s Corporation registration at the Forestry Registry and Inspection of the reforested lot (POLS will obtain this).

9. Copy of SELLER’S bill of sale of the lot (POLS will obtain this).

10. Client’s Declaration Form (POLS will prepare this and have it ready for BUYER’S signature).


Documents that you (CLIENT / BUYER) must provide:
1. Photocopy of complete (entire) valid passport of the applicant (and dependents – if applicable), including the picture page (showing the picture, name, date of birth, passport number, place of issue, etc.), and photocopies of ALL other pages (all pages of the passport).

2. Original Marriage Certificate (for the spouse – if applicable) and Original Birth Certificate (for dependents – if applicable), duly Notarized and authenticated by the Panamanian Embassy or Consulate nearest you (or these documents may be authenticated by appostile instead). It is important that this document must be “recently issued”, not more than 6 months since the date of the issuance of the document. This document must be “original”, “updated”, “official” and “authenticated”.

3. Six (6) passport sized photographs of the applicant (and dependents – if applicable).

4. Original Police record, of the applicant (and adult dependents – if applicable) from the country of last 5 years of Residence, duly Notarized and authenticated by the Panamanian Consulate in the country of issue (or this document may be authenticated by appostile instead). It is important that this document must be “recently issued”, not more than 6 months since the date of the issuance of the document. This document must be “original”, “updated”, “official” and “authenticated”.

5. One Bank Reference Letter of the applicant (and adult dependents – if applicable), duly Notarized and authenticated by the Panamanian Consulate in the country of issue (or this document may be authenticated by appostile instead).

* Note: for authenticating documents through the Panamanian Consulate, please contact us to request the contact information of the Panamanian Consulate nearest you.

* All documents that come in a language other than Spanish, have to be translated in Panama through an official certified translator in Panama (POLS can provide this service).


Phase 1 Procedures (Provisional Resident Visa):

A. Submit Application to Immigration Department: POLS will submit the documents to the Immigration office. All documents must be completed, if not the Immigration will not process the package.

B. Provisional 3 Month Resident Card: A short visit to Panama is required. The Immigration Department will issue a provisional 3 month Provisional Resident card, while they process the 1 year Provisional Residency Resolution. (NOTE: Possibility of Delays: If the Immigration Department has not finalized processing of the 1 year Provisional Residency Resolution within the 3 month period, then additional time may be required).

C. Provisional 1 Year Resident Card: Once the Resolution is issued for the 1 year Provisional Resident Visa, then the 1 year Provisional Resident Card will be issued and another short visit to Panama is required.


Phase 2 Procedures (Permanent Resident Visa):

A. Submit Application to Immigration Department: Prior to the presentation (application) of the Permanent Resident Visa, we must complete the documents required by the Immigration Department (POLS will prepare these documents, and applicant will need to sign them). Once all documents are prepared, POLS will submit the documents to Immigration. Client must be present in Panama at the moment of the application.

B. Provisional 3 Month Resident Card: A short visit to Panama is required. The Immigration Department will issue a 3 month provisional resident card while they process the final Resolution of the Permanent Resident Visa. (NOTE: Possibility of Delays: If the Immigration Department has not finalized processing of the Permanent Residency Resolution within the 3 month period, then additional time may be required).

C. Permanent Resident Visa: Once the final Resolution is issued, then you will be registered at the Civil Registry, where your Permanent Resident Card (this is called “Cedula” in Spanish) will be issued. A visit to Panama is required for you to take the picture at the Civil Registry.


Naturalization:
After five (5) years of being a Permanent Resident in the Republic of Panama (you do not need to reside in Panama during those 5 years), you qualify for Naturalization (Citizenship). The naturalization process requires the presentation of a Naturalization application to the Immigration Department, along with the required documentation. Once you become naturalized (become a citizen), you will have the right to acquire a Panamanian Passport.


Immigration Processing Fees:
For Primary Applicant:

Phase 1:
Legal Fee – 1 year Provisional Resident Visa: US$2,000
Government Fees and Costs: US$1,000

Phase 2:
Legal Fee – Permanent Resident Visa: US$2,000
Government Fees and Costs: US$500

Naturalization (optional):
Legal Fee – Naturalization (Citizen / Passport): US$4,000
Government Fees and Costs: US$1,500


For Dependents (spouse or children under 18 yrs):

Phase 1:
Legal Fee – 1 year Provisional Resident Visa: US$1,500
Government Fees and Costs: US$1,000

Phase 2:
Legal Fee – Permanent Resident Visa: US$1,500
Government Fees and Costs: US$500

Naturalization:
Legal Fee – Naturalization (Citizen / Passport): US$3,000
Government Fees and Costs: US$1,500

* Note: for authenticating documents through the Panamanian Consulate, please contact us to request the contact information of the Panamanian Consulate nearest you.


WHY INVEST IN REFORESTATION?
· Safe, high return, long-term investment. Perfect for retirement planning or future education funding, etc.
· It is a proven fact that Tropical Rainforests have been slaughtered by man, and are currently near extinction. An investment in reforestation provides you with the perfect opportunity to do good for the environment. Tropical rainforests are essential in providing a natural habitat for many plants and animals, preserving our climate, purifying the air you breath, and replenishing global water resources.
· Global populations are growing exponentially, creating larger demands for lumber.
· Prices of hardwoods have historically increased and the trend continues.
· The Panamanian Government rewards you with Legal Residency and Passport in Panama, in return for your investment in reforestation.
WHY THIS REFORESTATION PROJECT?
· This project is certified by the ANAM (Panama’s environmental agency), which qualifies it for all the benefits that a foreign investor could receive from a reforestation investment.
· This project is located in Panama, which provides the investor with legal residency and passport in return for investing US$40,000 in reforestation in the country.
· This project gives you more land for your money (30% more land than other projects provide).
· This project gives you legitimate legal title to your land (you even have the option of purchasing title insurance through First American Title Company – one of the worlds largest title insurance companies).
· This project only uses seeds and trees from a certified nursery where only the best specimens are used.
· This project creates an eco-system that provides improved conditions to resist pests, tree diseases, and storms. Also, this reforestation project that provides a benefit to the environment.
· This project provides a complete reforestation maintenance contract included with the investment for 10 years. Most other projects do not include a maintenance contract.
· This projects agricultural engineers and project managers live within the reforestation area, providing the guarantee of close maintenance.
· This project offers the investor the option to re-harvest the land after you have cut and sold the lumber for profit – since you own the land, you can do what ever you want with it.
· Teak hardwood tree species cultured in this project will have a high demand in the near future.
· The tropical climate of Panama makes it ideal for reforestation, according to the worlds most recognized hardwood professionals.


IMMIGRATION & LEGAL FEES:

For Primary Applicant:

Stage 1:
Legal Fee – 1 year Temporary Immigrant Visa: US$2000
Government Fees and Costs: US$800

Stage 2:
Legal Fee – Permanent Residency Visa: US$2000
Government Fees and Costs: US$300

Stage 3:
Legal Fee – Naturalization (Citizen / Passport): US$4000
Government Fees and Costs: US$1500
For Dependents (spouse or children under 18 yrs):


For Permanent Visa Applicant:

Stage 1:
Legal Fee – 1 year Temporary Immigrant Visa: US$1500
Government Fees and Costs: US$800

Stage 2:
Legal Fee – Permanent Residency Visa: US$1500
Government Fees and Costs: US$300

Stage 3:
Legal Fee – Naturalization (Citizen / Passport): US$3000
Government Fees and Costs: US$1500


If you are interested in relocating to Panama, or obtaining legal residency in Panama, please contact us for a personal consultation.


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