Panama Offshore Legal Services

Reforestation Investment Program

SMALL REFORESTATION $40,000 INVESTMENT

Through Resolution No.039 of April 27, 2006 of the Director of Immigration, publish at the Gaceta Oficial (Government Publication) number 25,553 of May 26, 2006, the Panamanian Government grants foreigners the right to obtain legal residency in Panama under the condition that they have invested at least US$40,000 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.

PROCEDURES:

STEP 1: Corporation set up (it is optional if you wish to register/buy the Property/Lot as a Corporation (IBC). If you wish to register/buy in your Personal Name, you must make a decision and let us know. We advise you choose the Corporation because of the many advantages such as: flexibility & future anonymity.

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 can 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$40,000, which is the amount of your Reforestation Investment.

STEP 2: Lot Purchase Transaction Procedure:

1. POLS (PANAMA OFFSHORE LEGAL SERVICES - 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: $40,000, Corporation set up, Corporation Taxes, ANAM registration fees, Immigration Visa fee and expenses, etc.), and complete 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 in 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 prior to 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 into 3 Phases. Phase 1 is the Provisional Resident Visa. Phase 2 are the three renewals. Phase 3 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 PANAMA OFFSHORE LEGAL SERVICES (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$40,000 in the Reforestation Project and the Capitalization amount and Shares issued of the Corporation for US$40,000 (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 (Renew 3 times the 1 year Provisional Visa):

This Phase consists of 3 renewals of the Provisional Visa, this means that the Provisional Visa granted at the first Phase (previous Phase) will be renewed 3 more times.

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 renewal of the Provisional Residency Resolution. (NOTE: Possibility of Delays: If the Immigration Department has not finalized processing of the renewal of the Provisional Residency Resolution within the 3 month period, then additional time may be required).

C. 1 Year Resident Card (3 times): Once the Resolution is issued for the renewal of the Provisional Resident Visa, then 1 year Provisional Resident Card will be issued and another short visit to Panama is required. This process must be repeated 3 times (3 renewals).

Phase 3 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 - 1st renewal Provisional Resident Visa: US$1,000
Government Fees and Costs: US$300

Legal Fee - 2nd renewal Provisional Resident Visa: US$1,000
Government Fees and Costs: US$300

Legal Fee - 3rd renewal Provisional Resident Visa: US$1,000
Government Fees and Costs: US$300

Phase 3:
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:

Multiple Entry & Exit Visa (Optional): The Multiple Entry & Exit Visa should be applied for after or at the same time that any type of visa is applied for. The Multiple Entry & Exit Visa allows you to enter and exit the country as many times as necessary. For more information about the Multiple Entry & Exit Visa, please CLICK HERE.

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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