Digital Nomad Visa in a nutshell
Conditions & Benefits
By the Executive Decree 198 of 7 May 2021, Panama created a new visa opportunity, which allows an initial stay of nine months, that can be extended for an additional nine months.
President Laurentino Cortizo stated that “this program will boost the economy by stimulating tourism, restaurants, purchases and consumption, and services in general, resulting in a greater reactivation of jobs for Panama”.
This visa is designed only for people working remotely for foreign businesses.
The main requirements for this program are:
- online request;
- proof of annual amount of at least USD 36,000.- or its equivalent in another currency. The foreign business that will have to issue a letter or a copy of the contract, duly apostilled;
- medical insurance covering Panama;
- sworn declaration that the applicant will not accept any job offers in Panama.
In the case of self-employed or freelance workers:
- certification or proof of ownership of a company (corporate documents duly apostilled);
- sworn declaration describing the company’s services and purpose.
Every applicant (employee or self-employed) must provide proof of their income by bank statements, properly authenticated.
What Are the Benefits?
As Panama is a tax-friendly location, this visa is very appealing for digital nomads in search of an excellent quality but also affordable lifestyle, in a tropical paradise.
Other benefits as such:
- Fast processing time: under 30 days. The Immigration Bureau authorities are currently working to enable the online platform to process applications efficiently and in a timely manner.
- Affordable: The total cost of the visa application is $250.- paid to the Immigration Bureau.
- Tax benefits: Panama is a tax-friendly nation that has a territorial taxation system and will not consider any income sourced from outside of Panama.
