New visa programme 'encourages people to buy property in Panama'
By James Roberts

New visa programme 'encourages people to buy property in Panama'

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A new scheme for permanent residency visas in Panama could result in a higher number of foreigners choosing to buy property in the country.

This is because owning real estate in Panama is one of the ways in which to qualify for the country's new Immediate Permanent Resident Visa, Robert Bauman explained in an article for International Living.

Previously, it has been difficult for people who are not retiring in the nation to obtain residency there, but the government introduced the new programme in May.

To apply for one of these visas, applicants need to own a property, business or corporation in Panama, or have an employment contract from a firm based in the nation.

In addition to one of these requirements, a $5,000 (£3,191) deposit needs to be made in a local bank account and the person requesting the visa must have a clean police record and valid passport.

Mr Bauman added that for many years Panama has been a good option for people seeking somewhere to invest overseas, due to the "investor and asset protection-friendly laws" it has implemented.

Last month, Jessica Ramesch wrote an article for the publication stating the mountain community of Santa Fe offers good value for money when it comes to property.
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