Mixed Investments to Qualify for an Economic Solvency Visa
Tuesday, December 07 2004 @ 08:15 PM UTC
Contributed by: Don Winner
Recently there has been a lot of discussion about being able to qualify for an economic solvency visa by making a mix of investments, including real estate, as long as the total is at least 200K. Giovanna Avendaņo is a lawyer in Panama who took the time to write about this issue.
(Note: I originally posted this as an issue related to Pensionado visas, but I was wrong. Susan jumped up and corrected me:
"No, that is not quite correct. She is not talking about a PENSIONADO
visa, which has always required, and still requires, that one have a
PENSION. She is talking about the "economic solvency" visa which has,
at least in the past, required one to make a large deposit ($100,000,
and recently increased to $200,000) in a certificate of deposit.
Giovanna says that you can now get the economic solvency visa via a deposit of the entire amount (and she says it does NOT have to be in BNP or in a CD, but rather, in any kind of deposit in any Panamanian bank), OR by buying $200,000 worth of property, or by a combination ofboth."
I am about to process a couple of these visas. Never done it before, so that time it will take me to obtain them is still uncertain to me. Normally they say it will take between 2-3 months.
If it helps, please visit my web page, which is still under construction and pull out the requirements for this visa. The site is www.avendanolaw.com.
This visa implies opening a t/d in any local bank for 2 years. But immigration accepts (for the time being) that it is opened for 1 year with an automatical renewal for another years.
The first time you obtain this visa, in temporary. The seconf time (a year after the visa was issued) you re-apply and you will get permanent residency and cedula. This is why the government wants the t/d for 2 years. After the permanent residency has been obtained and the 2 years have passed, the visa holder can use his money as he pleases.
The requirements also state that the applicant of this visa must prove additional sources of income to pay for his living expenses.
The property investment must be for title property only and the deed must be in the name of the applicant of the visa and not in the name of a corporation.
The possibility of buying two properties for $100K instead of one for $200K I will have to consult, because they have set it up for the last option only and I don't know how flexible they want to be with this requirement. I will let you know when I find out.
If you purchase a property for less than $80K or less than $200K (depending on which option you choose), you can add the improvements to reach the value required by them, but the improvements must be declared and registered at the Public registry of Panama in order to comply.
You can apply for this visa as soon as you meet the requirements (t/d or purchase of property). Of course, in order to apply, you must try to have a legal status in Panama (tourist status, within the 90 days granted or additional 90 days if an extension had been granted by the immigration office).
Susan Guberman-Garcia wrote:
Giovanna, this is great news. It's the first time I've read or heard
that the financial deposit visa can be obtained via a MIXTURE of
investments. Have you actually processed visas using a combination of
deposits and property purchases?
I would like to revise the summary I wrote of "how to get a visa if
you can't be a pensionado" to include this information in the
financial deposit visa section, so please confirm that you have done
it and it works before I do that, and if you will be so kind, please
answer the questions below, so I can include that info also.
A couple of questions about this method of obtaining a visa:
1. If you use the CD deposit for all or part of your $200K
requirement, how long must the money be kept in a CD? You say 2
years, does that mean that the permanent residency is issued after 2
years now, and that the deposit can be withdrawn for living expenses,
or for your building activity, etc.????
2. Must the property investment be for titled property only? Can you buy ROP land and meet the qualification? What if you buy ROP land but invest cash in building a home on it? Can you apply both the cost of the home and the cost of the land, or only the cost of the home (or other improvements) to the $200K minimum?
3. Instead of either all money or all property, or a mixture of money
or property, can you use multiple property purchases, ie, two $100K
property purchases, to meet the criteria?
4. How soon after you make the investments can you apply for the
visa? Is there a requirement that you have held them for any given
amount of time?
Thank you so much!
--- In email@example.com, Giovanna Avendano wrote:
> Hello Shirley,
> In case you have not gotten a reply on this post, the requirements
for this visa were increased to $200,000, which can be met by
consigning that amount in a t/d in any local bank, for 2 years, or by
purchasing at property for said amount or by combining that amount
part in a purchase of a property and part in a t/d in a local bank for
2 years. The property if you chooose the 3rd way must have a value of $80K which you can accomplish with land and improvements declared.
> Hope this helps.
> Giovanna Avendano
> shirleybickers wrote:
> can you really get a visa with a cd of $100,000 (Visa of Own Economic > Resources) Does this mean the same as residency?
> Can anyone help and give me information?
> Thank you