Amidst political controversies and corruption issues, Panama strides towards economic reform and transparency, culminating in its exit from the FATF’s gray list. This underscores its commitment to combat money laundering, positioning itself as an attractive investment destination. The Panama Papers leak in 2016 exposed tax haven concerns, impacting its global reputation.
Political reforms under President Laurentino Cortizo Cohen prioritise anti-corruption measures, bolstering transparency and accountability. Panama’s removal from the FATF’s gray list signifies a pivotal moment, reflecting its efforts to address deficiencies and enhance its international standing.
After years of concerted efforts and systemic changes in its financial sector, Panama celebrates its exit from the gray list of the Financial Action Task Force (FATF), marking a significant milestone in its journey towards becoming a magnet for investment and wealth. The announcement, made by Panamanian Economy and Finance Minister Hector Alexander, signals Panama’s commitment to combatting money laundering and financial crimes, paving the way for increased international investments and bolstering the country’s reputation on the global stage.
Panama’s exit from the FATF’s gray list and the introduction of its residence by investment program position the country as an attractive destination for global investors seeking opportunities in a stable and dynamic economy.
IMGW.News Team
Strategic Positioning and Economic Significance:
Strategically positioned between Central and South America, Panama is a global centre for international banking. Significant seaborne trade – the result of the Panama Canal, connecting the Atlantic and Pacific oceans—offers investors access to the global commercial goods markets, from the USA to East Asia, Europe, and Oceania.
Panama Residence by Investment Program:
Panama has a well-developed, service-based economy. The government’s residence by investment program is an opportunity for global investors to contribute to the tropical maritime nation’s development while acquiring residence status and the investment opportunities that come with the program. Under this program, high-net-worth individuals can make a contribution to the country and become Panamanian residents in 30 days or four–six months (depending on the investment option chosen), with the possibility to acquire citizenship after five years.
Benefits of a Panamanian Golden Visa:
- The right to live, work, and study in Panama.
- Access to the Central, South, and North American markets.
- Residence applicable to a spouse, children under 18, children aged 18–25 who are single, full-time students with no children, children of any age who are physically or mentally differently abled, and parents of any age.
- Proximity to Colombia, Ecuador, and Venezuela, allowing for better access to business opportunities with these nations.
Panama Golden Visa Requirements:
To qualify for residence, applicants are required to select one of the following three investment routes:
Qualified Investor:
- Real estate investment of USD 300,000.
- Stock exchange investment of USD 500,000.
- Fixed-term deposit of USD 750,000 in the banking sector.
- For citizens of one of Panama’s ‘friendly nations’.
- Real estate investment of USD 200,000.
- Fixed-term deposit of USD 200,000.
- Employment by a company in Panama for residence by labour reasons.
Forestry Investor:
- Real estate investment of USD 100,000.
- Investment of USD 100,000 in teak reforestation (grants two years of temporary residence, after which the applicant can apply for permanent residence).
- Investment of USD 350,000 in teak reforestation (grants immediate permanent residence).
In conclusion, Panama’s exit from the FATF’s gray list and the introduction of its residence by investment program position the country as an attractive destination for global investors seeking opportunities in a stable and dynamic economy.
With its strategic location, business-friendly environment, and diverse investment options, Panama is poised to emerge as a leading hub for investment and wealth creation in the region.