In 2012, President Martinelli of Panama opened the doors to foreigners with the Friendly Nations Visa (Decree 343), the highly sought after fast track to residency. By implementing this decree, his intent was to continue the growth of the booming economy and work force in Panama by granting permanent residency to those with professional and economic ties to this nation.
Because of its ease and quickness, this decree has appealed to many folks who are looking to either relocate/retire to Panama, or to those who are wise enough to have a Plan B in case they need an escape from their home country. And everyone knows there is no better place to escape to than Panama. Known as the “Miami of Central America,” Panama has become one of the most popular countries in the region for expatriation. Home to attractive investment opportunities and tax incentives, a world-renowned banking system, and of course beautiful Caribbean and Pacific shorelines, Panama really has become a top haven for many.
If you have been thinking about diversifying and having options, this Teak for Residency Program is well worth considering.
Obtaining Panamanian Residency through the Teak for Residency Program
As long as you are a citizen of one of the 47 friendly nations listed by Panama and meet one of the three requirements listed below, you can become a Panamanian resident and even have the ability to obtain your work permit (a perk not offered through the Pensionado Program).
You are eligible for the Friendly Nations Visa as long as you can prove one of the following:
- Own Real Estate in Panama [Ownership of Teak Parcel through program]
- Start or take over a Business in Panama
- Are employed by a Panamanian Company
Right now, there is an affordable opportunity that qualifies you for your Friendly Nations Visa, and even earns you a return on your investment – the Teak for Residency Program in Panama. For only $15,000, you will own real estate (a 1000 m2 parcel of 14-year-old teak), become a Panamanian Resident, and receive a modest return averaging 6% at the end of the 25-year harvest period. It may not necessarily be the final investment that you are interested in, but rather the unique opportunity to obtain your Panamanian residency by investing a nominal amount in the country.
If you’re not familiar with teak, you should be. It is a high-demand commodity that is being harvested at a rate of 8-12 times the rate of replanting.
Teak prices have risen dramatically over the last 20 years, and as the harvest continues to exceed the supply we can expect the price of teak to continue on an upward trend, and to exceed return targets. It is a tropical, hardwood tree (making Panama the ideal location for growing and harvesting), yielding timber that is commonly used in the fabrication of indoor and outdoor furniture, window panes, doors, boats, beams and columns, and boats.
Teak Hardwoods is now offering you the opportunity to enter this booming market by owning a parcel of your own.
We have all heard that good things must come to an end…
This doesn’t have to be one of them if you enroll today.
Although there is no deadline for this program, there has been talk that if Martinelli’s well-supported opponent is elected (as will likely happen), this visa program will be cancelled. If you obtain your Friendly Nations Visa before the program is cancelled, you will be safe — Panama has a history of grandfathering folks into programs that are revoked. With the uncertainty that lingers around the upcoming Presidential election this May, the sensible are already taking advantage of this opportunity while it is still being offered.We have all heard that good things must come to an end… This doesn’t have to be one of them if you enroll today.
Since parcel ownership is being offered on a first-come, first-serve basis and only a limited number remain, it is recommended that as soon as this makes sense to you, you enroll. What are you waiting for?