The state of play in 2026
The Friendly Nations visa (officially Visa de Países Amigos) has been the most-used gateway for Europeans and North Americans to Panamanian residency since its creation in 2012.
But beware: the “easy” version of the visa no longer exists since Executive Decree No. 197 of 7 May 2021. That reform deeply changed the conditions. Today, you must choose a structured investment route:
| Route | Investment required | Total cost ~3 years |
|---|---|---|
| SA (company) | USD 1,500-3,000 to incorporate | USD 8,000-15,000 |
| Real estate | USD 200,000 minimum | USD 225,000 with fees |
| Bank deposit | USD 200,000 locked for 3 years | USD 200,000 immobilized |
The visa becomes a 2-year temporary visa, convertible to permanent afterward.
The complete procedure in 12 steps
Step 1 — Confirm your eligibility (1 week)
You’re a national of one of the ~50 “friendly” countries: the US, Canada, the UK, Ireland, Australia, New Zealand, Germany, France, Spain, Italy, Japan, and 38 others.
Common conditions:
- Passport valid 6+ months (ideally 12+)
- Clean police clearance certificate (< 6 months old)
- Medical certificate of good health
- Proof of solvency (3-6 months of bank statements)
- At least USD 5,000 available
Tax red flag: if you have an open tax matter back home (audit, unpaid exit/expatriation tax), regularize it FIRST — Migración can be informed via CRS/OECD information exchange.
Step 2 — Choose your route (1 week of reflection)
| If you… | Choose |
|---|---|
| Are starting a digital business | SA route (70% of cases) |
| Have USD 200k+ and want to invest | Real-estate route |
| Have USD 200k+ and want simplicity | Bank-deposit route |
| Want everything done in 6 months | Bank-deposit route |
Want the detailed comparison of the 3 routes with itemized costs, timelines and concrete examples? → Inside Panama’s Memo #5 gives you the decision matrix and the total cost calculation by profile.
Step 3 — Prepare your home-country documents (6-10 weeks)
| # | Document | Where | Time | Cost |
|---|---|---|---|---|
| 1 | Birth certificate | Civil registry / vital records office | 1-2 wk | low |
| 2 | Police clearance | FBI (US), ACRO (UK), RCMP (Canada), AFP (Australia) | 1-5 wk | USD 18-60 |
| 3 | Marriage certificate (if appl.) | Civil registry | 1-2 wk | low |
| 4 | Passport (12+ months validity) | Passport authority | 3-10 wk | varies |
| 5 | Medical certificate | Doctor at home OR in Panama | Variable | USD 50-150 |
| 6 | Proof of solvency | Bank / tax records | Immediate | free |
| 7 | Panama 5×5 photos | Panama photographer | USD 10 | — |
Classic mistake: 60% of future expats arrive in Panama without their documents ready. They fly home to fetch them (round-trip ~USD 1,200) or pay an agent 3-4x the price.
Step 4 — The Hague apostille (1-4 weeks)
Each public document must carry an apostille to be recognized in Panama. The issuing authority depends on your country:
| Country | Apostille authority |
|---|---|
| United States | Secretary of State of the issuing state (state documents); US Department of State (federal documents like the FBI report) |
| United Kingdom | FCDO Legalisation Office |
| Canada | Global Affairs Canada (Canada joined the Hague Convention in Jan 2024) |
| Australia | DFAT (Department of Foreign Affairs and Trade) |
⚠️ Trap: do NOT get a “consular legalization” from a Panamanian consulate — that is NOT the Hague apostille. Migración rejects it. You need the apostille from your own country’s competent authority.
Step 5 — Sworn Spanish translations (1-2 weeks)
Once apostilled, each document must be translated into Spanish by a sworn / certified translator.
Option A — At home: USD 50-150/document, 5-15 days, via your country’s official register of certified translators.
Option B — In Panama: USD 50-100/document, 3-7 days, traductores públicos autorizados recognized by Migración. 30-40% cheaper.
Our recommendation: if you’re going to Panama for the procedure, do the translations on the ground.
Step 6 — Choose and hire your Panamanian lawyer (1-2 weeks)
You cannot file yourself — Panamanian law requires a licensed lawyer.
2026 price ranges:
| Service | Price |
|---|---|
| Visa, SA route (incl. incorporation) | USD 2,500-4,000 |
| Visa, real-estate route | USD 2,000-3,500 |
| Visa, bank-deposit route | USD 1,500-2,500 |
| Migración administrative fees | USD 1,200-1,800 |
| Conversion temp → permanent (~1 year) | USD 800-1,500 |
🚩 Red flag: > USD 5,000 for the SA route = overselling (except big firms like Morgan & Morgan). < USD 1,500 for the SA route = likely hidden fees. Get 3 quotes before signing.
Where to look: Panama expat Facebook groups, word of mouth with other established expats, the official CNAP directory.
Step 7 — Incorporate your SA (if SA route) — 4-7 weeks
| Step | Time | Cost |
|---|---|---|
| Name choice + Pacto Social | 1 wk | Included |
| Registro Público registration | 2-4 wk | ~USD 300 |
| RUC + Aviso de Operación | 1-2 wk | ~USD 100 |
| Tasa única, first year | — | USD 300 |
| Resident Agent, first year | — | USD 400-800 |
| Lawyer incorporation fees | — | USD 1,000-1,500 |
| TOTAL | 4-7 wk | USD 2,100-3,000 |
You leave with: Pacto Social, Registro Público certificate, RUC, Aviso de Operación, Resident Agent attestation.
Step 8 — The Migración appointment (1 day, 2-4 h on site)
At Plaza Curundu (Panama City). How it goes:
- Arrive 30 min before your slot (opens 8am)
- Security check + bag drop
- Presentation by your lawyer
- Interview with the Migración officer (5-10 questions in Spanish)
- Official photo + fingerprints
- Payment of administrative fees (card or cash USD)
- Issuance of the carné de trámite
2026 Migración fees (per person): USD 900 main applicant, USD 900 spouse, USD 400 per child.
⚠️ Bring USD 1,000-2,000 in cash USD — Migración sometimes only accepts cash for certain fees.
Step 9 — The waiting period (3-9 months)
Real timelines observed by period:
| Filing period | Average time |
|---|---|
| January-March | 3-5 months |
| April-June | 5-7 months |
| July-September (peaks) | 6-9 months |
| October-December | 5-7 months |
During the wait, you can: leave/re-enter Panama, live and work remotely, open a personal bank account (with the carné), start your SA activity, enroll your children in school.
You CANNOT: get a temporary cédula, buy a vehicle in your name, work for a Panamanian employer.
Step 10 — Receive your temporary card (1 appointment day)
Notification by your lawyer, appointment for physical delivery at Plaza Curundu or a regional office. Card valid 2 years.
Immediately request the cédula de extranjero temporal from the Tribunal Electoral (USD 30-50, issued within a week). It’s your everyday ID in Panama.
Step 11 — Conversion temporary → permanent (12-24 months)
Start at month 18 to give yourself margin. Migración requires 21 months of temporary residency before you can convert.
| Item | Cost |
|---|---|
| Lawyer fees | USD 800-1,500 |
| Migración administrative fees | USD 400-600 |
| Panamanian police clearance | USD 20 |
| Panama medical certificate | USD 80-150 |
| TOTAL conversion | USD 1,300-2,270 |
⚠️ Fatal risk: if your temporary card expires before the conversion, you lose your status. File on time (month 19-20), and request an extension if processing exceeds 24 months (~USD 200 via your lawyer).
Step 12 — And after: permanent cédula, driving, naturalization
- Cédula de extranjero permanente: USD 50, valid 10 years, renewable
- Panamanian driver’s license by equivalence (no retest): ~USD 120 at the ATTT
- Caja de Seguro Social (if employed): social security + pension rights
- Panamanian naturalization: possible after 5 years of permanent residency. Note that Panama formally requires a renunciation declaration of your prior nationality at naturalization — verify with your lawyer how this interacts with your home country (some nationalities, e.g. Spanish and Latin American, benefit from dual-nationality treaties; most others do not).
Recap: the full path visa → naturalization
| Stage | Cumulative time |
|---|---|
| Decision to leave + home-country prep | Month -18 to 0 |
| Arrival in Panama + visa filing | Month 0 |
| Temporary card received | Month 3 to 9 |
| Permanent conversion requested | Month 21 to 24 |
| Permanent card received | Month 27 to 36 |
| Naturalization possible | Month 87 (7 years after leaving) |
Inside Panama’s Memo #5: the Friendly Nations visa step by step
What you’ve just read is the skeleton. Inside Panama’s Memo #5 details each step with:
- The 3 routes compared with concrete numbers (who costs you what over 5 years, recoverable capital, associated taxation)
- A template first message to a lawyer (ready to copy-paste)
- An apostillable power-of-attorney template
- A detailed document checklist before departure
- A breakdown of Migración fees by family profile
- An in-depth FAQ on 25+ concrete questions
PDF + mobile HTML format, 40 pages, updated May 2026.
Or join the Inside Panama newsletter to get our visa updates + free guides every week:
Read also
- The Friendly Nations Visa in 2026: conditions, costs, traps — the “overview” version
- Panamanian naturalization: the complete procedure — the citizenship endgame
- Dormant SA + Friendly Nations visa: how to keep your SA without activity — Memo #4
- Open a Panama SA with Kraemer & Kraemer — a firm experience report
- Getting paid without a business bank in Panama — Memo #1 if you go the SA route
Article published on 20 May 2026 by the founders of Inside Panama, a brand of LAS FUNDADORAS HERMANAS S.A. (RUC 155776412-2-2025).