Why we wrote this — Most English-language articles on the Panama SA are pre-2018 (Panama Papers), or written by firms selling their own services with zero transparency. We just did it for real in March-April 2026 with Kraemer & Kraemer. Here’s the exact timeline, costs, and what we hadn’t anticipated.
Why a Panama SA in 2026?
When we planned our move, we had three options to validate the Friendly Nations Visa “economic route”:
- Salaried employment in Panama — not our profile, we’re entrepreneurs.
- Real-estate investment of $200,000 minimum — not our budget on arrival.
- Setting up an active Panamanian SA with an open bank account in the SA’s name.
Why the SA wins for our profile:
- Symbolic capital ($10,000 declared at the Registry, but not actually deposited).
- No employee required — you can be sole founder and sole director.
- Territorial taxation: Panama only taxes income generated in Panama. If our revenue comes from clients in France, Germany or the US, it’s out of Panamanian corporate tax. Caveat: this doesn’t free us from European tax as long as we keep European tax residency — Panamanian residency will change that after a few years.
- Vehicle for Friendly Nations: the SA + its bank account = “economic activity in Panama” proof accepted by SNM (immigration).
Beware: Mossack Fonseca, of 2016 Panama Papers fame, has been closed since 2018. If you find sites still claiming their services, they’re frauds or unofficial reuses. Post-Mossfon, the market is dominated by Morgan & Morgan (large), Patton Moreno (mid), Galindo Arias (corporate), and family firms like Kraemer & Kraemer.
Why we picked Kraemer & Kraemer
We compared 5 firms over 6 weeks of video calls and emails before signing (full comparison: /en/comparisons/avocats-friendly-nations-panama). What mattered:
- FR/EN/ES trilingual — we wanted to ask precise technical questions in French when topics got pointy (statutory clauses, taxation). Kraemer & Kraemer was the only firm with a French-speaking partner identified in March 2026.
- Transparent pricing announced at first meeting — many firms ask for a deposit before sharing the total. Kraemer sent us a “complete pack: $6,500 net, 3 instalments” PDF by the second video call.
- Responsiveness: emails answered within 24-48h throughout the pre-sales phase. Reliable test.
- Family scale (3 brothers, 3rd generation) — not a 200-files-a-month factory. We mattered to them.
No affiliate partnership with Kraemer & Kraemer. What follows is our genuine client journey.
Week by week — March to May 2026
Week -2 (mid-March 2026, still in France)
- Signed the representation mandate sent by Kraemer (PDF + DocuSign e-signature). Short doc (4 pages) authorising them to act on our behalf for the SA + visa.
- Paid the deposit: $2,200 by SEPA wire → their international account. Wire memo: “advance fee — SA + visa file [our names]”.
- Documents to prepare list sent by their paralegal: passport (copy + apostille), criminal record (apostille), proof of address (utility bill <3 months), CV, bank reference letter (our French bank).
Week 1 (March 24-25, arrival in Panama City)
- March 24: older sister lands at Tocumen (direct Air France with her dog, see our relocation story).
- March 25: younger sister arrives with the second dog.
- March 26: taxi to dog-friendly Airbnb in Marbella.
- March 28: first in-person meeting at Kraemer & Kraemer (Punta Pacifica HQ). Partners introduced, apostilled documents verified, initial articles of the SA signed. Name picked:
Inside Panama Editorial S.A.(after Public Registry availability check).
Week 2 (mid-April)
- The firm drafted final articles in Spanish. We received the version + French translation for review (3 back-and-forths on specific clauses: broad corporate purpose to cover editorial activities, e-commerce, consulting; shareholder representation).
- April 6: final articles signed in person. Immediate notarisation by an authorised Panamanian notary at Kraemer’s offices.
- Paid the 2nd third: $2,200.
Week 3 (mid-April)
- Notarised articles filed at the Registro Público de Panamá (Panama’s commercial registry). Filing fees: $250 (included in Kraemer pack).
- Provisional incorporation certificate issued within 5 business days.
- RUC request (Registro Único de Contribuyentes — equivalent of US EIN) at DGI Panama. Lead time: 7-10 days.
Weeks 4-5 (late April — early May)
- April 30, 2026: SA officially registered at the Public Registry. We received by email the final certificate + Panama’s “Kbis equivalent” (
certificación de existencia y representación legal). - Prepared bank account opening file in the SA’s name — we picked Banco General on Kraemer’s recommendation (local bank, vast ATM network, excellent app). Bank documents: SA articles, RUC, founders’ passports, Kraemer reference letter, source of funds proof.
Week 6 (mid-May)
- May 8: Banco General Costa del Este branch appointment (the firm booked it). Heavy KYC: 1h30 interview on revenue origin, activity nature, year-1 turnover projection, planned key clients.
- SA account approved on D+5 (May 13, 2026). Account number issued, checkbook ready in 2 weeks, online access immediately active.
- Paid the 3rd and final third to Kraemer: $2,100.
- Friendly Nations Visa file submitted at SNM with Kraemer as legal representative. Receipt dated May 14.
Total costs — March-May 2026 recap
| Item | Amount |
|---|---|
| Kraemer & Kraemer fees (visa + SA + bank account pack) | $6,500 |
| Public Registry + notarisation fees (in pack) | — |
| Hague apostilles on 4 documents (from Paris) | ~€120 |
| Official translations (Paris or Panama) | ~$200 |
| Friendly Nations government fees ($250 Treasury + $800 SNM) | $1,050 |
| Total cash out by mid-May 2026 (excluding economic route) | ~$7,800 |
For the visa’s economic route (pick one of three):
- “Active Panamanian SA” route: no mandatory deposit — the SA’s actual operations stand as proof (client invoices, DGI filings, accountant). This is what we picked.
- “Certificate of deposit” route: $200,000 locked for 3 years in a Panamanian bank (recoverable after).
- “Real estate” route: $200,000 invested in a Panamanian property in your name.
So the real entry cost to legally settle with a business structure, without locking $200,000, is around $7,800 + the annual accountant cost (~$720-1,440/year).
What we hadn’t anticipated
1. The Panamanian notary requires in-person. We thought we could sign final articles from France via Kraemer by power of attorney. Wrong: the Panamanian notary requires founders’ physical presence for notarised signature. One reason we synchronised arrival + paperwork.
2. Banco General can refuse without documented reason. Our first SA account application went into “extended review” for 10 days without precise explanation (apparently a detail in our turnover projection made them cautious). Kraemer sent a detailed support letter — unblocked in D+5. Without the firm, we’d likely have been refused.
3. Panamanian taxation requires an accountant. Even on territoriality (foreign income exempt), the SA must file an annual return in Spanish. Panama accountant cost: $60-120/month for a small structure. Budget from year 1.
4. The provisional cédula arrives 4-8 months after filing. Our file is expected September-October 2026. Meanwhile, we’re on the 90-day tourist allowance + exit/return for reset (Costa Rica round-trip ~$250).
If you replicate this path
We’d repeat:
- Synchronise Panama arrival + notary signatures + bank opening. Otherwise a 6-week procedure stretches into 4 months of France-Panama back-and-forth.
- Pick a trilingual or at least solid English firm. Technical details (statutory clauses, bank KYC) don’t tolerate linguistic approximation.
- Prepare apostilles 8 weeks before arrival, not 4. Ours arrived at 5 weeks, we sweated.
We wouldn’t repeat:
- Underestimating the bank KYC. Prepare even an approximate turnover projection, client references, source of funds explanation. Not just “passport + RUC”.
- Picking a firm without a written detailed quote. Three firms told us “depends on your file” until the signing meeting — that’s a red flag.
If you’re prepping this path and have a precise question, write us: hello@insidepanama.com. We reply within 48h.