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Amazing contrasts may be found all across Panama. While the Panama Canal zone is a bustling, industrial location, its land bridge to South America is one of the world's most desolate regions. While the expat community is drawn to small mountain communities like Santa Fe and Boquete, Bocas del Toro offers beautiful Caribbean beaches. The nation has a strong banking industry and economy and has enjoyed decades of political stability.

• Size: 29,081 sq. mi. (75,320 sq. km.)
• Capital: Panama City
• Major cities: San Miguelito, Juan Diaz, David, Chiriqui
• Population: roughly 4.3 million people
• Official language: Spanish

Being a North American, there is also a reassuring sense of familiarity upon arrival in Panama. Several newcomers have been startled and impressed by the capital city's breathtaking skyline, which is reminiscent of Miami or New York. Moreover, Panama is highly alluring due to its amenities and affordability. Panama also enjoys exceptional cell phone and internet service.
It is one of the few countries in close proximity to the United States that have all of this on offer.

The most popular means to obtain residency are listed below for those who are interested.

The Pensionado Visa is the easiest and most affordable visa Panama offers.
You must already be receiving the gross guaranteed lifetime income equivalent of at least $1,000 USD plus $250 for each dependent in order to be eligible. Among the sources of income that are acceptable include Social Security, pensions from the government or businesses, and military retirement payments.
You cannot obtain a Pensionado Visa solely on the basis of your savings or possessions. You must demonstrate that you receive at least $1,000 in guaranteed lifetime income from Social Security, a government pension, or a business pension to be eligible.
Retired persons are the target demographic for the Pensionado Visa. You cannot work in Panama while you have this type of visa. In Panama, you are allowed to own a business, but you cannot work for that business. In order to market your products and services in Panama, you would need to hire others. You may continue working outside of Panama, though. For instance, you could perform remote work for a non-Panamanian organization. You may also run a company that is incorporated outside of Panama and does not offer products or services in Panama, such as an online firm.

The Friendly Nations Visa
With the Friendly Nations visa, Panama opens its doors to professionals and entrepreneurs from countries that maintain friendly, professional, economic, and investment relationships with Panama. Dozens of countries are on the list, including the US.

What Is Needed.
You must demonstrate that you have business or financial ties to the nation in order to be eligible for the Panama Friendly Nations Visa residence program. To put it simply, you must demonstrate that you will work in Panama or otherwise contribute to the country's economy. The options you have to demonstrate your business or professional ties include:

• Contract Of Employment
• Ownership Of Real Estate
• Long-Term Deposit Certificate

The contract of employment is a straight-forward way to show professional ties to Panama. You must first submit the employment contract you have with a Panamanian company. A letter from your company confirming that you would be working for them in Panama is also required. What if you do not have a formal contract? In that situation, you may present a conditional contract or an offer of employment. Note: The employer must be authorized to do business in Panama and possess a social security number.

Ownership Of Real Estate
If you own property there, you can utilize it as a means of maintaining a connection to the country economically. It is important to remember that your property must be worth at least 200,000 USD and be able to be financed through a local institution.

Long-Term Deposit Certificate.
You can also use a fixed-term deposit certificate to prove economic solvency. To qualify for this option, you must own a fixed-term deposit bank account with a minimum of 200,000 USD. In addition, your fixed-term deposit must be with a national Panamanian bank, must include title, value, the term, and must be encumbrance free for a minimum of 3 years.