REFORESTATION LAW:
Through law No. 24 of the 23rd of November, 1992, the Panamanian government offers international reforestation investors the opportunity to obtain tax free reforestation profits and legal residency and passport in Panama through a US$40,000 investment in any certified reforestation project in Panama .
WHY INVEST IN REFORESTATION?
· Safe, high return, long-term investment. Perfect for retirement planning or future education funding, etc.
· It is a proven fact that Tropical Rainforests have been slaughtered by man, and are currently near extinction. An investment in reforestation provides you with the perfect opportunity to do good for the environment. Tropical rainforests are essential in providing a natural habitat for many plants and animals, preserving our climate, purifying the air you breath, and replenishing global water resources.
· Global populations are growing exponentially, creating larger demands for lumber.
· Prices of hardwoods have historically increased and the trend continues.
· The Panamanian Government rewards you with Legal Residency and Passport in Panama , in return for your investment in reforestation.
RESIDENCY PROCEDURES:
1. Provide all required documents, and sign the Special Power of Attorney for your law firm to handle your immigration paperwork.
2. The reforested property is purchased for US$40,000. The reforestation management company then provides a certification of title of the reforested land, and a copy of the buy/sell contract.
3. Your law firm submits your application for a 1 year Temporary Immigrant Visa, under the Reforestation Investor Program. You are issued a Temporary Immigrant Card, which is valid for 3 months (those 3 months are used by the Immigration Department to process the 1 year Temporary Immigrant Visa). After 3 months, you will be issued a new Temporary Immigrant Card that is valid for 1 year.
4. After the 1 year Temporary Immigrant Visa expires, your law firm will submit a new application for your Permanent Residency Visa. You will then be provided with a Panamanian Cedula (Permanent Resident Card).
5. After 5 years of having Permanent Residency status, you may apply for Panamanian Citizenship, and a Panamanian Passport. This is called becoming "Naturalized", and requires that you accept the laws of the Republic of Panama under oath. Panamanian passports are renewable every 5 years.
It is not necessary for applicants to reside in Panama to qualify for or maintain Panamanian residency or citizenship, however, a short visit to Panama is required for the processing of the Temporary Immigrant Visa, the Permanent Resident Visa, and for the Naturalization (Citizenship and passport).
Required Documents (for Immigration processing):
1. Photocopy of valid passport of the applicant (and dependents - if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all pages showing entry/exit stamps (all pages used in the passport).
2. Original Police record of the applicant, from the place of residence (and spouse & children - if applicable), duly notarized and authenticated by the Panamanian Consulate nearest you.
3. Original Birth Certificate of the applicant (and dependents - if applicable), duly notarized and authenticated by the Panamanian Consulate nearest you.
4. Original Marriage Certificate for the applicant (and dependents - if applicable), duly notarized and authenticated by the Panamanian Consulate nearest you.
5. Six (6) passport sized photographs of the applicant (and dependents - if applicable).
6. Certificate of Good Health, issued by a licensed Panamanian hospital or clinic, signed by a registered, licensed physician, indicating that the applicant (and dependents - if applicable) has no contagious diseases and is in good mental and physical condition. THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA .
7. HIV Test results of the applicant (and dependents - if applicable), done by a licensed Panamanian laboratory, showing negative results. THIS MUST BE DONE DURING YOUR INITIAL VISIT TO PANAMA .
Documents that your law firm will provide for you:
1. Special Power of Attorney, signed by the applicant (and dependents - if applicable), authorizing your law firm to process the immigration applications and documentation.
2. Letter of Responsibility, signed by the applicant, whereby the applicant takes responsibility for his/her dependents.
Multiple Entry & Exit Visa (Optional): The Multiple Entry & Exit Visa should be applied for after or at the same time that any type of visa is applied for. The Multiple Entry & Exit Visa allows you to enter and exit the country as many times as necessary.
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