Panama Digital Nomad Visa – All you need to know

Panama Digital Nomad Visa: One of the most visited countries in Central America is Panama, which is known for its financial hub, beaches, mountains, and colonial and modern architecture. The nation is a special site for individuals wishing to explore nature in various ecosystems due to its extensive biodiversity, which includes over 700 animal species that are only found there and more than 978 bird species so if you are seeking for a place to visit where you can take advantage of a flourishing economy, explore nature, enjoy exquisite beaches, and stroll through a piece of living history. Panama might be the ideal location for you in such situation!

Thanks to the Panama nomads visa you can make your dream come true. This page will be an invaluable resource for anyone interested in working remotely in Panama as a digital nomad, as it contains important details including details on requirements, the application procedure, and cities you could reside when you get there.

Basic Things about Panama you need to know

Population – over 4.4 million

Capital – Panama city

Form of Government – Multiparty republic

Climate– A hot and humid, tropical climate. (Tropical maritime climate)

Official or general language – Spanish

Currency – Panamanian balboa (PAB) and the USD

When was the Panama digital Nomad visa launched

In May 2021, the Panamanian government issued Executive Decree 198, which established the short-term visa for digital nomads or remote workers.

Who does not require a visa

Visitors of the US, Canada, Australia, Singapore, South Korea, Japan, and the majority of European nationalities do not need a visa to enter Panama, however their stay cannot exceed three months (90 days).

How can you be eligible to apply for the Panama digital Nomad visa

This short-stay visa is open to two sorts of candidates. You must be a distant employee of a foreign company, a self-sufficient freelancer, or an independent business owner

• Possess a current employment contract with a foreign business or show that you are an independent freelancer doing remote work.
• The teleworking provided must be for business outside of Panama.
• Have a minimum annual income of $36,000 from remote work.

Requirements for the Panama Digital Nomad Visa

• A completed application form.
• Three passport-size photographs.
• Certified passport copies.
• A copy of valid medical insurance with coverage for Panama.
• Certificate showing a clean criminal recordCertificate of good health.
• Affidavit of non-acceptance of any job offers within Panama territory.
• Evidence of a minimum yearly income of $36,000 by way of bank certification and authenticated bank statements to demonstrate adequate funding and income.
• A commitment to cover the expense of returning to their home nation after the visa expires.

Applicants working for a foreign company need to submit

A letter signed by the company’s legal representative explaining:

• The applicant’s position and responsibilities at the business.
• The applicant’s monthly income.
• Work mode (method of performing the work).

Self-employed applicants must provide:

A Proof of the existence of the company outside Panama and a sworn declaration that includes the following:

• The types of customers they serve.
• The types of business operations they engage in.
• Previous and anticipated revenue

Note that in addition to these prerequisites, you could also require a visa to enter Panama depending on your nationality. For more information on how to apply for a Panama digital nomad visa, it is therefore advisable that you get in touch with an embassy or consulate.

Panama digital nomad visa application process

1. Schedule a meeting with a Panamanian embassy or consulate: Prospective applicants must schedule a meeting in advance with a Panamanian embassy or consulate. Depending on where you live, you might need to apply at an embassy in a nearby nation.

2. Gather the necessary paperwork: The section titled “Requirements for Panama Digital Nomad Visa” has a list of the paperwork that is needed

3. Attend the appointment: You must physically fill out the application form and bring the necessary documentation to the appointment.

4. Pay the fees: The visa fees consist of $50 for the Visa Card and $250 for the National Immigration Agency.

5. Wait for approval: You have to wait for the approval. The whole process takes about thirty days.

How Long Is The Panama Digital Nomad Visa Valid For

The validity of the Panama digital nomad visa is nine months.

How long does it take to get the Panama digital Nomad visa

A 30-day period is required to complete the entire Panama digital nomad visa application process. However If you are asked to provide more documents or information, the process can take longer.

How Much Is The Panama Digital Nomad Visa Fee?

The visa fees include the following:

• $250 for the National Immigration Agency
• $50 for the Visa Card

Advantages of the visa for digital nomads in Panama

• Flexibility at work
• Reduced tax rates.
• Digital employees have access to excellent resources.
• An increase in productivity.
• An active lifestyle.
• Cost of products reductions compared to some countries.
• Development of language abilities.
• Networking.
• A higher standard of living

Disadvantages

• The environment is not for everyone as it can be hot.
• The digital nomad community is not as well established as in other countries.

Recommended places to live in Panama as a digital nomad

Panama is the center of the Americas, and its strategic location has benefited it greatly in a variety of ways. This highly sought-after region, which is the narrowest between the Caribbean Sea and the Pacific Ocean, has long been significant for trade, and the construction of the Panama Canal has only made it more significant so living here is quiet an adventure.

Panama City

When you enter the country, it’s likely that you’ll make your way to the capital. The city has a lot to offer, is lively and active. The city, which is known for its diverse skyline, provides a range of experiences, from high-end luxury to wallet-friendly. Digital nomads are increasingly choosing Panama City as a destination, and there are many coworking spaces there that are designed with remote workers in mind. There are several cafes that allow remote work in addition to organized DN spaces; just make sure you set up shop in a secure part of the city.

Boquete

Boquete, a village in the mountains, is quickly gaining popularity as a tourist attraction in Panama. Boquete, best renowned for its mild environment, is a popular destination for people trying to escape the oppressive heat of Bocas del Toro and Panama City. Boquete is a fantastic choice if you like to spend your time outdoors. The area is full of beautiful landscape and fauna, and there are fantastic walks only a short distance from the town center.

Volcan Panama

Volcán, which is bordered to the north by the Tizingal Mountain and to the east by volcanic slopes and plains, is the most idyllic location in all of Panama. The village is situated at the foot of the country’s tallest peak, the long-sleeping Volcán Bar. A 45-minute journey from the handy hub city of David will get you to Volcán, a town in the Chiriqu Highlands known for its coffee, orchids, and national park.

Pedas

Pedas is a beach town that is excellent for secluded living. Imagine yourself on a length of beaches where the waters are warm and the scenery is lush. While the sand on certain beaches is white, it is often a deep golden brown tint in pedas. Pure sky blue to deep cobalt blue are the various shades of the ocean’s color in this town. There are several alternatives, including sport fishing, paddleboarding, surfing, snorkeling, and simply splashing around and having fun.

Digital nomad life in Panama

Accommodation

One-bedroom apartment in Panama City can go for $918 per month while a three-bedroom apartment in Panama City can go for $1,750 per month and a one-bedroom apartment in the rest of Panama can go for $730 per month while a three-bedroom apartment in the rest of Panama can go for $1,290 per month

Mobility

With a contemporary infrastructure in big areas like Panama City and David, Panama offers a great setting for mobile digital nomads. Digital nomads can easily travel the nation’s well-connected transportation system and take use of its reasonably priced ride-sharing services while still leading a remote work lifestyle.

Food

Like its natural environment, Panama’s food is diverse and rich. The cuisine of Panama reflects the history of the nation: it combines native flavors with Spanish influences and is finished with Afro-Caribbean flavors. Popular meals include guacho, carimaola, sancocho, ceviche, ropa vieja, and tamal de olla.

Healthcare

The reality is that Panama offers an affordable first-class healthcare system with a large number of English-speaking doctors.

Activities you should not miss out on while in Panama

Choose among locations where you can engage in any of the following activities: fishing, hiking, bird viewing, biking, kayaking, surfing, deep-sea fishing, or snorkeling.

What Are The Financial Requirements For The Panama Digital Nomad Visa?

The yearly income requirement is $36,000. Bank certifications and bank statements are required to prove sufficient income.

Do digital nomads pay taxes in Panama?

Digital nomads who earn money from sources outside of Panama are not subject to taxation under the territorial taxation system in Panama. However, you can apply for tax residence and pay a low income tax of 15% after being in Panama for more than six months.

VAT in Panama

Currently, there is a 7% general VAT rate and a 10% VAT on alcoholic beverages and hotels and Tobacco items are subject to a 15% VAT.

What Is The Cost Of Living In Panama?

Panama’s cost of living is widely regarded as being cheaper than that of many other nations in the region, and particularly lower than that of nations like the United States, Canada, and western Europe. Depending on your lifestyle, where you reside, and your preferences, the cost of living will change. Budgeting for this might cost anything from $1,500 to $3,000 each month.

What Is The Internet Speed In Panama

The Internet infrastructure in Panama is excellent. The nation is linked to the rest of the globe via a number of undersea fiber optic cables. The average Internet speed in Panama is 137.38 Mbps for fixed Internet and 20.44 Mbps for mobile Internet.

Can the Panama digital Nomad visa be extended

The validity of the Panama digital nomad visa is nine months and can be renewed for another nine months.

Conclusion

Working remotely or as a digital nomad is not always simple. Finding the right nations to live in that have a kind view towards foreign freelance workers and advantageous rules is one of the most difficult problems. With the introduction of a new short-stay visa for remote workers, Panama is now one of the top destinations for digital nomads. If you are a digital nomad interested in getting a resident visa abroad, Panama is another excellent option. If you follow the above instructions, your trip will go smoothly.