Residency Panama

Fiscal (tax) residency in Panama

1. Physicalppearance rule you become a tax resident when you spend more than 183 days in Panama during a calendar year.


2. Visa / permit y Most applicants obtain a Friendly Nations Visa, Pensionado Visa, or a Qualified Investor (Economic) Visa. These visas grant the right to reside and therefore satisfy the physicalppearance requirement.


3. Proof of economic ties y For the Friendly Nations or Investor visas you must show:
   
   
   
   • A Panamanian bank account with a minimum balance (often US $5 000;$10 000), or
   
   
   • An investment such as a corporation, realstate purchase, or a lease agreement, plus evidence of steady income (employment contract, pension, dividend statements, etc.).
   
   
   
   


4. Documentation y Typical paperwork includes: passport, backgroundheck certificate, proof of income/financial stability (bank statements, employment contract or pension statement), health insurance, and a completed visa application filed with the National Immigration Service.


5. Tax advantages y Panama follows a territorial tax system: only income generated within Panama is taxable. Foreign5ource income earned by a tax resident is generally exempt, which is why many digital nomads and investors choose Panama as a fiscal domicile.

Obtaining a RUC (Registro Único de Contribuyentes) for international banking

• The RUC is Panama's Tax Identification Number issued by the Dirección General de Ingresos (DGI).


• Residency is not strictly required to obtain a RUC, but having legal residence facilitates the process and is advisable if you intend to enjoy full tax benefits.


• Who can apply:
  
  
  
  • Natural persons (Panamanian citizens, residents, or foreign individuals with economic activity in Panama).
  
  
  • Legal entities (companies, foundations, trusts) that conduct or intend to conduct business in Panama.
  
  
  
  


• Required documents (for a natural person):
  
  
  
  1. Valid passport (or Panamanian ID for residents).
  
  
  2. Proof of address in Panama (utility bill, lease, or property deed).
  
  
  3. Evidence of economic activity or income (employment contract, pension statement, or bank statements).
  
  
  4. Completed RUC application form (available on the DGI website).
  
  
  
  


• For nonresidents who need a RUC solely to open an international bank account, the DGI may issue a Número Tributario (NT)—the foreignrson version of the RUC—provided you submit the same economicctivity documentation.


• Why the RUC matters for banks: International banks in Panama require a RUC/NT to comply with antimoneylaundering (AML) regulations and to verify the clients tax status before opening corporate or personal accounts.

Sincerely,

Ascendance International Organization