$200,000 in a bank deposit or the same amount in real estate - that’s your entry ticket to Panama’s Friendly Nations Visa program. Sounds steep? Compare it with the Qualified Investor Visa at $300,000, or similar programs in Mexico or Argentina - and Panama starts looking like one of the fastest paths to permanent residency in Latin America. Temporary residency in 6-9 months, permanent after 2 years, and citizenship eligibility 5 years after that. Plus, Panama doesn’t tax foreign income, uses the US dollar as its currency, and sits in a timezone that works for both Europe and the Americas.
But there’s one thing you need to know upfront: Ukraine is NOT on the list of 50+ “friendly nations.” That doesn’t make this article useless - if you hold a second passport from any EU country, Canada, the US, or another listed nation, the Friendly Nations Visa becomes one of the best deals for relocating to Panama. And if you don’t have dual citizenship, we’ll cover alternative visa options that are open to everyone.
What Is the Friendly Nations Visa and Why It’s Popular¶
The Friendly Nations Visa (FNV, or Visa de Países Amigos) is a special immigration program Panama created in 2012 through Decreto Ejecutivo No. 343. The concept is straightforward: if you’re a citizen of one of 50+ countries that have good diplomatic and economic relations with Panama, and you can prove economic ties to the country, you get residency without jumping through bureaucratic hoops.
As Kraemer & Kraemer explains:
The Panama Friendly Nations Visa is a special immigration program where citizens of selected countries who have professional or economic ties with Panama are eligible to apply for permanent residency.
In plain terms: Panama wants to attract investors, entrepreneurs, and skilled professionals from “friendly” nations. In exchange for investment or employment, you get residency, a cédula (Panamanian ID), and the right to work.
Why it’s a good deal¶
- Territorial tax system - Panama doesn’t tax income earned abroad. Work remotely for a European company? Your income isn’t taxed in Panama
- Dollar-based economy - the official currency (Balboa) is pegged 1:1 to the USD, and dollars are what you actually use day-to-day
- Strategic location - UTC-5 timezone works well for working with Europe and both Americas
- Fast process - 6-9 months to temporary residency, permanent after 2 years
- Path to citizenship - after 5 years of permanent residency, you can apply for a Panamanian passport with visa-free access to 140+ countries
Full List of Eligible Countries: Who Can Apply¶
As of 2026, citizens of 50+ countries can apply for the Friendly Nations Visa. Here’s the complete list:
Europe: Andorra, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
Americas: Argentina, Brazil, Canada, Chile, Costa Rica, Mexico, Paraguay, United States, Uruguay
Asia & Oceania: Australia, Hong Kong, Israel, Japan, New Zealand, Singapore, South Korea, Taiwan
Africa: South Africa
Note: Italy is NOT on this list, but it has a separate bilateral agreement with Panama (Convenio de Amistad from 1966) that grants similar rights.
What about Ukraine?¶
Let’s be direct: Ukraine isn’t on the Friendly Nations list. You can’t apply for this specific visa with a Ukrainian passport alone.
But there are workarounds:
- EU dual citizenship - if you hold a passport from Poland, Romania, Hungary, Czech Republic, or any other EU country on the list, you’re fully eligible for FNV
- Serbian or Montenegrin citizenship - both countries are on the list
- Alternative Panama visas - more on these below
If you’re looking at Latin America and want options without citizenship restrictions, check out Mexico (180-day visa-free entry and income-based residency) or Argentina (also open to everyone).
Alternative Paths to Panama Residency for Ukrainians¶
Even without the Friendly Nations Visa, Panama offers several residency pathways. As Visit Ukraine notes, Ukrainians can enter Panama visa-free for up to 90 days - enough time to look around, open a bank account, and start the process.
| Visa Type | Minimum Investment | Path to PR | Best For |
|---|---|---|---|
| Qualified Investor Visa | $300,000 (real estate, until October 2026) | Immediate permanent | Investors |
| Pensionado (retirement) | $1,000/mo lifetime pension | Immediate permanent | Retirees |
| Reforestation Visa | $100,000 (teak) | 2 years temporary, then PR | Investors |
| Digital Nomad Visa | $3,000/mo income | 9-18 months, no PR path | Freelancers |
| Friendly Nations Visa | $200,000 | 2 years temporary, then PR | Citizens of 50+ nations |
Qualified Investor Visa - the main option for Ukrainians¶
If the Friendly Nations Visa isn’t available to you because of your citizenship, the Qualified Investor Visa (QIV) is a real alternative. It gives you immediate permanent residency (no 2-year wait) and is available to citizens of any country.
The minimum is $300,000 in real estate (this rate applies until October 2026, then increases to $500,000 according to Henley & Partners), or an equivalent amount in securities, deposits, or business. For the basic entry, $300K is enough.
Three Ways to Prove Economic Ties to Panama¶
If you hold citizenship in a “friendly nation,” you need to choose one of three paths to demonstrate economic ties:
1. Employment at a Panamanian company¶
The simplest option if you’ve already found work in Panama. You’ll need:
- An official job offer from a Panamanian company
- The company must be registered in the Registro Público with a business license (aviso de operaciones)
- Registered with the social security system (CSS)
- At least 10 Panamanian employees on staff (labor law requirement)
After filing for residency, you simultaneously apply for a work permit - processing takes 6-9 months.
As Agroupc notes, the company must be a real, operating business with actual Panamanian employees. If immigration suspects the employment is fictitious - you’ll get denied.
2. Real estate investment of $200,000+¶
You need to purchase property in Panama worth at least $200,000 based on the registered value in the Registro Público. Good news - you can finance through a local bank, so you don’t need the entire amount in cash.
Tip: the registered value is often lower than market price. If you’re buying an apartment for $250,000, make sure the registry shows at least $200,000 - otherwise you won’t meet the threshold.
3. Bank deposit of $200,000¶
The simplest but most expensive option: place $200,000 as a Certificate of Deposit (CD) in a Panamanian bank for a minimum of 3 years. The deposit must be:
- In the applicant’s name
- Free of encumbrances
- Minimum 3-year term
- In a national Panamanian bank
Before 2021, there was an option with a $5,000 deposit plus company registration. That option NO LONGER EXISTS - the minimum is now $200,000.
Financial solvency - a separate requirement¶
Regardless of which path you choose, you also need to open a Panamanian bank account and deposit at least $5,000 (plus $2,000 per dependent). This is proof of financial solvency - separate from your main investment.
Complete Document Checklist for the Friendly Nations Visa¶
Here’s what you’ll need to prepare:
Core documents:
- Passport valid for at least 6 months from application date
- Second ID (for example, national ID card from your country of citizenship)
- Criminal background check from your country of citizenship - no older than 6 months, apostilled
- Letter stating the professional or economic activity you plan to conduct in Panama
Economic ties documents (one of the following):
- Job offer + company registration certificate from Registro Público + business license
- Property purchase agreement + Registro Público excerpt showing value
- Bank deposit certificate for $200,000+
For family members (if applying together):
- Marriage certificate
- Children’s birth certificates (under 25 years old)
- Parents’ birth certificates (if applying as dependents)
Additional:
- 4 passport-size photos
- Medical certificate from a licensed Panamanian doctor
- Proof of Panamanian bank account opening ($5,000+)
All foreign documents must be apostilled and translated into Spanish by a Panama-authorized translator.
Document Translation: Traductor Público Autorizado Requirements¶
This is where things get interesting - and where most people trip up. Panama has very strict requirements about who can translate immigration documents, stricter than most Latin American countries.
Who is a Traductor Público Autorizado?¶
A Traductor Público Autorizado is a translator authorized by Panama’s Ministry of Education (Ministerio de Educación) to perform legally valid translations. Each authorized translator has a resolution number (número de resolución) that MUST appear on every translation.
As Certified Translator Panama states:
Any document not written in Spanish must be translated by an Authorized Public Translator in the Republic of Panama. The translation must include the resolution number by which the translator has been officially authorized to practice.
Not just any translator will do. Translations done by agencies in Ukraine, Germany, or anywhere outside Panama are NOT officially recognized for immigration purposes. This is a key difference from Chile, where translations from other countries are sometimes accepted.
What this means in practice¶
- Translation happens IN Panama - you bring your originals with apostilles, and they get translated locally
- Translation covers everything - text, numbers, stamps, seals, watermarks, signatures
- Currencies get converted - if amounts appear in non-USD currencies, the translator notes the USD equivalent
- No separate notary needed - the authorized translator certifies the translation with their resolution number
The legal basis for these requirements is Executive Decree No. 320 from August 8, 2008, Article 247.
Translation costs in Panama¶
Prices depend on the language pair and document complexity. Approximate ranges:
| Document Type | Cost (USD) |
|---|---|
| Passport / ID | $25-50 |
| Criminal background check | $40-80 |
| Marriage / birth certificate | $40-80 |
| Property purchase agreement | $80-200 |
| Medical documents | $50-100 per page |
Tip: find your translator BEFORE you travel. Connect online, send document scans for a quote, and schedule a meeting for your arrival date. Don’t waste precious days from your 90-day visa-free window.
If your documents are in Ukrainian or Russian¶
Panamanian authorized translators typically work with English, French, German, Portuguese, and other common languages. Ukrainian and Russian aren’t the most popular language pairs.
Your options:
- Two-step translation - first translate your documents into English through ChatsControl or a certified translation service, then a Panamanian translator handles the English-to-Spanish translation
- Find a translator who works with Ukrainian/Russian - Panama has a small Ukrainian and Russian-speaking diaspora, and there might be authorized translators who cover these languages
- Consular translation - some lawyers recommend getting translations done through the Panamanian consulate in your country of residence
The two-step approach is the most reliable. English is the most common language pair for Panamanian translators, so finding one won’t be an issue.
Apostille and Legalization: Panama’s Chain¶
Panama has been a member of the Hague Convention since 1991, so documents from Ukraine (also a member) need an apostille rather than full consular legalization.
Step-by-step process¶
- Get an apostille in Ukraine - through the Ministry of Justice or Ministry of Foreign Affairs (depends on the document type)
- Authenticate at the Panamanian consulate - some documents need additional authentication
- Legalize at Panama’s Ministry of Foreign Affairs - after arrival, documents go through the Ministerio de Relaciones Exteriores
- Translation - the final step, done in Panama through a Traductor Público Autorizado
As Kraemer & Kraemer explains:
Foreign documents must be duly apostilled or authenticated by the Panamanian embassy or consulate in the country of origin, and by Panama’s Ministry of Foreign Affairs.
Your criminal background check must be issued no earlier than 6 months before filing. Get the apostille immediately after receiving the document so it doesn’t “expire” while you’re collecting everything else.
Electronic apostille¶
Since 2023, Ukraine issues e-apostilles recognized under the Hague Convention. However, many Panamanian agencies still require paper originals. Check with your Panamanian lawyer whether the immigration service will accept an e-apostille before relying on one.
Friendly Nations Visa Costs in 2026¶
Here’s the complete cost breakdown:
| Expense | Amount (USD) |
|---|---|
| Government application fee | $250 |
| Repatriation fee (Servicio Nacional de Migración) | $800 |
| Other government fees | ~$200 |
| Government fees total | ~$1,250 |
| Legal services (immigration attorney) | $2,200-3,500 |
| Notary costs | $50-100 |
| Document translations | $150-500 |
| Total cost excluding investment | $3,600-5,350 |
Plus one of three investments:
- Employment: $0 (but you need an actual job at a Panamanian company)
- Real estate: from $200,000
- Bank deposit: $200,000 (locked for 3 years)
And another $5,000 in a bank account ($2,000 extra per dependent) for financial solvency proof.
A lawyer isn’t optional - it’s mandatory. Panamanian immigration law requires that applications be filed by a licensed immigration attorney. Choose one who specializes in FNV - prices range from $2,200 to $5,000+, depending on case complexity and number of dependents.
Timeline: From Document Collection to Citizenship¶
| Stage | Duration |
|---|---|
| Document collection and preparation | 2-4 weeks |
| Application filing | 1 day |
| Temporary residency processing | 4-6 months (Panama City) or 5-7 months (regional offices) |
| Residency card issuance | 2-8 weeks after approval |
| Temporary residency (total) | 6-9 months |
| Eligible for permanent residency | after 2 years of temporary |
| Eligible for citizenship | after 5 years of PR |
| Citizenship processing | 2-5 years |
| Total to passport | ~9-12 years |
Fast track: if you’re married to a Panamanian citizen or have a child born in Panama, the requirement drops from 5 to 3 years before you can apply for citizenship.
As International Relocation Firm notes:
Naturalization is a process that needs to be approved by the President of the Republic of Panama; therefore it can take between nine months to three years.
Even after filing for citizenship, it’s not quick. The application goes through multiple government agencies and needs presidential approval.
Panama vs Other Latin American Countries¶
If you’re comparing options for relocating:
| Parameter | Panama (FNV) | Mexico | Argentina | Brazil |
|---|---|---|---|---|
| Open to Ukrainians | No (listed countries only) | Yes | Yes | Yes (VIPER) |
| Minimum investment | $200,000 | $0 (income $4,400/mo) | $0 | $0 |
| Visa-free for Ukrainians | 90 days | 180 days (eTA) | 90 days | Visa required |
| Path to PR | 2 years | 4 years | Immediate | 2 years |
| Tax on foreign income | 0% | Progressive | Progressive | Progressive |
| Translation language | Spanish | Spanish | Spanish | Portuguese |
| Translator type | Traductor Público Autorizado | Perito Traductor | Traductor Público | Tradutor Juramentado |
Panama’s biggest advantage is zero tax on foreign income. If you’re a freelancer or work remotely, that’ll save you thousands each year. For Ukrainians without EU dual citizenship, Mexico and Argentina are more accessible - but if your budget allows, Panama’s Qualified Investor Visa ($300,000) gives you immediate permanent residency regardless of your passport country.
Common Mistakes When Applying for FNV¶
-
Translation by a non-authorized translator - the most common problem. People bring translations from Europe or order them online, and immigration sends everything back. Only a Panamanian Traductor Público Autorizado will do
-
Expired criminal background check - remember: 6 months from issue date. If document collection takes too long, you’ll need to order a new one
-
Registered property value below $200,000 - even if you paid $300,000, the Registro Público might show $150,000. Verify BEFORE buying
-
Trying to DIY without a lawyer - Panamanian law requires filing through an attorney. Self-filing isn’t possible
-
Applying with a non-listed country’s passport - Ukraine isn’t on the list. Without dual citizenship from a “friendly nation,” you’ll need an alternative visa
-
Insufficient bank balance - $5,000 for the main applicant + $2,000 per dependent. The money must be in the account at filing time
FAQ¶
How much does the Panama Friendly Nations Visa cost in 2026?¶
Government fees are approximately $1,250 per applicant. Legal services run $2,200-3,500. Translations cost $150-500. Total without investment: $3,600-5,350 per person. Add the required investment: $200,000 in real estate or a bank deposit, or employment at a Panamanian company.
Can a Ukrainian citizen get the Friendly Nations Visa?¶
Not directly with a Ukrainian passport alone - Ukraine isn’t on the list of 50+ “friendly nations.” But if you hold a second passport from a listed country (Poland, Romania, Czech Republic, or any other EU nation, plus the US, Canada, Serbia, and others), you can apply. For Ukrainians without dual citizenship, alternatives include the Qualified Investor Visa ($300,000 in real estate) or the Digital Nomad Visa ($3,000/month income).
How long does the entire process take?¶
From starting document collection to receiving your temporary residency card: 6-9 months. After 2 years of temporary residency, you can apply for permanent. Then after 5 years of PR, you’re eligible for citizenship (processing takes another 2-5 years). Total from first filing to passport: roughly 9-12 years.
Does Panama accept translations done abroad?¶
No. All documents submitted to Panama’s immigration service (Servicio Nacional de Migración) must be translated by a Panama-authorized translator (Traductor Público Autorizado). Translations done in Ukraine or any other country aren’t accepted. You can do a preliminary translation into English via ChatsControl, then get it translated from English to Spanish in Panama.
Is an apostille required?¶
Yes. Panama has been a Hague Convention member since 1991. All official foreign documents need an apostille from the issuing country, plus authentication through a Panamanian consulate and Panama’s Ministry of Foreign Affairs.
Can I include my family in the application?¶
Yes, the FNV allows dependents: spouse, children up to 25 years old, and parents. Each dependent requires an additional $2,000 in the bank account. Government fees ($1,250) are charged per applicant.
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