Moving to Panama in 2026

Moving to Panama: entry, first 30 days, 3-month budget

Russian citizens enter Panama visa-free for up to 90 days within 180 days. At the border you may be asked for a return or onward ticket, an accommodation booking and proof of at least $500: cash, or a card with a bank statement. The residence application is filed with the National Migration Service once you are in the country and, by law, only through a Panamanian lawyer, so documents from Russia are prepared in advance.

1. Before the trip. An apostilled Russian police clearance certificate, documents on your pension, income or investments, and apostilled marriage and birth certificates.
2. Days 1-10. Rent a home, get a local SIM card, a medical certificate from a Panamanian doctor and a sworn Spanish translation of your documents.
3. Days 10-30. File through the lawyer, with fingerprints and photos at the migration service. While the case is pending you receive a temporary applicant card that lets you stay.
4. Months 3-6. The decision and the resident card, then the foreigner identity card, which makes opening a bank account easier.

Outside the upmarket districts of the capital rent starts at $600 a month, and Boquete and the beach towns are cheaper too. Prices are already in dollars, so there is nothing to convert. We work out a family budget in the chat, and you can compare with other countries in our guide on where to move from Russia in 2026.

Panama at a glance

Panama is a country on the isthmus between North and South America with more than 4 million residents. The capital is Panama City, the language is Spanish, and English is widely spoken in banking and business. The official currency is the balboa, equal to the US dollar, and US dollars circulate, so there is no currency risk for dollar incomes.

The economy rests on the Panama Canal, logistics, banking, the Colón free trade zone and the Tocumen hub with direct flights to Europe and across the Americas. By income per person Panama is one of the richest countries in Latin America.

Who the move suits

• retirees with a pension from $1,000 a month, who get permanent residence straight away;
• investors buying new housing from $300,000;
• remote workers earning from $3,000 a month;
• entrepreneurs who value territorial tax: foreign income is not taxed in Panama;
• families who want to live in a dollar economy with good private healthcare.

Entry rules and visas

Russian citizens need no visa for trips of up to 90 days in 180. For long-term living you apply for residence at the National Migration Service, filing in the country. There are no direct flights from Russia, and connections in Madrid or Amsterdam are most convenient.

Residence options

• The pensioner visa - a lifetime pension from $1,000 a month, or from $750 when buying a home from $100,000, with permanent residence straight away.
• Qualified investor - new housing from $300,000, securities from $500,000 or a fixed deposit from $750,000, also with permanent status straight away.
• The remote worker visa - up to 9 months with one 9-month renewal, income from $3,000 a month, fees of $250 to the treasury and $250 to the migration service.
• Work and business - permits through an employer or your own company.

Citizenship by naturalisation is available after 5 years of permanent residence, though Panama formally does not recognise dual citizenship. Children born in the country acquire citizenship by birth. We choose the basis, prepare apostilled and translated documents and handle the application.

Taxes

Panama taxes only income earned in the country: foreign salary, dividends and pensions are not taxed for residents or local companies. Income tax on Panamanian income is 0 to 25%, with the first $11,000 a year exempt. Corporate tax is 25%, VAT is 7%, and on salaries the employee pays 9.75% in contributions and the employer 13.25%. More in taxes in Panama.

Cost of living

All prices are in dollars. Local food and transport are inexpensive, and private healthcare is good, used by foreigners with insurance. Air conditioning all year is a noticeable part of electricity bills.

Where to live

• Casco Viejo - the restored colonial quarter, atmospheric and expensive.
• Punta Pacífica and Paitilla - seafront towers, hospitals and malls.
• San Francisco and El Cangrejo - residential areas with parks and cafés, easy without a car.
• Costa del Este - a new district with offices and family complexes.
• Boquete - a mountain town with a cool climate, popular with retirees.
• Coronado - beach communities on the Pacific coast an hour from the capital.

Property for foreigners

Foreigners buy flats and houses on the same terms as citizens, and ownership is registered in the public registry. Restrictions apply to land near national borders. The seller pays a 2% transfer tax on the greater of the price or cadastral value plus 5% per year of ownership, and new housing often has annual tax exemptions. Buying new housing from $300,000 qualifies for investor residence. We find the property, check the registry and close the deal.

Climate and banks

The climate is tropical at 27-32°C all year, with a dry season from January to April and rain from May to December, and hurricanes rarely reach Panama. Banks check the source of funds strictly and more often open accounts for residents and local companies. We help with company registration, a business account and a personal account.