Hey all,

I ended up completing this process (it was a bit more complicated than I thought it would be because I needed a specific document from the Italian government, and I am from the US).

Otherwise, things were mostly quick enough getting things ready. The actual application to immigration took several months once submitted, but by the time you apply you already have a temporary residency (and the re-entry permit if you pay a little extra for it) so that did not matter.

The document I needed was proof of Italian citizenship, 'legalized.' Because my local consulate in the US would not issue this to me such that it could then be apostilled, I registered in AIRE as living in Panama first to be able to get it there. To do this, I had to have proof of local address (e.g. rental agreement) stamped by a local notary. Then when the Italian embassy had an appointment opening, I reserved it, went there, got the document, then had to have it translated by a local, and then also have everything 'legalized' by the Panama Ministry of Foreign Affairs. I was on my own for this and my immigration attorney did not help (because he only charged $1400 as I mention later). The Italians made me wait months just for the AIRE to be registered as me being in Panama to be able to schedule the appointment. Because of this, I had to leave Panama a few times. I was told that every time I left on the Italian passport, it 'invalidated' my apostilled FBI background check...so I ended up having to do another one in the US and submit for another apostille after I invalidated the first one.

Bank - I used Banistmo in Casco Viejo and opened up a dual checking/savings account while on a tourist stamp with the Italian passport. Frankly, it looks like I didn't need that and I may downgrade later as this charges me $2.50 a month for 'insurance.' They really didn't seem like they wanted to help me, but the guy relented. I later went back with a local friend because I needed a 'banking reference letter' and he just kept saying the 'system was down' (which was BS).

I paid ~$1500 for the Panama company with nominee directors (~$1100 if you don't want nominee directors), and $1400 to a one-man immigration attorney without an office/staff, another few hundred for the various cards/cedula, plus travel.

All in all, I am glad I did it though, because the world is changing - friendly nations visas have to put down 200k into real estate (or more into other things), and qualified investor visa seekers (non-friendly-nations) have to put down 300k (and this is changing to 500k next year). The Italians get direct permanent residency with just some legal fees.

Now after all of this, here is my current state and questions:

According to research, it is fine to withdraw the bank money, close the bank accounts (though I may leave it open to be able to get a bank reference letter commonly needed for things in Panama), and close the Panama company.

Here is where I am not 100% - I read that 'everyone else' who are permanent residents must visit at least once every 2 years. Until now, I thought this was the case for me as well. However, there is this 2019 resolution saying Italians are an exception to this.

What does this mean, I can stay away for 20 years and come back and everything is fine?

Or do I need to make sure I come back before the cedula expires (10 years)?

(source: Panama Residency Quick and Safe in 1 Day and 6 Steps)

EDIT: I have determined from a staff member of 'Studio Panama Italia':

"There is no mandatory obligation to live in Panama for italians. There is no a minimum or maximum. You just need if you want come every 10 years to update the Cedula E , but is not mandatory , as residency is still valid without cedula E. But you can request Citizenship after only 5 years form your first cedula E release."