Recently the Legislative Assembly of the Republic of Panama enacted a new immigration law which seeks to modernize and change the rules that apply to programs governing passports, visas and residence for foreigners. Insiders I talked with in Panama say the law is designed to protect and tighten Panama's all to porous borders and control the entrance of undesirables.
n Panama general laws are enacted setting out the guidelines on a topic. Subsequently the executive branch fills out the intent with proposed rules which the Legislative Assembly can review. Therefore it is likely that the final form of the new law and rules will not be known before September 2008, possibly later. In the meantime, the existing laws remain in place. But if you are considering establishing a residence in Panama, you should act immediately since the some of the existing laws are more advantageous than those likely to replace them later this year.
Foreigners Welcome
Panama has many attractions for foreigners, and for many years there has been a broad official outreach program with special laws that make it not only easy, but profitable for foreigners to make the Isthmus their place of retirement or their second home.
Panama deliberately has positioned itself as a first-class retirement haven, with the most appealing programs of special benefits for foreign residents and retirees you’ll find anywhere in the world. Currently it also offers a variety of other visas for investors, persons of high net worth, wealthy retirees, small business and agricultural business entrepreneurs, and those who simply want to immigrate and become Panamanian citizens.
It is these existing visa programs that the new law modified, updated and, in some cases, may repeal. The new law does not make any retroactive changes to visas already granted, but professionals with whom we work in Panama see the new law as more restrictive than the current law it will replace. (If you need legal advice in Panama, we can recommend reliable professionals for Sovereign Society members).
Law Highlights
Here are some changes under the new law:
* Tourist, student and maritime workers visas will be available at any Panamanian Embassy or Consulate or Embassy worldwide and the assistance of a Panama attorney will no longer be required, (although I think it would be a good idea to have such assistance).
* Now some "permanent" visas are issued for life, but under the new law, a visa holder who leaves Panama for more than two years will lose their visa unless they obtain prior approval from immigration officials.
* Several existing visas programs require a deposit of funds, purchase of real estate, investment in forestry programs or agriculture, among other requirements. Under the new law these requirements may be changed and new rules will be strictly applied and visas revoked unless the conditions are met.
* The fees for visa applications will be increased from $100 to $250, plus a new $800 refundable repatriation fee to guarantee a return home if the application is denied.
* The Immigration Department is allowed 60 days to approve or deny any applications. If a determination has not been made by the 61st day, the application is automatically considered approved. (Knowing how Panama's bureaucrats work, I have my doubts about this).
The new law for the first time creates four categories for foreigners :1) Non-resident; 2) Temporary resident; .3) Permanent resident; 4) Foreigners under the protection of the Republic of Panama (political and other refugees). The rules that will apply to each of these categories are to be issued later this year, and therein lies concerns as to what these may be. The law does grant 90 day visas to tourists, which should clear up the recent confusion about 30 day visas for tourists.
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