Panama Friendly Country Visa

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On May 20, 2021, the government of the Republic of Panama enacted the Executive Decree No. 197 of May 7th, 2021, which modifies the of Friendly Country Visa Program.  

The new changes reduce the requirements but also the options for complying the program. 

Program changes 

  1. The new regulation will begin in 90 days as of the decree publication (August 17, 2021), which means that any application filed before this date will be under the current regulations. 
  2. The program does not longer grant immediate permanent residency status. With new modifications the applicant will initially receive a 2-year temporary residency status and further the right to opt for permanent residency, just as many other residency programs. 
  3. The economical link with Panama can only be achieved by purchasing a real estate of no less than US$ 200K. Nevertheless, unlike other programs, the applicants can finance the purchase with a mortgage. 
  4. The professional link with Panama can only be achieved by having a formal labor contract with licensed company in Panama and conditioned to the procurement of a work permit issued by the Ministry of Labor. 
  5. The bank account in Panama or corporations are no longer required. 
  6. Taiwan has been removed from the list of countries.  

*List of Countries 

United Kingdom of Great Britain & Northern Ireland, Germany, Argentina, Australia, South Korea, Austria, Brazil, Belgium, Canada, Spain, United State of America, Slovakia, France, Finland, Ireland, Japan, Norway, Czech Republic, Switzerland, Singapore, Uruguay, Chile, Sweden, Poland, Hungary, Greece, Portugal, Croatia, Estonia, Lithuania, Latvia, Cyprus, Malta, Serbia, Montenegro, Israel, Denmark, South Africa, New Zealand, Special Administrative Region of Hong Kong, Luxembourg, Liechtenstein, Monaco, Andorra, San Marino, Costa Rica, Paraguay and Mexico. 

Once the visa petition is submitted before the Immigration Department, a 2-year temporary residency status will be granted. Upon the finalization of such period, applicant and dependents will be entitled to process a permanent residency application. The permanent residency permit grants the applicant an additional foreign resident permanent ID Card (cédula) and the right to apply for Panamanian Nationality after 5 years. 

Based on the new changes, our team will be more than happy to assist you in the procurement of your residency; the process of purchasing a real estate and/or introducing you to financial institutions for the purpose of obtaining a mortgage.  

The BusinessPanama Group provides a convenient One Stop Shop offering you the following services: 

  • Real estate brokerage to find a home or apartment 

  • Incorporation of companies, LLCs, trusts and foundations 

  • Banking & trading accounts 

  • Wealth management services 

  • Applying for visas, work and residence permits for expats 

  • Relocation services 

  • Others 

 

For more information, please contact us.

 

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