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.
*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
For more information, please contact us.
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