Through Executive Decree 197 of May 7, 2021, some requirements were modified to obtain the Permanent Resident permit as foreigners nationals of specific countries who maintain friendly, professional, economic and investment relations with the Republic of Panama, known as the “Friendly Countries Visa”.
The most relevant changes are:
- Taiwan is excluded from the list of countries eligible for the program.
- The program will first grant temporary residency for the first 2 years. Later, you can apply for permanent residence.
- This visa may be requested in the following cases:
- For labor reasons, a job letter, Public Registry Certificate and Operation Notice of the company that will act as employer must be provided. For the approval of the residence permit, the Work Permit must be requested from the Ministry of Labor.
- By reason of Investment in a real estate in the personal capacity of the applicant, with a minimum value of US$ 200,000.00, an operation that may be financed through a local bank.
In this sense, the incorporation of a Panamanian company has been removed as an option.
This new decree will take effect ninety (90) days from its promulgation, that is, from August 20, 2021.
If you require further information do not hesitate to contact us.
