Permanent Resident Visa for 47 countries of US, EU and OECD

Citizens of 47 countries qualify for the Permanent Residence Visa for university graduates holding $5,000 in a Panama bank account and their dependents.  Applicants must start a new business, purchase an existing business or be hired to work for a Panama company.  The countries until now are:

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

A separate work permit is granted by the Labor Ministry which is valid for the duration of the visa.

See also New Permanent Resident Visa for US, EU and OECD countries

New Permanent Resident Visa for US, EU and OECD countries

Executive Order 343 of 16 May 2012 was published in the Official Gazette, "which creates the sub-category of Permanent Resident in the form of foreign nationals from specific countries which maintain friendly, professional, economic, and investment relationships with the Republic of Panama within the immigration category of Permanent Resident."   Citizens of the following countries may apply for this visa:

•Germany

•Argentina

•Australia

•Austria

•Brazil

•Belgium

•Canada

•Spain

•United States

•Slovakia

•France

•Finland

•Netherlands

•Ireland

•Japan

•Norway

•Czech Republic

•Switzerland

•Singapore

•Uruguay

•Chile

•Sweden

 

Applicants must provide bank statement showing at least 4 middle digits "or another which shows their income and is acceptable to the National Immigration Service", as well as police record with Apostille and all other general documents required from immigrants.   Immigration takes currently around 9 months for approval of applications.  All applications must be filed by a lawyer.

 

However, work permits are still granted separately by the Ministry of Labor under the usual categories, with applicants requiring a Panama company or spouse to sponsor their application filed through a lawyer.

Can Panama Become the Singapore/Rotterdam-style Hub for Latin America?

at 11:25 am by David

• Keynote: H.E. José Domingo Arias, Vice Minister of Commerce and Industry, Panama
• Keynote: Philip Yeo, Chairman, SPRING Singapore, Special Adviser for Economic Development, Prime Minister’s Office (view background presentation)
• Keynote: Frank Heemskerk, Member of the Board of Management, Royal Haskoning
• Moderator: Don Ratliff, Executive Director, Georgia Tech Panama Logistics, Innovation & Research Center

Frank Heemskerk: Happy to see economic relations between Panama and Netherlands growing stronger. President Martinelli is visiting Netherlands this year, discussing how to avoid double taxation between the countries. These have been some of the fastest negotiations ever.

Location is important, but it needs to be maintained and shared. The Netherlands’ success is a combination of location, business/tax climate, and quality of life. Education is very important and people want the best environment for their children. Freedom of press and freedom of speech — this is what people want. The Netherlands has met these goals and this the reason for their success.

Panama outpaces the Netherlands on GDP growth, but this an advantage to the Netherlands and to Singapore as it creates more wealth and more trade for the entire world.

José Domingo Arias: Panama has been developing it’s place as a trade and logistics hub for 400 years, starting with the gold trade from the continent’s Pacific coast to Spain. Terms have now changed. Trade comes from the west of the United States and travels to the east.

The Canal will expand its capacity to be able receive bigger ships. This takes a great deal of investment. Panama is already the eleventh most competitive country in the world, and offers the most efficient and competitive port in the Western Hemisphere. The free trade zone of Colon moves $20 billion in trade a year. The airport Tocumen is seeing 12 million passengers per year and expected to see this grow to 14 million. The government is also in the process of building the highway between Panama City and Colon and extending the highway across the country. The most important thing is that the government is doing all this with global commercial partners.

We are focusing on developing teaching and education in Panama, especially executive education. Most of these students are from the public sector. Our long term project is to renovate the country’s entire education system. Our private partners and universities have the capacity to identify their needs are and will handle their training.

Experience exchange with Singapore and the Netherlands is vital for us. We have studied their model. We are learning enormous amounts from Singapore in terms of technology, a field in which they have considerable experience. Someone from the private sector asked me what guarantees we could provide that we can deliver. Our prestige is on the line, and our style of the administration is to get things done.

Panel conversation: Success comes from collaboration of the private sector, the public sector, and investigations. The impressive thing about Singapore is they never stop trying to be the best, even though they are considered by many to be the best. Panama is trying to encourage entrepreneurship. How can it encourage creating a “critical mass” of ideas?

Will East coast U.S. ports on the East Coast be able to handle new big ships that will be passing through the expanded Canal? If not, this will be to Panama’s advantage as it mean ships will be unloading their cargo, although the United States will catch up eventually.

Panama is more of a logistics hub than a trade hub. Panama needs to build on this and improve. Suggestions include broadening the agenda using better social policy and better water management. Singapore and the Netherlands have been able to convince shippers of the value of going through Rotterdam’s and Singapore’s ports. They’re efficient, tariffs are cheaper, and they’re easier to use. Panama should follow these models.

More in http://www.as-coa.org/blogs/panama2011/

24 Feb 2011: Panama - Where the World Meets

PANAMA
WHERE THE WORLD MEETS

Thursday, February 24, 20118:00 a.m. to 3:45 p.m.Registration: 8:00 a.m. to 8:30 a.m.Presentation: 8:30 a.m. to 3:45 p.m.
Panama Marriott HotelSalon Campo AlegreCalle 52 y Ricardo AriasPanama City, PanamaMap of location

Panama is set to continue growing at one of the fastest paces in Latin America. For 2010, Panama’s growth is expected to be 7 percent, and the IMF and UN forecast the country will lead GDP growth in the region over the next five years thanks in part to its public investment plans, which is close to $20 billion for the 2009 to 2014 period. More than 40 multinational headquarters have moved their regional operations to Panama due to its economic and political stability and have taken advantage of its strategic position and government incentives to attract investment. By continued strengthening of its logistics sector, Panama may be well positioned to become the Singapore-style hub for Latin America, providing foreign investors with a high-standard regional platform to develop its products and services in order to reach other markets.
For the second consecutive year, AS/COA, together with the World Bank and the government of Panama, is organizing a conference to provide an in-depth analysis of these issues. This year, the conference will be focused on the country’s economic prospects and the efforts and challenges to improve its competitiveness in the logistics sector.
Please join us as we address these issues with a group of internationally recognized senior business executives, government officials, economists and investment analysts.
CONFIRMED SPEAKERS:
Ricardo Martinelli, President of Panama
Demetrio Papadimitriu, Minister of the Presidency, Panama
Alberto Vallarino, Minister of Finance and Economy, Panama
Roberto Henríquez, Minister of Commerce and Industry, Panama
Alberto Alemán Zubieta, CEO, Panama Canal Authority
Edgar Blanco, Research Director, Center for Transportation and Logistics, MIT
Tanya Avellán, Director, Central America, Coca-Cola FEMSA
Frank Heemskerk, Member of the Board of Management, Royal Haskoning
Samuel Israel, CEO, Latin America, DHL Global Forwarding
Felipe Jaramillo, Central America Director, The World Bank
Sergio Luna, Vice President, Department of Economic and Sociopolitical Research, Citi Latin America
Rubén Ramírez, Representative Director, Panama, CAF
Don Ratliff, Executive Director, Georgia Tech Panama Logistics, Innovation & Research Center
Stefan J. Roehr, Director, Latin America Supply Chain, Sanofi-Aventis
Jordan Schwartz, Lead Infrastructure Economist, Latin America and the Caribbean, The World Bank
Peter V.A. Shaw, Regional Credit Officer for Latin America, Fitch Ratings
Carlos Urriola, General Manager Manzanillo International Terminal and Senior Vice President, Stevedoring Services of America
Philip Yeo, Chairman, SPRING Singapore, Special Adviser for Economic Development, Prime Minister’s Office (view a background presentation on Singapore’s economic development)
Susan Segal, President and CEO, Americas Society and Council of the Americas
ACCESS THE AGENDA.*

To register go to http://www.as-coa.org/blogs/panama2011/

Panama heading for target of 12 Double Taxation Agreements

Panama will negotiate with Singapore next week the 12th double taxation agreement (DTA) required to exit the gray list of the Organization for Economic Cooperation and Development (OECD).

On Aug 18 negotiations were completed for a double taxation avoidance agreement with South Korea.

A double taxation agreement with Mexico has been ratified by the Panama legislature. Other treaties have been signed with Barbados, and negotiations have been closed with France, Italy, Belgium, Spain, Netherlands, Qatar, Luxembourg and Portugal.

http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_156.pdf Mexico-Panama Agreement for Double Taxation Avoidance and Tax Evasion Prevention

In the last 6 months, bills have been entered into the Panama legislature to ratify Bilateral Investment Treaties for the protection of investments with Italy, Belgium, Qatar, and Luxembourg granting national treatment to investments from those countries.

http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_153.pdf Qatar
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_146.pdf Italy
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_148.pdf Belgium-Luxembourg
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_147.pdf Finland

A bill to ratify a Mutual Legal Assistance Treaty with Russia has been submitted. This Agreement provides that:
Bank secrecy can not be used as a basis for denying legal assistance.
3. The Parties may not refuse a request for legal assistance only because it is considered that the crime also involves tax matters.
http://www.asamblea.gob.pa/actualidad/proyectos/2010/2010_P_150.pdf Russia MLAT Bill

Singapore aerospace companies reach Americas through Panama

.

Published October 29, 2009

SINGAPORE INTERNATIONAL
Copa's vote of confidence in ST Aerospace

By CHUANG PECK MING

WHEN ST Aerospace set up a maintenance, repair and overhaul (MRO) service shop for aircraft in Panama in 2006, one of its first customers was Copa Airlines.

Photo - Key location: ST Aerospace set up a facility in Panama as it reckons that it is the perfect place to do business because it is between North and South America

Recently, Copa not only renewed its maintenance service agreement with Panama Aerospace Engineering, ST Aerospace's Panama facility, but extended the agreement beyond its B737 planes to its E-190s.

Obviously, ST Aerospace has a satisfied customer in Copa. The Singapore-based company, which is recognised as the world's largest aircraft MRO service provider, takes it as 'a testament to our high quality and reliable service'.

Copa's gesture augurs well for ST Aerospace, which set up the Panama facility to provide a strong and competitive MRO base to serve the Americas - 'supporting the maintenance needs of customers operating in Central, North and South America', says ST Aerospace president Tay Kok Khiang.

The facility is intended to boost ST Aerospace's capabilities and complements its operations in the US, which remains a key market because it is home to almost half of the world's commercial airliners.

To have customers like Copa coming back - and for more - puts ST Aerospace in a strong position to win more customers in a fast-growing market for aviation services.

In fact, the company has seen its customer base in Panama expand to include clients such as AerCap, AWAS, GECAS, Sundowner Aviation and Transaero Airlines among others.

'This demonstrates our growing success and customers' growing confidence,' says Mr Tay.

ST Aerospace initially faced a shortage of trained aviation mechanics in Panama. But it anticipated this problem. So as it built up the Panama facility, it also started a significant training programme for the locals.

It also deployed some of its expertise from the US and Singapore to help get operations in Panama off the ground.

'Today, the training programme is going well as we have well-educated and enthusiastic employees,' Mr Tay says. 'With our established systems and processes in place within our global network, we were able to share our knowledge to facilitate the start-up process.'

The Panama facility is now performing well, he says. 'It has consistently re-delivered aircraft on time and with quality to customers, and has steadily built a strong track record for the maintenance of narrow-body aircraft, with more than 60 re-delivered to date.'

ST Aerospace reckons that Panama is the perfect place to do business because it is between North and South America.

'It is recognised as an important transport and shipping hub, and we feel it is an ideal location for MRO,' says Mr Tay. 'It is also close to the US, where we have a good client base, and has a good infrastructure.'

The aviation market in Latin America is projected to expand at a rate second only to Asia, mainly in narrow-body aircraft.

'Therefore we expect to continue growing our Latin American customer base,' Mr Tay says. 'As the aviation business recovers and carriers start to build up capacity, and due to competitive advantages that Latin American MROs have, Latin America will be an attractive outsourcing option for US carriers.'

Full text in http://www.businesstimes.com.sg/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/specialfocus/story/0,4574,356733,00.html? .


Special Focus
Published October 29, 2009

SINGAPORE INTERNATIONAL
Aviation prospects in Mexico, Brazil, Panama, Argentina: IES

AVIATION opportunities in selected countries seen through the eyes of International Enterprise (IE) Singapore.
...

Panama: The next 40 years will see the former Howard Military Base transformed into a mixed-use community called Panama Pacifico. The $705 million project includes an airport and logistics hub.

Signalling Panama's commitment to develop the aviation sector at Panama Pacifico, Law 41 offers tax benefits for providers of aviation industry services and aviation maintenance, repair and operations (MRO) services. Aerospace Engineering, an offshoot of Singapore-based ST Aerospace, already has a footprint at Panama Pacifico.
...
Full text in http://www.businesstimes.com.sg/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/specialfocus/story/0,4574,356731,00.html ?

SINGAPORE INTERNATIONAL
The Latin American route

The aviation opportunities Latin America has to offer extend beyond air cargo, reports CHUANG PECK MING

SINGAPORE Airlines Cargo launched flights to several Latin American cities in February this year because it wanted to fly flowers from Ecuador and Colombia to the rest of the world.

Oh, and it was also eyeing a cut of the business of shipping Brazil's electronics exports.

At the moment, the continuing global slump in electronics has kept exports down. But worldwide demand for freshly cut flowers is in bloom again.
...

'As the world economy picks up, so will air cargo movements in and out of Latin America to various parts of the world,' says Angeline Chan, head of the transport and logisticis division at International Enterprise (IE) Singapore.

Due to the vast size of countries in Latin America, air transport is a vital link, she says. 'There is a need for an efficient and well-connected civil aviation system to link the sparsely inhabited areas with major economic centres. And aviation infrastructure is also necessary infrastructure to support trade in and out of the region.'

Air-services agreements that allow civil aviation between countries, and the physical connectivity of airlines, are essential for cargo traffic, Ms Chan says. So it's good for Singapore air-cargo service providers that Singapore has just signed new air services agreements with several Latin American states.

By end-2008, Singapore had air service agreements with Argentina, Brazil, Chile, Mexico and Panama in Latin America. Since 2009, Ms Chan says IE Singapore, which is pushing Singapore companies to go global, has been helping the Civil Aviation Authority of Singapore build a network of air services agreements to link Singapore with major air cargo and passenger routes in Latin America.

Full text in http://www.businesstimes.com.sg/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/specialfocus/story/0,4574,356727,00.html? .

Pteris wants to jive to Latin American beat http://www.businesstimes.com.sg/mnt/html/btpre/registration/redirect.jsp?dlink=/sub/specialfocus/story/0,4574,356734,00.html ?

For more information about IESingapore, please contact
Ms Jocelyn Cai

International Enterprise Singapore

+ 65 6433 4583 tel+ 65 6337 6898 fax

Singapore: Latin America's Asian Partner

Panama has a Free Trade Agreement with Singapore and this year will be participating in the Latin Asia Business Forum http://www.latinasiabiz.com/ starting November 12. The conference coincides with the Asia Pacific Economic Conference APEC http://www.apec2009.sg/ which is attended by Mexico, Peru and Chile as Latin American countries.

Singapore companies doing business in Panama include ST Aerospace (Panama Aerospace Engineering) at former Howard AFB, CrimsonLogic at City of Knowledge and soon PSA at the future Farfan port.

---

Monday, September 17, 2007
Singapore: Latin America's Asian Partner

Latin America is becoming more important for Singapore. Latin American companies can use Singapore as a bridge to China and India.

BY SATVINDER SINGH

Latin America is an increasingly important market for Singaporean companies. At the same time, we are beginning to feel more of Latin America's presence and interests in Asia. (..)

The only other combined market that outpaces this growth is Australia and the Middle East, but their base is too small for real comparison. Singapore's trade with Latin America has also been increasing. Between 2004 and 2006, total trade involving Singapore and Latin America grew at an average of 29.1 percent per year to $7.8 billion. However, this constitutes only 1.46 percent of Singapore's total trade.

In terms of investments, it is lesser known fact how much a small nation like Singapore invests in Latin America and the Caribbean. We have invested about $28 billion, albeit much of it directed towards tax havens such as British Virgin Islands, the Cayman Islands and Bermuda. Nevertheless, Singaporean companies have made significant, direct long-term investments in the region. At the end of 2004, Singapore's stock of investments in Brazil ($129 million) and Mexico ($556 million) made us Asia's second largest source of foreign direct investment (FDI) in each of those countries. Only Japan surpassed us.

What is more significant is the fact that our companies are not investing in resource assets. Instead, Singaporean companies are investing in high employment-generating sectors. Our footprint in the region numbers more than 60 companies in 21 countries throughout Latin America and the Caribbean. Unfortunately, the same cannot be said of Latin American companies in Asia.

In a survey conducted by International Enterprise (IE) Singapore last year, we found that companies generally venture into Latin America due to demand for their products and services. More encouragingly, 85 percent of respondents reported that investments have been profitable. Reflecting confidence in business opportunities, more than half (53 percent) of survey respondents expressed an intention to further expand Latin American operations. If we had done a similar survey looking at Singaporean companies doing business in China and India, I do not think we would have found a similar level of profitability.

Today, China and India account for 37 percent of the world's population and constitute 18 percent of the global economy. We can only expect these figures to grow in the foreseeable future, given both real gross domestic product (GDP) growth and the level of private consumption in Asia. It is becoming apparent why most Boards of Directors of Asian and Latin American companies are forcing their business development teams to come up with an Asian strategy.

Two or three years ago, in my position at International Enterprise Singapore­a government agency responsible for helping Singapore-based companies to internationalize operations and foster the development of Singapore as a thriving global trading hub­there was a little procrastination when I wanted to meet Latin American multinational corporation executives. Today it is different; they want to meet and see how we can help with their Asian strategy.

SINGAPORE AND CHINA

The sheer size and strength of China's economy poses both challenges and opportunities. Singapore's strategy has been to identify niches and complementary areas where we can add value rather than directly compete.

In 2006, Singapore's trade with China stood at $55 billion, an increase of 27 percent over the previous year, making it Singapore's fourth largest trading partner. Since 1997, China has also been the number one investment destination for Singaporean companies. Singapore is China's seventh largest investor, having accumulatively invested more than $15 billion.

Singapore's relationship with China is marked by a very significant role that we played in the early stage of its open door policy. In the late 1980s, our ex-Deputy Prime Minister Mr Goh Keng Swee acted as an economic advisor to Shenzhe­China's first special economic zone.

In 1994, the two countries strengthened their relationship by jointly embarking on a large-scale township development project­the Suzhou Industrial Park (SIP). Today, the SIP is a well-managed and integrated township of over 70 square kilometers with excellent infrastructure and a high-quality environment, accommodating 80,000 residents. It has attracted $16 billion in investment, and since inception, its GDP has grown at an average of 45 percent per year.

However, the picture was not always rosy. We did go through our learning curve. We learned that it was not enough to just cultivate relationships at the central government level. From the SIP project, it became clear that relationships should be built at the provincial and municipal levels. It seems obvious today, but in 1990s it was not so apparent.

To ensure these strong relationships continue, we have since adopted several approaches. First, we are using political platforms to strengthen relationships. We have established several G-G level platforms. At the central government level, we have the Joint Council for Bilateral Cooperation chaired by the Deputy Prime Ministers from both countries. Also, we have developed provincial-level Business Councils to raise awareness about business opportunities and to facilitate Singaporean companies' commercial interests in certain provinces. These Councils allow stronger relationships to be built between the political leadership and also provide avenues for co-investment and dispute resolution.

We are also helping Singapore-based companies internationalize in China. IE Singapore has set- up offices in nine locations in China to provide on-the-ground support for our businesses. Importantly, we have chosen to be selective in our approach and focused on a few key sectors where Singapore companies have solid track records and international reputation (e.g. environmental engineering, water and waste water treatment, healthcare management, education services, infrastructure, and industrial park development).

To attract Chinese investment, Singapore is positioning itself as a gateway to the global economy. Our wide network of free-tade agreements (FTAs), excellent logistics and communications network, and similar language and cultural background make Singapore a natural choice. To date, over 2,300 Chinese companies have established operations in Singapore. Of them, 116 companies have also chosen to list in Singapore to capitalize on our corporate governance standards and capital market depth.

SINGAPORE AND INDIA

Bilateral trade between India and Singapore has grown to record levels, reaching $13 billion in 2006, an over 20 percent increase from 2005. Singapore investments in India have also grown. We are India's seventh largest inward investor country with cumulative investments worth $1.6 billion. In 2006, Singapore was India's second largest investor.

How have we strengthened our engagement with India? In the last three years, Singapore secured a solid FTA with India. The Comprehensive Economic Cooperation Agreement (CECA) is providing the framework for a more attractive business environment. The Indian government has also recently decided to set up special economic zones (SEZs) to provide a catalyst for the growth of manufacturing and export sectors. Singapore and India have agreed to jointly set up an SEZ in India, and both sides are working to implement it.

In return, Indian companies have also found Singapore to be a logical springboard to other markets. The more than 2,000 Indian companies in Singapore are using our infrastructure and services to do business globally.

If you are wondering why this is happening, I will let you in on the best kept secret in the business world: the Singapore government has been actively supporting and investing in the export growth of foreign companies based in Singapore that are doing business in Asia and beyond. We provide incentives and grants for business development being coordinated from Singapore for the rest of the world. Shouldn't Latin American companies wanting to grow in Asia also join the club?

Satvinder Singh is the Americas Regional Director at International Enterprise Singapore. This column is based on a Viewpoints Americas from the Americas Society and the Council of the Americas.

Full text in http://www.latinbusinesschronicle.com/app/article.aspx?id=1640