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.

New Regulations for Immigration Law are enacted

Minimum amounts for investment visas are increased

As announced in a previous posting, regulations for Immigration Law were being drafted. Executive Decree 320 of 2008 was published this week and gives the fine print for the Immigration Law enacted in early 2008.

Effective August 26, the main changes from current practice would be:

- Tourists may remain in the country only for 90 days, with only those with an original period under 90 days being able to ask for an extension to complete the 90 days when justified (Art. 21),
- Foreign workers within the 10% maximum must have a salary of US$850 monthly to apply for residency and work permit (Art. 79), up from US$500,
- Foreign executives representing foreign multinationals under the WTO Marrakech-round visas must have a salary of US$1000 monthly to apply for residency and work permit (Art. 92), up from US$500,
- Investor permanent visas may only be granted after having asked for three 2-year temporary visas for a total of 6 years (Art. 95),
- Agricultural visa minimum investment is raised to US$60,000 (Art. 96), up from no minimum,
- Forestry temporary visa minimum investment is raised to US$60,000, up from US$40,000, with an additional requirement of 10 hectares purchased (Art. 100),
- Forestry permanent visa minimum investment is doubled to US$80,000, with an additional requirement of 20 hectares purchased (Art. 180),
- Small-business investor visa is eliminated,
- Macro-business investor visa minimum investment is raised to US$160,000, up from US$100,000, with an additional requirement of 5 Panamanian full-time workers (Art. 185, 188),
- Self-solvency investor visa minimum investment is increased to US$300,000, up from US$100,000, left in Panama bank account for 3 years (Art. 192).
- Self-solvency investor visa minimum investment alternatives include also real estate for which at least US$300,000 is paid for, free of mortgage (Art. 193) or a mixture of a 3-year deposit and mortgage-free real estate up to a combined minimum of US$300,000 (Art. 194),
- Self-solvency investor visa real estate may be held under a Private Foundation which founder or beneficiary is the applicant,
- The minimum return on a Panama National Bank CD for the Rentista visa is increased to US$2,000 monthly, up from US$750 (Art. 196),
- Pensionado minimum income is raised to US$1,000, up from US$500, or a mixture of US$100,000 in directly-held Panama real estate (Art. 200 - it does not specify if the property is free of mortgage),
- Pictures must show the face of the applicant (no full burkha pictures) (Art. 245),
- Tourists must enter with passport having no less than 3 months of duration (Art. 255),
- Multiple-entry permits may be issued for up to 5 years, up form 2 years (Art. 262).

The final text of the 2008 Immigration Regulations and Law can be downloaded in PDF files (Yahoo registration required):
http://groups.yahoo.com/group/Live_in_Panama/files/ED320_08Migracion.pdf
http://groups.yahoo.com/group/Live_in_Panama/files/DLey3_08Migracion.pdf

More about the new Panama Immigration Law in:
"Collapse" at Immigration offices
30-day countdown to new Immigration law requirements
Immigration and Visas
Regulations for Immigration Law are being drafted
2008 Immigration Law finally published

.

2008 Immigration Law finally published

The 2008 Immigration law was finally published online in the Gaceta Oficial as Law Decree 3 of February 22, 2008, whereby the National Immigration Service, the Immigration Civil Services and other provisions are created.

The final text of the Immigration law can be downloaded in PDF files (Yahoo registration required):
http://groups.yahoo.com/group/Live_in_Panama/files/DLey3_08Migracion.pdf

Getting your resident visa in Panama

RESIDENCE REQUIREMENTS IN PANAMA

Permanent Residency ("I-" visas) is granted to foreigners:

1) Investing US$40,000 in a Panama non-retail business and effectively employing 3 Panamanians,

2) Holding a US$200,000 CD time deposit (plazo fijo) account in a Panama bank for at least 2 years,

3) Owning a fully-paid house for US$80,000, a timed deposit for at least 2 years, for at least US$120,000 and "provide evidence of the source and amount of income used to cover his/her general expenses",

4) Married to a Panamanian spouse, subject to an interview to verify if it is a bona fide marriage.

Residents earning income from Panama sources (except bank accounts in Panama or securities from Panama public companies) must pay Panama income taxes on said income.

"I-" visa holders can apply also for a permanent residence "cedula" card.

Pensioner Visas are granted to foreigners:

1) Holding a US$125,000 CD in the Panama National Bank yielding US$750.00 monthly for 5 years as Retiree ("Rentista"),

2) Earning a pension from a social security or any foreign government pension authority above US$500.00 monthly as Pensioner ("Pensionado").

Other residence categories exist that are applicable to foreigners sponsored by local employers or educational institutions as part of a foreign worker quota of no more than 10% per company.

In addition to specific documents depending on the type of visa requested, all applicants (except for Married to a Panamanian spouse Visa and Pensioners) must provide, at least:

1) Police Record or Certificate of Disposition from the Town Court of the applicant, authenticated by Panama Consul or with Apostille from the Department of State of origin (except for Pensioners),

2) Medical exam by a Panamanian doctor

Information is valid as to 2/6/2005 and is subject to changes at the discretion of the Directorate of Immigration in Panama City.