Minseg publishes an Executive Decree in the Official Gazette which modifies the requirements for immigration permits
Executive Decree No. 197 (From Friday, May 7, 2021) THAT MODIFIES AND ADDS ARTICLES TO EXECUTIVE DECREE NO. 416 OF JUNE 13, 2012, WHICH CREATES WITHIN THE IMMIGRATION CATEGORY OF PERMANENT RESIDENT, THE SUBCATEGORY OF PERMANENT RESIDENT, AS NATIONAL FOREIGNERS FROM SPECIFIC COUNTRIES THAT HAVE FRIENDLY, PROFESSIONAL AND ECONOMIC INVESTMENT RELATIONS WITH THE REPUBLIC OF PANAMA.
This Executive Decree 197, which will take effect after a period of 90 days has elapsed from its promulgation, details the nationalities of foreigners who can opt for an immigration permit as a “permanent resident” in Panama, establishing that these permits may only be be granted for labor reasons, for investment in real estate.
Relevant points:
- Temporary residence will be given firstly for the first 2 years. Then, those people who have temporary residence and who have the requirements will be able to apply for permanent residence.
- The financial solvency requirement is restricted to only two possibilities: employment in a Panamanian company or investment in real estate for at least USD $ 200,000.
- The ownership of a business in Panama, as proof of economic solvency, is suppressed as an option.
- Taiwan is removed from the list of nations eligible for the program.
The document determines the additional precautions that foreigners of various nationalities interested in receiving this immigration treatment must provide.
By C.B.
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