This is the third most requested migratory category to date in the National Immigration Service of Panama.
To get an idea, only in the month of March 2021, 637 visas of this type have been approved by the National Immigration Service of Panama.
The Extraordinary Regulation of Foreigners Program, popularly known as the “Crucible of Races”, was promoted to seek the extraordinary regulation of a large number of foreigners in Panama, mainly Latin Americans. These citizens could quickly access to an immigration status.
The program “Panama, Crucible of Races”, has created by Executive Decree No. 416 dated June 13, 2012 the immigration subcategory as foreigners nationals of specific countries who have friendly, professional, economic and investment relations with the Republic of Panama, known as Friendly Countries.
What you should know about some migratory changes in Panama for the visa of friendly countries:
Under this category, depending on the nationality, the foreigner who aspired to a “Friendly Countries” visa had the duty to prove an economic or professional purpose, which allowed him to request his residence in this capacity.
To prove the foregoing, the foreigner could demonstrate that he was a member of the Board of Directors of a corporation constituted and existing under the laws of the Republic of Panama and, also, holder of a certificate of paid and released shares of such company, or also the foreigner can prove it with the documentation that a company hired it locally.
If the person met all the legal requirements, they would be granted a Permanent Resident visa and then they could apply for their work permit.
The Ministry of Public Security, through Executive Decree No. 197 of May 7, 2021, modified articles of this subcategory, making changes, among which the most relevant are:
– Taiwan is removed from the list of friendly countries.
– Permanent Residence is not given on the first application. What is granted first is a two-year Provisional Residence. After two years, the Permanent Residence of this migratory category can be requested.
– In order for this type of residence to be approved, in cases where it is applied for work reasons, it is mandatory to obtain a work permit with the Ministry of Labor and Social Development and to have it approved.
– For those who request this visa through an investment in a real estate, they must have: a Certificate of the Public Registry of Panama that proves the ownership of the real estate, which must be in the name of the applicant, with a minimum value of (B / 200,000.00) balboas operation that may be financed through a local bank.
The modifications that take effect by this Decree enter into force on August 6, 2021.
If you are interested in knowing more, at ba-lawfirm.com, we have Panamanian lawyers specialized in Migration Services, who have solutions to your requirements.
If you need advice on migration services, contact us at ba-lawfirm.com or through our email consultas@ba-lawfirm.com, we are ready to help you.
