By means of Executive-Decree No. 806 of 2012 the government modifies Executive-Decree 343 of 2012 and Executive-Decree No. 416 of 2012 by increasing and unifying the list of countries that can apply for permanent residency in accordance to the immigration residency program of “Foreign applicants from countries with harmonious professional, friendly, economical and/or investment relations with the Republic of Panama”.
The latest list of Countries
United Kingdom of Great Britain & Northern Ireland, Germany, Argentina, Australia, South Korea, Austria, Brazil, Belgium ,Canada, Spain, Chile, Sweden, Poland, Hungary, Greece, Portugal, Croatia, Estonia, Lithuania, Latvia, Cyprus, Malta, Serbia, Montenegro, Israel, Denmark, South Africa, New Zealand, Special Administrative Region of Hong Kong, Luxembourg, Liechtenstein, Monaco, Andorra,
San Marino and Taiwan.
The migratory program allows becoming a permanent resident in a single process as long as the applicant fulfills the general requirements along with the main category requirements.
Main Requirements for this Program
Pardini & Asociados Comments (P&A)
1. General Requirements stated on article 28 of Decree-Law 3 of 2008
P&A – These are the same requirements that any applicant must provide in order to apply for any migratory program. The most important documents to be provided and which need to be produced abroad are:
Note: The abovementioned documents must be duly legalized at the nearest Panamanian consulate or by means of “apostille” stamp.
2. Documentation that support the reasons why applicant requires obtaining a permanent residency in Panama. This documentation must support the economical (business) or professional activity to be performed in Panama.
P&A - This program opens the possibility for many current and future investors and professionals that currently don’t meet the criteria of other immigration program such as the Person of Means (US$ 300K investment), Reforestation (US$ 80K), Large Investor (US$ 160K) & and special law programs (US$ 150K to US$ 250K).
We are confident that the main purpose of this new option is to encourage more investment and normalization of many immigrants status. The main goal is to present all the documentation that clearly justifies substantial reason for applying and deserving to reside permanently in Panama.
3. Financial Solvency of applicant which has to be proved by means of the latest statement of account or a Bank certification
P&A – This requirement is quite easy to fulfill by applicants and therefore should not be considered as an obstacle. Applicant solvency can be fulfilled by presenting a local bank letter stating that account holders has a 4 middle figure account (around US$ Five thousand dollars)
4. Country of origin identification document.
P&A – This could be a driver license photocopy or National identification card. We suggest picture id´s.
5. Dependents documentation
P&A – Any application that includes dependents must have official documents proving the bond to principal applicant.
Children will be considered as dependent until 18 years old and up to 25 years old if children are attending to an education institution (university, college, etc.)
We are pleased by of the simplicity of the requirements and hope this initiative encourages more investors and visitors to do business in Panama.
Lic. Eduardo Achurra.
eachurra@padela.com
Tweet
Pardini & Asociados offers you the Guide to Doing Business in Panama 2023 completely FREE! Download here!
Get it now
