Pardini & Asociados Image Pardini & Asociados Image

Peru is included in the list of Friendly Countries

Posted on 2021-07-21

By Executive Decree No. 226 of July 20, 2021, Panama includes Peru in its list of Friendly Countries, which allows people of peruvian nationality to opt for the Permanent Resident permit through this category. 
 
The National Migration Service may grant a Provisional Residence permit for a period of two years to those persons who request the subcategory of Permanent Resident, as foreigners nationals of specific countries who maintain friendly, professional, economic and investment relations with the Republic of Panama, in order to exercise economic or professional activities, in accordance with the provisions of this Executive Decree. 
 
All applicants must comply with requirements such as the police record, copies of passports, health certificates, passport-size photographs and must also provide documentation that demonstrates the purpose of the residence application according to the economic or professional activity to carry out, except for activities or professions reserved by law for nationals, which may be demonstrated for any of the following reasons: 
 
Labor: 
  • Letter of employment on letterhead, signed by the legal representative of the employer, certifying the position, salary and commitment to assume the repatriation expenses, as the case may be. 
  • Certificate from the Public Registry of Panama of the employing company. 
  • Notice of Operation of the employing company. In the event that the employing company is not obliged to maintain a Notice of Operation, the supporting document must be provided, as established in article 4 of Law 5 of 2017.  
For the approval of the Residence Permit, the applicant and his employer will be obliged to process before the Ministry of Labor and Labor Development the work permit that authorizes the applicant to work in the national territory. 
 
 
For Investment in a real estate: 
  • Certificate from the Public Registry of Panama that proves the ownership of the real estate, in the personal capacity of the applicant, of a legal person in which the applicant is the natural person who is the final beneficiary of the shares, contributions or social quotas of the company; or, founder and final beneficiary of a private interest foundation; provided that the real estate has a minimum value of two hundred thousand dollars (US $ 200,000.00). The acquisition of the property may be financed through a local bank. 
 
By fixed-term deposit: 
  • Certification of a bank with a general license that operates in the national territory, which proves the existence of the deposit, its holder, the value, the term and that it is free of encumbrances, with a minimum validity of three years and for a value not less of two hundred thousand dollars (US $ 200,000.00). This investment may be made in a personal capacity by the applicant, by a legal person in which the applicant is the natural person who is the final beneficiary of the shares, contributions or social quotas of the company; or, founder and final beneficiary of a private interest foundation. 
 
This option allows you to obtain Provisional Residence for two years and apply for Permanent Residence in the third year. 
 
For more information, please contact us
 
Pardini & Asociados 
 
 

Ready to do Business in Panama?

Our Panama attorneys law firm offers a Guide to Doing Business in Panama completely FREE! Download here!

Get it now

Pardini & Asociados Image