On May 20, 2021, the government of the Republic of Panama enacted the Executive Decree No. 197 of May 7th, 2021 and further the Executive Decree No. 226 of July 20, 2021, which modifies the of Friendly Countryr Residency Program. The new changes reduce the requirements but also the options for complying the program.
Program changes:
- The new regulation will begin as of August 7, 2021.
- The program does not longer grant immediate permanent residency status. With new modifications the applicant will initially receive a 2-year temporary residency status and further the right to opt for permanent residency, just as many other residency programs.
- The economical link with Panama can only be achieved by purchasing a real estate of no less than US$ 200K (applicant can finance the purchase or real estate), or setting up a time deposit for US$ 200K for 3 years in a Panamanian bank
- The professional link with Panama can only be achieved by having a formal labor contract with licensed company in Panama and conditioned to the procurement of a work permit issued by the Ministry of Labor.
- The bank account in Panama or corporations are no longer required.
- Taiwan has been removed from the list of countries and Peru has been included.
*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, Mexico, Costa Rica and Peru.
Once the visa petition is submitted before the Immigration Department, a 2-year temporary residency status will be granted. Upon the finalization of such period, applicant and dependents will be entitled to process a permanent residency application. The permanent residency permit grants the applicant an additional foreign resident permanent ID Card (cédula) and the right to apply for Panamanian Nationality after 5 years.
