17 August, 2022

Panama modifies immigration program for foreigners from "Friendly Countries" to attract investment

Photo: Panama presidency

Editorial Dept. Voz de la Diaspora

The Panamanian government announced modifications to the immigration program known as “friendly countries” with the aim of encouraging the entry of foreign investors from specific nations., at a time when they seek to reactivate the economy impacted by the coronavirus pandemic that affects the world.

With the change, Peru is added to the list of countries that can access the immigration benefit as foreigners from nations that maintain friendly relations, professionals, economic and investment with Panama, according to an official statement.

The modifications are "in accordance with the current needs of the country, to incorporate new forms of investment that promote the generation of economic income ... by applicants ... contributing to national economic development ", the authorities explained.

In fact, foreigners may request provisional residence for two years for work reasons., investment in a property, and fixed-term deposit.

“… You can opt for a temporary residence with a real estate investment of $200,000.00 or a fixed-term account for the same amount ", according to an official note.

As long as it is for work reasons, Among the requirements that the foreigner will present is a letter of employment signed by the legal representative of the employer who must assume the expenses of a repatriation.

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 ", said the government.

In the case that it is a request for a fixed-term deposit, a bank that operates in national territory must certify the existence of the owner of the account., and the deposit with a minimum validity of three years for a value not less than the $200 thousand.

The government clarified that to opt for permanent residence, Applicants must apply to the qualified investor program that is regulated by a decree of 2020 which specifies “that foreigners must invest in real estate for a minimum of $300,000.00 during the first 24 months ”of staying in the country.