PTY Lawyers talks about the new immigration law in Panama

This week, the government of Panama created an immigration sub category that will make it easier for foreigners from certain countries to obtain Permanent  Residency status in Panama. The law which is yet to be ratified will allow foreigners qualifying for the new visa to “exercise professional activities” such as get a job or start a business.  I spoke to Tanya Coronado of PTY Lawyers to gain an understanding of what the implications of this law are. “The basic idea is to allow people from countries with good business relations with Panama to come. The most important thing about this visa is that there is no age limit. Whoever has a reason to stay in the country, and is able to prove it, will be able to get permanent residency." "As soon as they apply, they will get a temporary resident visa for one year and hopefully,  within 4 to 6 months the visa will be granted permanent residency."

"The requirements are very general.  As long as you have a bank account proving that you can sustain a balance of $5,000 and that you have a reason to stay in the country, such as shares in a corporation, part of a company's board of directors or, that you have some kind of activity in which you can prove that you have a business relationship within the country, you can stay here".

I asked Tanya, if she had any concerns about this law.

"As a Panamanian and as a lawyer, we want requirements with high standards for Immigrants to come to Panama. We want to keep Panama an exclusive country to live in. Presently, you either need a pension or to have enough money to live here.  If Panama says you can come to this country with only $5000 in the bank.  Virtually anyone can meet those requirements".

"On the other hand", says Tanya, "for people who are residing in Panama as tourists and have to leave every 6 month to keep their status, this visa  would be a great opportunity to amend their status in Panama and be allowed to work as entrepreneurs."

What about people who are currently in the process of visa application? Once this law is ratified, could people switch to this new application?

"I don't recommend it", says Tanya, "although it would depend on where you are in the application process. To cancel an application, you need to file a petition that you want to discontinue the application and then start new.  Expenses already encountered such as the registration deposits and other fees would not be reimbursed, and additional fees would be incurred."

With such easy requirements on immigration, one wonders if this law will last. Certainly once ratified, a rush on visa applications is expected.

"I presently file Immigration applications every week", says Tanya. "We are at the immigration offices at 7:30 am and still have to wait 2 to 3  hours to present our files. If this gets ratified it will double the demand, the number of applications will increase and the lines will get out of  control. They will have to do something".

That 'something' may be in the form of an electronic application allowing people to file themselves. However if the self application is complicated, the backlog in rejections could offset the hours spent in waiting lines.

In the next few days, the fate of the new law will be determined in discussions with the Bar Association and the government. Ratification is expected.

Tanya Coronado of PTY Lawyers is at the beaches in Playacommunity's office every Monday.