Panama New Immigration Law: Effective 8/26/08
(http://www.panamalaw.org/) Tourist Visa – It is 90 days with a possibility for a 90-day renewal for good cause, not an automatic renewal.
Permanent Visas - for Investors are only possible after having completed three consecutive 2-year temporary visas.
Reforestation – The temporary is now $60,000 minimum with a 10-hectare requirement. This is up from $40,000. The permanent reforestation visa is now $80,000 with a requirement of 20 hectares.
Small Business Investor Visa – There is no longer a small business investor visa.
Investor Visa - Now requires an investment of $160,000 up from $100,000 and requires 5 full time Panamanian workers at the minimum wage.
Self –Solvency Visa (Bank Account) – is now up to $300,000 put in an approved Panama bank account for 3 years.
Self-Solvency Investor Visa (Real Estate) – now requires $300,000 equity in form of cash down payment. You can mix mortgage and cash in bank for up to $30,000. Now possible to hold real estate under a Panama Foundation if primary applicant is the beneficiary of the foundation or if the founder.
Rentista Visa – now requires a deposit in the national bank of Panama for five years that yields $2000 a month, up from $750. Figure today at least $600,000. NO PASSPORT is included any more.
Pensionado Visa – is now raised to $1000 per month up from $500. There is a provision to mix property up to $100,000 in personally held Panama real estate. Equity only from cash placement. Not clear on ratios. Dependents are an extra $250 each, up from $100.
Reminder – People who are financially secure, independent or doing their own pension do not belong under this program. The programs involving investing $300,000 in the bank for 3 years or same amount in real estate are for you. The other one is the Rentista, which requires about $600,000 in bank generating $2000 a month for five years.
Multi entry Visas – now issued for up to five years, previously two.
Note – This is far from all the changes and modifications in the Immigration law. This is a brief summary of the changes that we feel are most relevant to our clients. Generally the changes were mostly alterations to dollar amounts and time periods.
Feel Free to Inquire about Immigration in other countries where there are lower requirements and easy paths to citizenship.
