Due to the country’s determination to grow through a favorable investment scenario and the promotion of professional ties, the Panamanian state includes in its legislation a statute for inhabitants of its friendly nations to live and work in Panama.
The flexibilities to migrate to Panama are stated in the Law No. 3 of 2008 and are regulated by a Presidential Decree set forth in 2012, they contemplate granting foreigners the status of Permanent Residents, the possibility of getting a Panamanian ID as well as a Permanent Work Permit.
The provisions are stated in “Panama Friendly Nations Permanent Residence” decree, known as “Panama’s Friendly Nations Visa “.The requirements are minimal and the process is usually quick .The procedures take about six months.
This opening endeavor aimed at strengthening economic relations and professional ties with foreigners from friendly nations began with 22 countries and over the years it has extended to the following fifty:
11. Costa Rica
16. United States of America
21. Hong Kong
34. New Zealand
38. Kingdom of the Netherlands
39. United Kingdom
40. Czech Republic
41. Republic of Korea
42. Republic of Montenegro
43. Republic of Serbia
44. Republic of Marino
46. South Africa
To obtain the status, citizens of friendly nations need to make an application, through a lawyer. Panama’s Friendly Nations Visa can also be granted to the wife or husband of the main applicant as well as his/her sons under 18, sons with disabilities and sons between 18 and 25 years of age who are studying at university.
The Friendly Nations Visa seeks to establish professional and economic relations between Panama and its friendly nations.Basically, it facilitates the opening of new businesses, the acquisition of existing businesses or getting a job in a Panamanian company.
It also admits employees (with work permits) of any Panamanian company or society registered in the Social Security system.
Only some professions such as Medicine, Veterinary Medicine, Law, Architecture, Engineering and the opening retail businesses are exempt from the benefits granted by the state.
To receive the permanent resident status, the applicant must show that he/she has economic solvency. The aplicant must prove having at least $5,000 (five thousand US dollars) in a Panamanian bank account and additional $2,000 (two thousand dollars) for each dependant.
The requirements for a Panama Friendly Nation citizen to acquire the Permanent Resident Visa are basic and the procedures are even more simple when having the the support of a trained, honest and responsible Panamanian lawyer.
Candanedo Correa has an experienced team of lawyers ready to help you. We offer advice and assistance in immigration related issues, visa processing, legalization of the immigration status of foreigners wanting to live in the Republic of Panama and obtain Panamanian nationality via naturalization.
We offer legal advice for the procedures and the submition of the documents to the Department of Migration and Naturalization, so you can enjoy this beautiful Central American country as a naturalized citizen.