Many qualified, service-oriented people board flights to Panama every year. Panama has one of the fastest-growing economies in Latin America. Recently, the government has implemented special economic regimes encouraging major economic groups to set up regional offices. These regimes, along with new immigration policies, have created additional immigration categories, expanding options for foreign investors and professionals who wish to establish residency in Panama and establish their primary investment base.

However, the proper establishment of immigration law may carry significant legal implications for new immigrants seeking residency in Panama. Under Panamanian immigration law, various types of visas and permits are available depending on nationality, the activity or investment to be undertaken, or the duration of stay in the country. Therefore, consulting with a reputable international law firm in Panama regarding your immigration process can provide you with the right guidance and legal assurance.

Non-Resident Visa

Those entering Panama will use a non-resident status for leisure or recreation and may be granted a maximum stay of 180 days, depending on their citizenship. These short-stay visas are intended for visitors who arrive in the country with a specific purpose but do not plan to reside there for an extended time. While an ordinary tourist visa allows for a maximum of six months, short-stay visas can be issued for a non-extendable period of up to nine months.

Temporary Residence Permit

This permit may be used by people entering Panama for employment reasons, under particular government policies, for educational, cultural, humanitarian or family unification purposes, and by those who intend to stay in the country for longer periods. This permit is authorized for one year and may be renewed annually for six years.

Residency In Panama Through Investment

Obtaining residency in Panama can be an excellent Plan due to its simplicity and lack of minimum presence requirements. The vibrant, picturesque cities, the crystal-clear waters of coastal towns, and the low cost of living are just a few reasons to seek permanent residency and live in Panama. After spending time in Panama, you can apply for citizenship.

Advantages Of The Panama Residency By Investment Program

Despite its critical immigration process, Panama has several advantages regarding residency. If you are a new immigrant seeking residency, you can consult with an International law firm in Panama. These firms have skilled lawyers who specialize in immigrant law and have in-depth knowledge of international affairs.

Tax-Friendly Policies

Panama’s tax regime favors individuals and businesses, as income earned outside the country is exempt from taxation. This policy applies to any Panamanian company owned or controlled by an individual, making it a popular choice for wealthy individuals and international entrepreneurs seeking a tax-advantageous environment.

Global Banking Hub

Panama’s tax-free policy on international income sourced outside its borders and its strict secrecy and privacy laws have made it attractive for banks and individuals seeking a secure location to manage their finances. Unlike other regions, including Europe, freezing personal and business accounts in Panama is rare and only occurs in cases of severe offenses.

Permanent Residence Permit

This permit is granted to three categories of foreign nationals: those who come to the country to settle permanently for economic and investment reasons, those who enter under specific government programs, and those who immigrate for demographic and family reunification purposes. A two-year provisional residence permit and identification document are issued upon requesting permanent residence status. After this provisional period, permanent residence is granted if the applicant meets the requirements.

Legislation And Policy

Panamanian immigration law has varying requirements for entering the territory based on the traveler’s citizenship. An international law firm in Panama addresses disputes that arise from such arrangements. They understand how the immigration process operates in Panama, including its immigration laws and the necessary procedures for those seeking residency.

Citizens from specific countries must obtain a special one-month tourist visa at a Panamanian consulate before their trip. This visa is valid for their home country, which typically does not require such a special visa. However, travelers must acquire a tourist card at the airline counter before entering Panama.

A tourist visa is valid for three months and enables the holder to engage in tourism, business, or investment activities within the country. Whether a foreign national seeks to apply for a non-resident visa or a residence permit, immigration laws impose varying requirements depending on individual circumstances.

The Immigration Authorities

The Law Decree established the National Immigration Service as a public security body under the Ministry of Public Security. This service coordinates, supervises, and implements the Republic of Panama’s immigration policies.

The Ministry of Labour oversees the requirements and procedures for obtaining a work permit, including the approval of employment contracts. This Ministry also monitors the application of the general rule of proportions regarding the ratio of foreign to national employees, as mentioned previously.

The Ministry of Public Security’s Security Council investigates specific cases and authorizes visa issuance for nationals from restricted countries. However, if any disputes arise after a legal procedure, the international law firm in Panama will overlook the case and entertain in favor of the victim.