The Executive Decree No. 19 of May 7th, 2021 was promulgated. This Decree modifies Executive Decree No. 416 of June 13, 2012 related to the permanent residence permit as friendly countries to Panama.
The changes are significant, and it establishes that to apply for permanent residence as Friendly Countries to Panama, it can be applied according to two (2) types of options:
1. As work reasons.
· Letter of employment, that states the position, salary, and responsibility of the employer.
· Certificate of existence of the company of the employing company.
· Commercial License.
** For the approval of the permanent residence, the company and the applicant are obliged to apply for a work permit. ***
2. As investor of real estate
The applicant must invest US$200,000.00 in real estate, either directly or through bank financing.
These changes will take effect from August 20th, 2021.