Decree 197 Of 7th Of May 2021 And Update Decree 226 Of 21st Of July 2021.

Starting the 7^th of August 2021, in order to apply to the Friendly Nations Visa you may choose one of the following options:

• Investment on real estate or fixed deposit (local bank) of US$200,000 (local credit by bank applies);
• Work as an employee on a Panama company.

The investment on the bank account or real estate can be owned by a Panama foundation or Panama corporation, as long as the shareholder or founder / beneficiary is the applicant. Once the application is submitted the immigration office will issue a six month temporary permit, which will be replaced by a two year permit.

Before the expiry of the two year permit, a renewal will be required in order to request the permanent residence.

What the Countries that can apply to this permit?

United Kingdom, Germany, Argentina, Australia, South Korea, Austria, Brazil, Belgium, Canada, Spain, United States of America, Slovakia, France, Finland, The Netherlands, Ireland, Japan, Norway, Check Republic, Switzerland, Singapore, Uruguay, Chile, Sweden, Poland, Hungary, Greece, Portugal, Croatia, Estonia, Lithuania, Latvia, Chipre, Malta, Serbia, Montenegro, Israel, Denmark, South Africa, New Zealand, Hong Kong, Luxembourg, Liechtenstein, Monaco, Andorra, San Marino, Costa Rica, Paraguay, México* and Peru.

*Taiwan was removed by Decree 197 of 2021.

What are the required documents to apply?

1. Three (3) Photos per Applicant;
2. Background check with apostille or legalized by the Consulate of Panama. From the applicant’s country of origin or the country where you have lived for the past two years.

If you are providing a background check from a country where you are not a citizen, but a resident, you must provide the legal residency identification which can be a driver’s license or any other government issued ID., which must be authenticated by the Embassy or Consulate of Panama, or Apostilled.

3. Documents to prove economic or work reasons:

3.1  If you apply for work reasons:

• Work letter on company’s letterhead. Title, salary and willingness to assume the repatriation expenses must be included in the letter signed by the company’s representative;
• Employer’s Certificate of Public Registry;
• Employer’s business license or certification that the company does not requires one

Note: To obtain this application approved the applicant must request the work permit at the Ministry of Labor.

3.2 If you apply by investment on real estate

1) Property’s Certificate of Public registry.  The property must be bought on personal name with a minimum value of US$200,000, and this investment may be financed by a local bank.

3.3 If you apply by investment on fixed-term deposit 

1) Bank certification that shows opening of fixed-term deposit account on behalf of the applicant, in the amount of two hundred thousand dollars (US$ 200,000.00) with a minimum duration of three (3) years, in any general license bank in Panama. The certification must also indicate that the deposit is free of encumbrances.

Required Documents that will be submitted once you are in Panama:

1. Application for Permanent Residency with a Special Power of Attorney authorizing me to act on your behalf, duly notarized.
2. FULL passport notarized copy.
3. Original medical examination report from a certified Panama medical doctor. (We will assist you in the obtention).
4. Two Certified Checks:

(a) $250 USD in favor of “Tesoro Nacional” (National Treasury) for immigration fees; and

(b) $800 USD in favor of “Servicio Nacional de Migracion” (National Immigration Service) for repatriation purposes (deportation fund).

5. Documents in other language than Spanish shall be translated by an public authorized translator.
6. Health Certificate.
7. Personal Background Form (Affidavit Form).

In the case of dependents:

• Letter of responsibility.
• Constancy of family relationship.
• Proof of domicile
• Older than 18 years must submit single certificate and certified studies.

For the renewal after the 2 provisional years have passed, the requirements are the same but the payment of the US$250 and US$800 that are paid only the first time.

As you can see the requirement for economic purposes by investing on a Panama corporation with a solvency of US$5,000.00 is no longer acceptable but by investing on real estate or fixed term deposit in Panama or by working in a Panama company.

If you have doubts or questions, please do not hesitate to contact me.