Changes To The Friendly Nations Visa of Panama
/From 20 August 2021, changes to the Friendly Nations Visa of Panama will come into effect. What changes are expected?
1. A temporary residence visa is issued for two years. However, it is possible to apply for and obtain a residence permit by submitting a second application thirty calendar days or less before the expiration of the original two-year temporary residence permit.
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2. It is possible to apply for this visa specifying the purpose of residence in Panama, depending on the economic or professional activity, with the exception of those professions and activities that are intended for Panamanians. You can demonstrate the purpose:
A. Work: The applicant must already have a job in Panama as a work permit must be submitted and approved in order for the residence permit to be approved.
B. Investment in real estate: the applicant's purchase of real estate in Panama for an amount of at least USD 200,000. The purchase can be financed by a local bank. It is important that the purchase be made in the name of the applicant and not through a company or private foundation.
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Source: mondaq
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