Recently, Executive Decree No. 197 of May 7, 2021, was issued. This Decree modifies Articles 2 and 3 of Executive Decree No. 416 of June 13, 2012, which created the migratory subcategory of permanent resident as foreign nationals of specific countries that maintain friendly, professional, economic, and investment relations with the Republic of Panama, better known as “Friendly Countries.”
Among the modifications we can highlight:
- The Hong Kong Special Administrative Region of the People’s Republic of China is now considered a “Friendly Country.”
- The National Immigration Service will first grant a two (2) years provisional residence permit to applicants. To be eligible, individuals may exercise economic or professional activities under the provisions of Executive Decree No. 416, and its amendments. Once this provisional residence permit expires, the individual will then be eligible for a permanent residence permit.
- Only economic or professional activities carried out for (i) labor or (ii) investment reasons will be considered proof of purpose for applying to this provisional permit.
- Proof of the applicant’s economic solvency, or a copy of a second identity document of the applicant’s country of origin or a residence card of the country in question will not be necessary.
These new changes will be effective as of August 19, 2021.
To access a copy of the Executive Decree, please click here.
If you are interested in further information or the complete list of the requirements to apply for this visa, please contact María Montserrat Dorado Yero at email@example.com