Immigration and labor immigration regime for companies with EMMA license
Executive Decree No. 33 of February 4th, 2021 (hereinafter, the “Decree”), published in the electronic Official Gazette on February 5th, 2021, regulates Law 159 of August 31, 2020 (hereinafter, the “Law”), which created the Special Regime for the Establishment and Operation of Multinational Companies for the Provision of Services Related to Manufacturing (EMMA).
In relation to the immigration and labor immigration regime, the Law and the Decree establish the following:
I. EMMA Immigration Regime:
1. EMMA Temporary Personnel Visa:
- This visa may be requested for foreign workers who provide operational or training services to the company. The visa will be granted for a term of up to two (2) extendable years and will also apply to the worker’s dependents.
- Once the resolution approving the temporary visa is issued, the Ministry of Labor and Labor Development (MITRADEL) will grant the corresponding work permit, without requesting any other additional procedure.
2. EMMA Permanent Personnel Visa:
- This visa may be requested for foreign workers who work as permanent personnel.
- The visa will be granted for a maximum term of five (5) years, extendable for the same term and will apply to the dependents of the foreign worker.
3. Permanent Residence:
- The foreign worker who has worked for one or more companies with an EMMA license, may opt for a permanent residence permit, once the term of five (5) years from the approval of the temporary or permanent personnel visas has elapsed.
- When opting for permanent residence, the foreign worker may find himself working for any company with an EMMA license, or have definitively terminated his employment relationship with it.
Comments:
- The Decree establishes the requirements for EMMA’s temporary and permanent personnel visas, as well as for the permanent residence processes.
- It is provided that applications for temporary and permanent personnel visas may be submitted before the applicants’ arrival to the country. Once they enter the national territory, they will have a term of forty-five calendar days to carry out the corresponding registration and give continuity to the process.
- The possibility that both temporary and permanent personnel may request Permanent Residence after five (5) years from the approval of the respective visas is established.
II. Work Permits for Dependents of EMMA and SEM:
- Dependents under the temporary or permanent personnel visas of EMMA, as well as under the permanent personnel visas of the Multinational Companies Headquarters (SEM) regime, may request work permits before MITRADEL, through the Single Window of the National Investment Directorate of the Ministry of Commerce and Industries (MICI), once the corresponding dependent visa has been approved.
- Dependents will be able to apply for work permits within some of the categories already existing in the country and subject to the payment of income taxes, contributions to Social Security and Educational Tax.
- For the applications of these work permits and their extensions, the requirements established in the current regulations regarding work permits must be provided.
Comments:
- It is established that the dependents of EMMA and SEM will be able to apply to the categories of work permits already existing in the labor immigration legislation, once their visas have been approved. Previously, they could not apply for work permits with the immigration status of dependents.
- MITRADEL and the National Migration Service (SNM) will exchange the information that had been provided for the processing of the respective dependent visa, by the EMMA and SEM companies.
- The institutions involved in these processes will be governed by the principle of administrative efficiency and transparency, in order to quickly and efficiently process work permit applications.
Morgan & Morgan Partners recommended by the Latin American Corporate Counsel Association (LACCA)
Panama, January 21, 2021. Partners Carlos Ernesto González Ramírez (Antitrust & Competition), and Inocencio Galindo (Banking & Finance) have been included at LACCA Approved 2021, a selection of Latin American leading lawyers in specific areas of law.
Approved lawyers have been personally recommended by members of LACCA, who are all general counsel from the top multinationals and private companies across the region.
More information on http://laccanet.com/approved/.
- Published in 2020, Carlos Ernesto Gonzalez, Inocencio Galindo, News
Morgan & Morgan promotes Kay-Linda Richardson to role of Senior Officer Manager of MMG Trust (BVI) Corp.
British Virgin Islands, January 14, 2020. Morgan & Morgan is pleased to announce the promotion of Ms. Kay-Linda Richardson to the role of Senior Officer, with the designation of Manager of MMG Trust (BVI) Corp.
The approval was granted by the British Virgin Islands Financial Services Commission, pursuant to section 19(2) of the Banks and Trust Companies Act, 1990, section 15 and Schedule 1A of the Regulatory Code, 2009 and the Guidelines for the Approved Persons Regime.
In her new role, Ms. Richardson will also assume additional team leadership responsibilities while maintaining focus on the Company´s complementary range of services and supervising the processes to comply with new international regulations for greater transparency.
With almost 30 years’ background in the fiduciary and corporate services industry, Ms. Richardson has concentrated her practice in administrative and corporate management, as well as establishing and implementing procedures and controls based on the BVI Financial Services Commission requirements. Ms. Richardson has an International Diploma in Management from the Chartered Management Institute, the level 4 Certificate in International Finance and Administration with ICSA, The Corporate Governance Institute and has attended several workshops and seminars related to corporate formation and management, trusts, compliance, and regulatory matters, among others.
About MMG Trust (BVI) Corp.
MMG Trust (BVI) Corp. was established in the British Virgin Islands in 1988 and specializes in providing service in fiduciary and corporate services for private and institutional clients, corporations, and charitable entities. The company is regulated by the BVI Financial Services Commission and holds a Class I Trust License under the Bank and Trust Companies Act, 1990.
- Published in 2020, Estate Planning, News
Morgan & Morgan recognized by Latin Lawyer National
Panama, January 6, 2021. The second edition of Latin Lawyer National profiles Morgan & Morgan as a Recommended Firm in Panama for Banking and Finance, Corporate and M&A, and Maritime law.
Latin Lawyer National profiles a broad range of law firms, including boutique and multi-disciplinary firms, those offering advice on cross-border deals as well as those focused on domestic transactions.
The publication can be read here.
- Published in News
Morgan & Morgan´s Corporate Law team recognized in IFLR1000 2021
Panama, January 4, 2021. Morgan & Morgan has been recognized as a leading law firm in the 2021 edition of the International Financial Law Review (IFLR) 1000, a reference guide to the world´s leading financial and corporate law firms and lawyers.
The firm´s Corporate Law team earned top rankings in Banking and Finance, Capital Markets, M&A, and Project Development.
In addition, the following individual attorneys were ranked in the 30th edition of the guide:
Highly Regarded
Francisco Arias G.
Inocencio Galindo
Ramón Varela
Kharla Aizpurúa Olmos
Expert Consultant
Carlos Ernesto González Ramírez
Rising Star
Aristides Anguizola
- Published in 2020, Aristides Anguizola, Carlos Ernesto Gonzalez, Francisco Arias, Kharla Aizpurua, News, Ramon Varela
Morgan & Morgan achieves the 2020 Women in Business Law Awards: Talent Management.
Panama, December 2, 2020. Morgan & Morgan is pleased to announce that our firm won the Talent Management award in the Women in Business Law Americas Awards 2020.
Morgan & Morgan received this recognition thanks to its Talent Management program that includes initiatives to keep female talent at the firm, promoting gender equity, recruitment, retention, mentoring, and leadership.
The Euromoney Americas Women in Business Law Awards recognize women in business law and those law firms that have designed initiatives and programs to support and encourage women and diversity within the industry.
More information about the awards is available here.
Morgan & Morgan lawyers and practices recognized in The Legal 500 – Latin America guide 2021
Panama, November 6, 2020. Morgan & Morgan repeated as a leading Panamanian firm in The Legal 500 – Latin America Guide 2021. Banking and Finance, Capital Markets, Corporate/M&A, Dispute Resolution, Offshore, Projects and Energy, and Shipping earned the top-tier rankings.
In addition, fourteen lawyers of the firm received recommendations as follows:
Leading Individual
Inocencio Galindo
Francisco Arias
Jose Carrizo
Jazmina Rovi
Juan David Morgan Jr.
Raul Castro
Next Generation Partner
Kharla Aizpurua Olmos
Roberto Vidal
Ricardo Arias
Luis Vallarino
Rising Star
Mayte Sanchez
Nestor Broce
Allen Candanedo
Pablo Epifanio
Panamá crea la subcategoría de Residente Permanente en calidad de Inversionista Calificado
28 de octubre de 2020
Mediante el Decreto Ejecutivo No. 722 de 15 de octubre de 2020, el Ministerio de Seguridad Pública de la República de Panamá creó dentro de la categoría de residente permanente por razones económicas, la subcategoría de Residente Permanente en calidad de Inversionista Calificado.
Esta nueva subcategoría entró en vigor a partir del 16 de octubre de 2020.
Opciones y requisitos
Con este nuevo decreto, se otorga residencia permanente en una sola etapa a aquellos extranjeros que inviertan un monto mínimo de $500,000.00 proveniente de fuente extranjera, a título personal o a través de una persona jurídica.
Para solicitar el Permiso de Residencia Permanente en calidad de Inversionista Calificado, existen cuatro opciones:
- Por razón de Inversión Inmobiliaria:
- Inversión mínima de $500,000.00 libre de gravámenes.
- Además de los requisitos estipulados en este Decreto Ejecutivo, se debe aportar la Certificación del Valor del Bien Inmueble emitida por la Autoridad Nacional de Titulación de Tierras.
- Por razón de Inversión Inmobiliaria mediante un contrato promesa de compraventa:
- Inversión mínima de $500,000.00.
- Se debe realizar por medio de un depósito de fideicomiso manejado por un banco o empresa fiduciaria del país.
- Además de los requisitos estipulados en este Decreto Ejecutivo, se debe aportar: (i) copia autenticada del contrato de compraventa, debidamente inscrito en el Registro Público de Panamá y, (ii) copia autenticada o el original del contrato de fideicomiso.
- Por razón de inversiones realizadas a través de una Casa de Valores con licencia aprobada por la Superintendencia del Mercado de Valores de Panamá:
- Inversión mínima de $500,000.00.
- Esta inversión debe ser en títulos valores de emisores, cuyos negocios incidan en el territorio nacional, a través de la Bolsa de Valores de Panamá.
- Además de los requisitos estipulados en este Decreto Ejecutivo, se debe aportar: (i) certificación emitida por la Casa de Valores, (ii) copia autenticada de la resolución mediante la cual se le concede la licencia a la casa de valores y, (iii) certificación emitida por la Superintendencia del Mercado de Valores de Panamá.
- Por razón de Inversión en Depósito a Plazo Fijo en el Sector Bancario:
- Inversión mínima de $750,000.00, libre de gravámenes.
- Además de los requisitos estipulados en este Decreto Ejecutivo, se debe aportar: (i) copia autenticada por el banco emisor del certificado de depósito a plazo fijo, indicando su titular, el valor y el plazo del documento y, (ii) certificación del banco que haga constar la existencia del depósito, su titular, el valor, el plazo, que el mismo se encuentre libre de gravámenes y que los fondos provienen del extranjero.
Para mantener la Residencia Permanente en calidad de Inversionista Calificado, es necesario que la inversión se mantenga por un periodo mínimo de cinco (5) años. Si la inversión cesara o deja de existir antes del cumplimiento de este término, dará lugar a la cancelación oficiosa de la residencia permanente.
Las solicitudes bajo esta nueva categoría migratoria se recibirán a través de la Ventanilla Única de Inversiones del Ministerio de Comercio e Industrias; y deberán ser resueltas en un periodo no mayor de treinta (30) días hábiles, contados a partir del momento de la recepción de la solicitud.
Se permite que, a través de apoderado especial, las solicitudes sean presentadas previo al ingreso al territorio nacional del solicitante y sus dependientes.
Durante los primeros 24 meses posteriores a la entrada en vigencia del presente Decreto Ejecutivo, la inversión por razones de inversión inmobiliaria, de forma directa o por medio de contratos de promesa de compraventa, podrá ser por la suma de $300,000.00 en la compra de un bien inmueble en Panamá, libre de gravámenes.
Podrán solicitar el cambio de estatus migratorio, aquellos extranjeros que, a la entrada en vigencia de este decreto, mantengan en trámite o hayan iniciado solicitudes de Permiso Provisional de Permanencia en calidad de Solvencia Económica Propia por Inversión en Bienes Inmuebles, en el año 2020.
Para más información en estos temas, por favor contactar a nuestro equipo de Derecho Migratorio al correo electrónico visas@morimor.com.
- Published in 2020, News, Publications
Morgan & Morgan achieves top rankings in Chambers Latin America 2021
Panama, October 2, 2020. Once again, Morgan & Morgan receives top rankings in the recently released Chambers & Partners Latin America Guide 2021, a key reference point of Latin American top law firms.
Morgan & Morgan has been recommended in several practices due to the firm´s excellent performance and prominent work in each one of these areas.
Likewise, the directory classifies within the top Bands the following attorneys of the firm:
- Inocencio Galindo: Banking and Finance / Projects and Energy / Corporate and M&A.
- Francisco Arias G.: Banking and Finance / Capital Markets / Corporate and M&A.
- Ramon Varela: Banking and Finance, Projects and Energy.
- Roberto Vidal: Corporate and M&A.
- Kharla Aizpurua Olmos: Banking and Finance.
- Ricardo Arias: Capital Markets.
- Ana Carolina Castillo Solis: Projects and Energy.
- Allen Candanedo: Intellectual Property.
- Maria Eugenia Brenes: Intellectual Property.
- Simon Tejeira Q.: Dispute Resolution.
- Jose Carrizo: Dispute Resolution.
- Luis Vallarino: Dispute Resolution.
- Jazmina Rovi: Shipping.
- Juan David Morgan Jr.: Shipping (Litigation).
- Francisco Linares: Shipping (Litigation).
Congratulations to all of them, and thanks to our clients for trusting us as their legal advisors in Panama.
Chambers & Partners shortlisted Morgan & Morgan as “Panama Law Firm of the Year”
Panamá, 1 de octubre de 2020 . Morgan & Morgan se complace en anunciar que nuestra firma ha sido preseleccionada en los premios Chambers Law Americas Awards 2020 como “Bufete de abogados de Panamá del año”, uno de los reconocimientos más reconocidos en la profesión legal.
Esta distinción es el resultado de una extensa investigación realizada por un equipo de más de 200 analistas que refleja el excelente servicio al cliente de la firma de abogados en áreas de práctica clave, incluidos logros notables y un trabajo significativo durante los últimos 12 meses.
Este año, los premios se realizarán virtualmente el viernes 30 de octubre de 2020.