The Ministry of Public Security modifies once again the requirements to request the residence permit for foreigners from specific countries who maintain friendly professional, economic and investment relationship with the Republic of Panama

The Ministry of Public Security through Executive Decree No. 226 of July 20, 2021 (hereinafter the “Decree”), modifies the requirements to obtain the residence for foreigners from specific countries who maintain friendly professional, economic and investment relationship with the Republic of Panama, commonly known as “residence permit as friendly nations”, as follows:

• The Republic of Peru is included in the list of countries whose citizens can apply for this residence permit.
• A new option is included, to request the residence permit as a holder of a Fixed Term Deposit.
• To request the residence permit as a holder of a Fixed Term Deposit, the applicant must provide a Bank certificate issued by a Bank with a general license in Panama, which certifies the existence of the deposit (i) with a value of no less than USD 200,000.00; (ii) free of encumbrances; and (iii) with a minimum validity of three (3) years.
• If including dependents, the applicant must provide the requirement indicated in the Executive Decree No. 320 of 2008 related to dependents of permanent residents.
• This Decree will enter into force on August 7, 2021.

Comments.

• This residence permit will be granted in 2 stages. A first stage that grants a provisional residence permit of 2 years and a second stage that grants a permanent residence permit.
• This resident permit can be requested for (i) working reasons as employee of a Panamanian company, (ii) for investment reasons as owner of a real state in Panama (iii) for investment reasons as a holder of a Fixed Term Deposit.
• The applicants will have until August 6^th, 2021 to apply for the residence permit as friendly nations with the current requirements that were stablished in the Executive Decree No. 416 of June 2012.