The government of Panama just passed a new law (Executive Decree 197 of the 7th of May 2021) that changes the requirements for the Friendly Nations residency program. Beginning on the 5th of August 2021, Panama’s Friendly Nations residency program will grant a 2-year temporary residency permit, and then the applicant may apply for permanent residency.
The economic activity requirement is now limited to two options:
1. Be employed in Panama by a legal Panama Corporation with a formal labor contract, and a Panama work permit.
2. Purchase a real estate property with a minimum value of US$200,000 (bank financing is permitted).
Please note that those who already submitted their applications for residency under the Friendly Nations program and are in process, or those who submit their applications before the 5th of August 2021, will enter under the previous Friendly Nations law requirements.
However, those who have not applied by the 5th of August 2021 will be required to comply with the new requirements.
For more information, please contact our law offices at info@relofirm.com
Get the official statement from the government here:
https://www.gacetaoficial.gob.pa/pdfTemp/29290_A/84916.pdf
