Post: New Immigration Law In Panama Effective August 26,2008 Source: mypanamalawyer blogExecutive Decree 320 of 2008 commenced this last week of August 2008, finalizing the Immigration Law enacted in early 2008 (February). Here is the basic outline of this law effective August 26th of 2008: Tourists may remain in the country only for 90 days, with only those with an original period under 90 days being able to ask for an extension to complete the 90 days when justified (Art. 21), Foreign workers within the 10% maximum must have a salary of US$850 monthly to apply for residency and work permit (Art. 79), up from US$500, Foreign executives representing foreign multinationals under the WTO Marrakech-round visas must have a salary of US$1000 monthly to apply for residency and work permit (Art. 92), up from US$500, Investor permanent visas may only be granted after having asked for three 2-year temporary visas for a total of 6 years (Art. 95), Agricultural visa minimum investment is raised to US$60, 000 (Art. 96), up from no minimum, Forestry temporary visa minimum investment is raised to US$60, 000, up from US$40, 000, with an additional requirement of 10 hectares purchased (Art. 100), Forestry permanent visa minimum investment is doubled to US$80, 000, with an additional requirement of 20 hectares purchased (Art. 180), Small-business investor visa is eliminated, Macro-business investor visa minimum investment is raised to US$160, 000, up from US$100, 000, with an additional requirement of 5 Panamanian full-time workers (Art. 185, 188), Self-solvency investor visa minimum investment is increased to US$300, 000, up from US$100.00, left in Panama bank account for 3 years (Art. 192). Self-solvency investor visa minimum investment alternatives include also real estate for which at least US$300, 000 is paid for, free of mortgage (Art. 193) or a mixture of a 3-year deposit and mortgage-free real estate up to a combined minimum of US$30, 000 (Art. 194), Self-solvency investor visa real estate may be held under a Private Foundation which founder or beneficiary is the applicant, The minimum return on a Panama National Bank CD for the Rentista visa is increased to US$2, 000 monthly, up from US$750 (Art. 196), Pensionado minimum income is raised to US$1, 000, up from US$500, or a mixture of US$100, 000 in directly-held Panama real estate (Art. 200 it does not specify if the property is free of mortgage), Pictures must show the face of the applicant (no full burkha pictures) (Art. 245), Tourists must enter with passport having no less than 3 months of duration (Art. 255), Multiple-entry permits may be issued for up to 5 years, up form 2 years (Art. 262). PR: wait
I: wait
L: wait
LD: wait
I: wait
wait
C: wait
SD: wait For more info on this subject and many more, visit TropilandPanama
Filed under Panama Immigration Laws, Panama Pensionado, Panama Tourist Visa, Panama Visas
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One Response
mypanamalawyer, on May 26, 2009 at 11:20 PM Said
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