Residence Permits in Panama: Discover New Trends for Foreigners

In Panama, residency programs have been varied and are divided according to the needs of foreigners: to work, retire or invest. But which programs are currently dominating and which have fallen out of popularity?

• Friendly Countries Permit: This permit, designed for citizens of specific countries looking to set up businesses, is still one of the most popular. However, its structure has recently been revised, limiting immediate benefits.
• Pensioner or Retired Permit: Ideal for retired foreigners, this visa can be established with minimum requirements, but it has seen a significant decrease due to competition with other destinations such as Costa Rica or Colombia.
• 10% permission: This program, aimed at employees of companies that employ foreigners, has faced high rejection rates due to strict labor requirements.
• Multinational Company Headquarters (SEM) Visas: Although less common, this permission has increased thanks to the country's attractiveness as a base for global corporations.

Understanding these dynamics is crucial when choosing the right permission. Expert advice can make the difference between approval and rejection.

Panama has been a magnet for immigrants from different parts of the world. However, some countries stand out for their high representation:

• Venezuelans: Due to the economic and political situation in their country, Venezuelans are positioned as the main immigrant nationality.
• Colombians: The geographical proximity and job opportunities make Panama an ideal destination.
• Americans: Many U.S. citizens see Panama as a retirement paradise because of its low cost of living and safe environment.
• Spaniards: With the Friendly Countries treaty, many Spaniards choose to move to Panama in search of business and stability.

Identifying migratory trends not only helps to better understand Panama's social environment, but it also guides those seeking to establish themselves legally in their specific opportunities and challenges.

In recent years, changes in Panama's migration policies have complicated the picture. According to recent statistics, requests for permits fell by 30% compared to previous years. This reflects a more restrictive approach to approving specific visas. Some of the most important changes include:

1. Friendly Countries Permit revisions: Although it's still popular, additional steps have been added to its approval to ensure that applicants meet specific economic requirements.
2. Restrictions on the 10% Permit: This permit, intended for workers in local companies, now requires strict documentation and contracts that demonstrate the need to hire foreigners.
3. New incentives for SEM: As part of the government's economic strategy, expanded benefits have been offered to attract multinational corporations.

These changes mean that foreigners must consider more strategic immigration planning and have support to ensure that they meet all legal requirements.

Migration procedures in Panama can become complex due to the number of requirements, deadlines and necessary certifications. Some reasons why having legal advice can make your process easier are:

• Optimizing your request: An experienced lawyer can advise you on the type of permit that is most appropriate for your personal situation.
• Anticipating changes: Immigration regulations in Panama are constantly updated, and a specialist can help you adapt before changes affect your process.
• Reliable representation: Errors in documentation or processes can lead to rejections. A legal representative will make sure everything is in order.
• Time savings: Avoid unnecessary delays with professional guidance that helps you meet all the requirements in a single administration.

At Limitless Legal, we are committed to providing you with a reliable service that not only facilitates the immigration process, but also ensures your peace of mind and legal success in Panama.

Panama has been declared one of the best countries to retire according to several international indices, thanks to its friendly fiscal policy, tropical climate and low inflation. But the key question is: does this country fit your specific needs?

Before making a decision, consider things such as:

• Cost of living: Although Panama offers lower costs than many developed countries, the budget may vary depending on the area you choose to live in.
• Economic Stability: Panama has one of the most stable economies in Latin America.
• Infrastructure: The country is highly developed in terms of services, education and health, making it a preferred option for families and retirees.
• Residency programs: If you choose the right permit, Panama can offer you unique benefits that few countries have.

If you're considering moving, it's important to evaluate your medium- and long-term goals and obtain legal advice that can guide your decisions.