New Immigration Law coming into effect soon.

[Sylvain Duford]

If you are planning to get a visa for residency in Panama, you may want to start the proceedings real soon. A new draft law is being circulated for comments and the plan is to make it official on August 26th, 2008. There are several changes that will make it more difficult, and more expansive for foreigners to gain residency, Here are some of the main points:

- The Immigration Consultive Commission will be authorized to impose nationality quotas for residency,
- Tourists deemed "persona non grata" may be denied entry on a non-discriminatory basis,
- Tourists may remain in the country for 90 days, renewable for 60 days when justified,
- Monthly pension revenue requirements to apply for a Pensionada visa is doubling to $1000
- Foreign workers must have a salary between US$1,000 and US$1,500 monthly to apply for
residency and work permit, up from US$500,
- Investor visas may only be requested by one applicant per company,
- Forestry visa minimum investment is doubled to US$80,000,
- Small-business investor visa is eliminated,
- Macro-business investor visa minimum investment is doubled to US$200,000,
- Self-solvency investor visa minimum investment is increased to US$350,000 left in deposit for 4 years.
- Application fees will double

So hurry up, get down there, and apply for your visa.

[Stephanie Craig]

We own some property there now but weren't planning to get there for another 2 to 3 years. Does this mean if we don't get there in a hurry, we may loose out?

[Stephanie Craig]

Also, I need to know if we need to do this in person. If so, I think I'll sell the house and one of the grandkids and come on down. I would hate to have that lovely piece of property go to waste because we waited too long to make our move.

[Sylvain Duford]

Hi Stephanie, if you think you will not meet the new requirements for the pensionada then yes, you would lose out or have to take one of the other, more expensive visas.

You only need to be there in person when you apply for the visa at the Immigration office with your passport. You then have to be there again 6 months later to go get your visa. You do not have to live in Panama.

[Sylvain Duford]

The new immigration law is coming into effect next week.

(From My Panama Lawyer)
Effective August 26, the main changes from current practice would be:

- 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).

The final text of the 2008 Immigration Regulations and Law can be downloaded in PDF files (Yahoo registration required):
http://groups.yahoo.com/group/Live_in_Panama/files/ED320_08Migracio...
http://groups.yahoo.com/group/Live_in_Panama/files/DLey3_08Migracio...

[Mr. International]

Looks like excaping from the US is getting tougher by the day.
Pretty soon you'll have to be rich to get out of here and live in freedom.

One can still dream? At least they can't steal our dreams just yet..