New Regulations of the Immigration Law

New Regulations of the Immigration Law

By means of Law Decree No. 3 of February 22nd, 2008 and the executive decree No. 320 of August 8th, 2008, the Panamanian government approved the new immigration law and its regulation that entered into force as of August 26th, 2008. The new legislation modifies existent visa programs and creates new programs in accordance to existent economic and political situation of Panama. The most outstanding changes by new migratory regulations are: - Simplifies migratory categories - Changes in government fees and expenses - Strict penalties for illegal permanence within the country - Creation of new temporally residence visas - The Increase of funds required in order to apply to some visa programs Migratory categories The new rules simplify the categories in non residents, temporally residents and permanent residents. Non Residents Visa Tourist: Visitors are allowed to stay up to 90 days within the Panamanian territory. The stay allowed will depend upon immigration officers and country of origin. Short Stay Visa: These visas are granted up to 9 months to visitors willing to carry out different activities such as: - Setting business subsidiaries or branches in Panama - Relatives visit - Scientist and research - Medical treatment - Potential Investments for call centers, exporting processing zones, film industry - Natural disasters refuges - Potential investments in Banking sector Temporally Residence Visa · Employment: These visas are granted up to 6 years (renewal every year) to petitioners hired or to be hire within the following sectors: - Colon Free Zone Executive: Minimum salary US$ 2,000.00 - Employees within 10% workforce: Minimum salary US$ 850.00 - Expert or technical staff within 15% workforce: Minimum salary US$ 850.00 - Workforce hired in accordance to Marrakech Accord: Minimum salary US$ 1,000.00 · Investments: These visas are granted up to 6 years (renewal every 2 years) to petitioners willing to invest within the following activities: - Agriculture Investor: Investment of US$ 60,000.00 - Film making industry: Labor contract - Executive for International Companies (activity must take effect out of Panamanian territory): Minimum salary US$ 1,000.00 - Multinational Regional Headquarter employees: Salary must be paid from abroad. Permanent Residence · Economic reasons: These visas allows petitioners to obtain permanent residence by fulfilling the following proceedings: 1. Filing a residence permit for 2 years 2. Filing a permanent residence petition 3. Filing a petition for the procurement of citizenship Programs - Reforestation: Investment US$ 80,000.00 - Large Investor: Investment US$ 160,000.00 - Self Sufficient funds (Person of means): 300 K CD deposit, 300 K real estate purchase or mix investment (CD deposit & real estate purchase) · Special Policies :These visas allows petitioners to obtain permanent residence by fulfilling the following proceedings 1. Filing a residence permit for 2 years 2. Filing a permanent residence petition 3. Filing a petition for the procurement of citizenship Programs - Retired Annuitant Visa (2nd Passport): set a CD deposit that produces US$ 2,000.00 interests per month - Tourist Pensioned: pension of US$ 1,000.00 per month · Other Permanent Residence Programs: These visas allows petitioners to obtain permanent residence by fulfilling the following proceedings Programs - Employees hired as permanent staff of Panama canal authority: Labor contract - Panama Pacific Investor: Investment US$ 250,000.00 - Employees hired as permanent staff of an operator in the special economic area (Panama-Pacific): Labor contract - Export processing zone investor: Investment US$ 250,000.00 - Film making industry investor: Investment US$ 150,000.00