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It appears that the Panama Legislature has approved some changes in the immigration law and a new law was signed into effect. This is a preliminary summary of what was done. The exact details will be coming shortly after we have had time to read and digest the entire law final version and discuss some of the fine points with the immigration officials.
Tourist Visas - The tourist visas for Americans, Canadians and many Europeans is still at 90 days, renewable once for another 90 days.
$200,000 CD Deposit In Bank Visa – It used to be that after two years one could remove the money from the bank since a permanent visas would have already been granted. Now the visa requires the money to remain in the bank permanently for as long as the person has the visa. While it is too soon to know all the details one can expect the bank to either file a notice that the money has been removed or more likely one will have to file a form showing that the money is still in the bank each year or the visa will expire. This means the visa will no longer be permanent.
$200,000 Equity in Residential Real Estate Visa – Under the old law one just had to invest $200,000 hard equity into residential real estate to receive a permanent visa. The visa was good for one year and then it became permanent so after about two years one had a permanent visa and could sell the real estate, which enabled one to get the permanent visa. Now the visa requires you to retain the real estate for as long as you have the visa. This visa requires the real estate to be titled in your personal name so transfers are out. One may be able to rent the property, not sure yet, too soon to understand fully the implications of the law. This means this visa is no longer permanent and the property must be kept with the equity investment for as long as you want the visa.
Small Business Investor, Business Investor Visa and Agricultural Visas – Again these visas require one to keep the business going with you as the owner year after year to maintain their visa. The original terms of the visa in terms of employees, investment etc. must be met each and every year you have the visa. It appears if you retire or sell the business you lose your visa no matter how many years you had the visa. No longer leads to anything permanent.
Visa by Marriage to a Panama Citizen – Again there are changes and if one is no longer married their visa will be rescinded no matter how long they have had it.
Pensionado - So far we have heard of no changes. The Pensionado has to show that their pension is for life and this is the underlying condition that grants this lifetime status so it appears that a change is unlikely at this time.
Grandfathered in Older Visas – We are waiting to find out if visas already granted before the date of the new law are grandfathered in or will they be affected by the changes in the law. Our guess is grandfathered in, but wait for more updates to make sure. Many people have been here many years under these visas and it seems unusual for the government to upset the visa status of these people living here productively for many years. Will the new law apply to those in application but not yet approved before the new law was signed – stay tuned. We do not know at this time.
Other changes – We are going to be updating as we go and learn more. The law was just signed on Friday 02/22/08 and we are waiting to read the final published official copies. There are certain classes of work visas that we are not clear about at this point in time.
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