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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
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Amidst all the new Immigration law changes we have yet another one. Americans and Canadians along with people from other countries can have a 90-day tourist visa but they are no longer granting extensions. This means that at the end of the 90-day period one must apply for a residency program of some or leave Panama. If one leaves for three days they are eligible to return for another 90 days. You can take a bus to Costa Rica, take a one-hour flight to Columbia, and take a two-hour flight to Guatemala along with other options. After three days out of the country you can return and get another 90 days as a tourist.
Discussion – We of course are not in favor of the tightening up of immigration but the fact that it is being tightened up is the reality. However we do feel that 90 days is enough to look at real estate, negotiate an offer and close on a home. Then one can apply for one of the many programs for residency in Panama. Other programs can be applied for before you buy a house like the Pensionado program for instance.
With the old system one could stay here 90 days on the first tourist visa and then extend for another 90 days. By then six months has passed and you are probably ready to take a trip back to your home country or to just be traveling in general. Then one could return and start all over again never ever getting a residency of some sort. This is what they are trying to prevent thus compelling people that are living here to get a residency of some sort and they do offer many options. Under the new law the residencies will no longer be permanent but there is a window of opportunity now to apply before the new law comes into effect, which is around August 1st 2008. We are also expecting the required investment amounts to increase under the new law from $200,000 to $350,000. This is not based on hard fact but is what we are hearing unofficially. The proposed law did mention $350,000 but it was taken out of the final passed version. We are awaiting the new regulations which will give us the fine details like increased investment amounts.
The pensionado limit of $500 per month may increase as well and we are expecting a modest increase of a few hundred dollars per month. We have heard nothing of taking away pensionado benefits. The reforestation and small business investors programs may go from $40,000 to $75,000. Again this is an unofficial rumbling only at this time but it appears to be a good time to file for residency so you can be filing under the old law.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
