Executive Decree No. 197 of May 7, 2021, adjusts the requirements for obtaining the Residence Permit for foreign nationals of specific countries who maintain friendly, professional, economic and investment relations with the Republic of Panama (Friendly Nations).
Within the Decree, modifications are made for those nationals that can opt for the residence permit.
This permit will be divided into 2 stages: the first stage being a provisional permit for a term of 2 years, and a second stage which grants permanent residence.
This Decree eliminates the option of being presented as a shareholder of a public limited company incorporated in the Republic of Panama, and it provides that the permit is requested for labor reasons (work letter) or for investment of real estate, which may be financed by a local bank.
People interested in applying for this permit under the previous Decree that grants permanent residence in a single stage must do so before August 20, 2021, since after that date Executive Decree No. 197 of May 7 2021 comes into force.