Changes to the Friendly nations Visa in Panama

Changes to the Friendly Nations Visa are Coming

Last Updated on July 30, 2021 by Retire in Panama

The Government of Panama has announced changes to the Friendly Nations Visa that are quite substantial.

If you are close to starting the Friendly Nations Visa, our sources tell us you have till August 5th to file your papers here in Panama to be “grandfathered” into the old program. You should really shoot for end of July to be safe, as there will be many applications happening.

This is a developing story, so we will update this article as needed.

**NOTE** This changes effect only the Friendly nations Visa. No other Visas have changed.

The national migration service has made modifications to the requirements of friendly nations visa that will begin on August 5 of this year.

If you submit your visa before August 5 of the present year, you will not be subject to the new requirements.

The new requirements after of August 5th, 2021 are:

1. The visa will require 2 applications to reach the definitive permanence. On the first application, it will be approved for 2 years. Once the two-year period has elapsed, you can apply for the permanence.

2. The economic purpose will be demonstrated by three ways:
a. Employment contract to work in Panama, also with approval of working permit or
b. By an investment in a real estate property under your personal name with a minimum value of $200,000.00 which could be financed by a bank in Panama.
c. depositing $200,000.00 as a CD in an Panama bank.

Unfortunately, gone from this Visa is the simple open a corporation and deposit $5000 into a bank account.

To take part in the old Friendly Nations Visa, your lawyer must submit your application before August 5th, 2021.

This is a major changes, as for almost 10 years the Friendly Nations Visa has been the preferred visa to move to Panama for those not having a pension yet. Panama has opened the door to allowing tourists to stay longer in Panama. A new program is being introduced, that you will apply online for, and the requirements are that you proove that you have a monthly income of $3000 for an individual, or $4000 for a family, and you can get a temporary visa to stay in Panama for up to 18 months.

This program, which we will go into detail in a few weeks, may be an options for those that do not want to rush into buying property just to get their Friendly Nations Visa. It is also a good program for Digital Nomads, that want to check out Panama for an extended stay.

We will keep you updated over the next few months on these changes to the Friendly Nations Visa.

 

Retire in Panama Tours
It’s more than a tour . . it’s an experience.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *