A number of readers are interested in moving to Panama. Here is a brief summary of the new regulations in a nutshell. These regulations apply only to new applicants, applicants with applications in process or approved will be grandfathered:
Pensionado Visa (Retirement Visa): The applicant must show income of $1000 per month, up from $500 per month. You can be any age and is now permanent, no renewals needed. Applicants can apply for citizenship after 5 years.
Small Investors Visa: Eliminated. They have been discussing this for quite some time and will now eliminate the $40,000 Investors Visa.
Investors Visa: An investors visa will require an investment of $350,000 in a home or CD at national bank or combination (as I understand). That has been increased from $200,000.
Reforestation Visa The minimum investment will change from $40,000 to $80,000.
Work Permits: Work visas must be approved before the foreign employee can start. Any foreigners caught working without permits will be fined and deported. The visas are not permanent and must be renewed. Foreign workers must pay into social security and demonstrate an income of $1000 a month paid in Panama.
Thanks to Sam Taliaferro for alerting us to the new changes and providing the basic information for the post. For more information on this Sam Taliaferro has promised full details soon on his Prima Panama Blog, a complete translation into English. Please check his blog, http://www.primapanama.com or call your attorney.
