Panama: Changes to the Requirements for the Temporary Residence Permit and the Permanent Residence Permit as Forest Investor
The Ministry of Security, through theExecutive Decree No. 199 of May 7th, 2021(hereinafter the “Decree”), adjusts the requirements for obtaining atemporary residence permitand apermanent residence permitas a Forest Investor, as follows:
The forest investor residence permit may be requested in the following modalities: (i) temporary residence permit, (ii) permanent residence permit in 2 stages, and (iii) permanent residence permit in 1 stage.
Temporary Residence Permit:
- The investment must be for a minimum amount ofB/.80,000.00.
- In the case of a legal entity, up to two foreigners may apply for the permit, as long as it is demonstrated that each one invested a minimum of B/.80,000.00.
- It is granted for 2 years, renewable for the same period, up to 6 years.
Permanent Residence Permit in 2 stages:
- The permanency is granted in two stages (i) the first stage will grant aprovisional residence permitfor a2-yearsterm, and (ii) in the second, thepermanent residencemay be applied for.
- The investment must be for a minimum amount ofB/.100,000.00.
- In the case of a legal entity, up to two foreigners may apply for the permit, as long as it is demonstrated that each one invested a minimum of B/.100,000.00.
Permanent Residence Permit in 1 stage:
- The permanency is granted automatically once it is approved by the Immigration Authority.
- The investment must be for a minimum amount ofB/.350,000.00.
In order to maintain the Permanent Residence as a Forest Investor, regardless of the stages through which it was obtained, it is necessary that the investment is maintained for aminimum period of five (5) years. If the investment ceases or ceases to exist before the fulfillment of this term, it will give rise to the cancellation of the permanent residence.
This Decreewill become effective as of its promulgation.
- Previously, the temporary residence permit required a minimum investment of B/.60,000.00, however, with this Decree the amount increases to B/.80,000.00.
- For the permanent residence permit granted in two stages, previously a minimum investment of B/.80,000.00 was required; however, with this Decree the amount increases to B/. 100,000.00.
- The permanent residence permit was granted only in two stages. With this Decree, is added a permanent residence granted directly, in a single stage,
- Previously, in addition to the minimum investment amount required, they requested that the investment be made in a minimum of (i) 3 hectares for the temporary residence permit and (ii) 5 hectares for the two-stage permanent residence permit. With this new Decree, the hectares requirement is eliminated.
For more information, please contact us at [email protected].
Link to article