Many foreigners interested in living in Panama long term have been looking for a way to obtain their Permanent Residency status and make Bocas del Toro their new home. The Panamanian Government passed a new migration law in June of this year creating a new sub-category of permanent residency for foreigners of specific countries that maintain a personal, professional or investment type relationship with the Republic of Panama, allowing citizens from 24 different nationalities to obtain “Permanent Residency” in Panama.
These nations include Argentina, Australia, Austria, Brazil, Belgium, Canada, Czech Republic, Slovakia, France, Finland, Germany, The Netherlands, Ireland, Japan, Norway, Switzerland, Singapore, Spain, Uruguay, Chile, Sweden, United Kingdom, United States of America and South Korea.
Now these Foreigners will be able to apply and obtain Permanent Residency Permits providing that they can prove that they will continue to exercise professional or economic activities within the territory of Panama. Their spouses, children and or dependents are also eligible for permanent residency under this new law.
These are the general requirements mentioned in Article 28 of the Law Decree No. 3 of February 22nd, 2010 in which all foreign applicants must comply with:
1. Notarized copies of complete Passport
2. Original Police record
3. Certificate of good health
4. Proof of payment of Repatriation deposit and payment to the National Treasury for application process
5. Affidavit from applicant
Besides the above-mentioned general requirements the applicant will have to provide the following documents:
- Three passport sized (3) pictures
- Documentation that demonstrates the justification for requesting the Permanency based on the specific economic or professional activity of the applicant
- Economic Solvency bank statement that reflect that the applicant has a bank account with a current minimum balance of $5,000.00 or more
- Copy of ID card o actual residency card
- Responsibility letter (if applicable)
- Any pertinent paternal documents in case of dependents
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