This Panama immigration decree establishes that a foreigner who has worked in one or several multinational companies in Panama, may apply for the permanent resident permit, after 5 years have passed since the approval of the visa for headquarters staff of multinational companies. The 5 year period can be counted continuously or in intervals.
Executive Decree No. 238 states that the applicant will not require additional authorization to work in a SEM company.
For those who are currently working in a multinational company, the requirements are:
- Power of attorney and application (notarized and with their respective fiscal stamps) addressed to Department of Immigration.
- 3 passport photos.
- Copy of passport collated by a Panamanian Public Notaryor accompanied by certification of the diplomatic representation of your country.
- Health certificate.
- Affidavit of personal background (Criminal Background Certificate).
- Payment of $250 to the National Treasury.
- Work letter from the multinational directed to immigration with the labor data including job title, salary, description of duties and time worked.
- Bank certification letter issued by a bank licenced to operate in Panama showing a balance of at least $1000 plus $1000 for each dependant.
- Proof of registration in social security system.
- Certification by Technical Secretariat of the Commission of Licenses of Multinational Corporations Headquarters according to Law 41 of 2007 and Law No. 57 of 2018.
- If you have dependents:
- Certificate to prove marriage for at least 5 years (authenticated and translated). Includes children up to 18 or up to 25 if they are still dependant due to studies or disability.
For those who have ceased working in a multinational company and already completed the 5 years work since their visa was approved, the requirements are the same but additionally requiring:
- Proof of a minimum investment of $150,000 in Panama. This can be achieved by:
- Bank Time Deposit with a minimum duration of 3 years
- Real estate property under the name of the applicant, free of loans
- A combination of a time deposit and a real estate property
- Certification issued by the Technical Secretariat of the Commission of Licenses of Multinational Corporations Headquarters, proving that the company is or was authorized by the special regime of Panama.
For more information about Panama immigration, contact us.