Expat Exchange
Free MembershipSign In

Panama Expat Forum

Important FNV question

New Topic Newest First
Taurus13
  11/26/2019 15:55 EST

Hello everybody, hope all is well.
I have a question regarding qualification for a Friendly Nations Visa (FNV). I am getting a contradicting information form two large Panamanian law firms on this very topic: Kramer & Kramer and Mayra Lamboglia's. Until now, my understanding was that I can purchase an $100,000 value house in Panama and put $5,000 into a bank account in Panama in order to qualify for the FNV (an Economic Solvency basis). A few days ago,I heard that the FNV can no longer be based on the purchasing of the real estate as it used to be before; I heard that it's no longer an option. One of the firms stating that it is an option and the other that it's not. Can someone tell me what firm is up to date? (Please do not reply with opinions or thoughts, I need 100% ironclad information)
Many thanks,

StanleySankey
  11/26/2019 19:28 EST

Going on a public forum and looking for "100% ironclad information" about immigration law because to two Panamanian law firms you contacted can't agree on the process is dubious at best and highly unlikely to be successful.

I suggest you contact the Panamanian embassy in your home country, If anyone knows the current state of the laws, which change on a weekly basis here, it will be them.

The fact that your two law firms can;t give similar advise underlines what I have said earlier of some of the joys of doing business in Panama.

In order to keep current you need to regularly consult the Gaceta Oficial in which is the only official source of information of anything to do with government here. It is also the unofficial cure for insomnia,

Because as you are finding, you should be able to but in reality can not count on your lawyer actually knowing the law.

https://www.gacetaoficial.gob.pa/

Allianz CareAllianz Care
Get Quote

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.

Allianz CareAllianz Care

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.
Get Quote

Taurus13
  11/26/2019 20:00 EST

I hear you StanleySankey and thanks for the advise. I was hoping to hear whom someone who went over similar situation recently. My findings should actually help me to choose whom to work with. I just can’t believe that one of them is missing such a crucial info.

volcan357
  11/26/2019 21:49 EST

Panama is what I call a hit and miss country. One time something works and the next time it doesn't. No consistency. I eventually obtained Panamanian citizenship after years of trying. You have to be persistent.

lrose
  11/26/2019 21:52 EST

I agree 100% with your opinion. In Panama you never know.

lrose
  11/26/2019 21:57 EST

Contacting the Panama consulate in your home country is not going to do much they will say get a lawyer. The FNV is one thing and the Economic Solvency Visa is another story. If you can read Spanish you should read these regulations on your own.

Allianz CareAllianz Care
Get Quote

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.

Allianz CareAllianz Care

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.
Get Quote

volcan357
  11/26/2019 23:03 EST

I got my residency under the economic solvency program in the year 2000. I bought a CD in Banco Nacional for $100 thousand. They paid 8% interest at the time and they paid it monthly, After one years my residency was permanent and I no longer had the keep the CD. In 2013 I became a citizen.

Taurus13
  11/27/2019 08:52 EST

Thanks to All for sharing!

Jazzmann
  11/27/2019 09:46 EST

Stanley, lawyers not knowing the law is a situation which is not unique to Panama. In this case, the issue involves two very reputable firms.

Taurus13
  11/27/2019 11:07 EST

It is exactly my point...Jazzman

volcan357
  11/27/2019 21:32 EST

The laws or the way the laws are interpreted vary from one day to the next and from one person to the next. That is a big part of the problem. There is no consistency. You naturally tend to assume that the laws are fixed and that is where you go wrong. This is why you have to be persistent and keep trying. In the end persistence pays off.

Allianz CareAllianz Care
Get Quote

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.

Allianz CareAllianz Care

Allianz Care's plans ensure that you have access to quality healthcare whenever you need it. Our flexible solutions allow you to tailor your cover to meet your needs and budget. You can submit your claims digitally and our helpline is available 24/7 to help you anytime.
Get Quote

VickiCollado
  11/27/2019 21:43 EST

Executive Decree 343 mentioned that the foreigner of a friendly country visa, which proves economical, professional, or investment relationship with Panama, could obtain a permanent residence. Thus, if you have a job contract in Panama, a business in Panama, a property that can prove your relationship with Panama, you can apply to this visa.

The decree does not specify either that you need to have a Panamanian bank account but to proof your economic solvency to Panama, which can be done through a bank account. If you call the Legal Department of Immigration, they will tell you that even a foreign bank account will work and satisfy this requirement. However, some lawyers advice to have a Panamanian Bank account, perhaps as proof of another economic tie with Panama. You can read the Decree in the following link

https://www.migracion.gob.pa/images/DECRETOS%20Y%20RESOLUCIONES%20SEGMENTADAS/Decretos%202012/Todos%20los%20Decretos%20de%202012/Decreto%20Ejecutivo%20Nº%20%20343%20de%20%2016%20de%20mayo%20de%202012-Derogado%20por%20el%20Dec.%20Eje.%20416.pdf

And you can also call to the Legal Department to 507-1800 or 507-1948 Assistant: 507-1850, Secretary: 507-1820

Besides, you can check the decrees issued in 2019 in the following link: https://www.migracion.gob.pa/2012-10-15-16-22-29/2019 none of them is about FNV.

Best Regards,

Taurus13
  11/27/2019 22:48 EST

Thanks Vicki! Very useful information. Appreciate you taking time to response.

Allianz Care
Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz CareAllianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Living in Panama GuideLiving in Panama Guide

Our Guide to Living in Panama is a perfect primer for readers interested in Panama. Covers healthcare, cost of living, best places to live, residency, visas, real estate, moving tips and the pros and cons of living in Panama.

Panama Forum Panama Forum
Join our Panama forum to meet other expats and talk about living in Panama.

Contribute to Panama Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Panama.

Best Places to Live in Panama Best Places to Live in Panama

If you're dreaming about living in Panama, here are the 15 Best Places to Live in Panama in 2023.

Healthcare in PanamaHealthcare in Panama

Expats have differing opinions about healthcare in Panama. Many advice against public hospitals and healthcare, but some recount good experiences. This article covers public vs private healthcare, cost of healthcare, obtaining prescription medications and much more.

Cost of Living in PanamaCost of Living in Panama

Expats in Panama enjoy a relatively low cost of living. However, it's important to do your research to make sure you'll actually enjoy those saving while creating a high quality of life as an expat in Panama.

Moving to PanamaMoving to Panama Guide

Do you have to buy a round trip ticket when moving to Panama? How difficult is it to bring my dog? Should I buy a home in Panama? Can I find health

Real Estate in PanamaReal Estate in Panama

Real estate listings in popular cities and towns in Panama.

Pros Cons of Living in PanamaPros & Cons of Living in Panama

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Panama.

Retiring in PanamaRetiring in Panama

Advice for people retiring in Panama.

Visa and Residency PanamaPanama Visa & Residency Guide

This article covers the ins and outs of the most common tourist and residency visas that expats and global nomads obtain when moving to and living in Panama.

10 Tips for Living in Panama10 Tips for Living in Panama

If you've recently arrived in Panama, here are 10 tips for digital nomads living in Panama.

Allianz Care
Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz CareAllianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Contribute to Panama Network Contribute
Help others in Panama by answering questions about the challenges and adventures of living in Panama.

GeoBlue
GeoBlue

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal