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,
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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/
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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.
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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.
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lrose
11/26/2019 21:52 EST
I agree 100% with your opinion. In Panama you never know.
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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.
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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.
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Taurus13
11/27/2019 08:52 EST
Thanks to All for sharing!
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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.
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Taurus13
11/27/2019 11:07 EST
It is exactly my point...Jazzman
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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.
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Allianz CareGet QuoteAllianz 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.
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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,
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Taurus13
11/27/2019 22:48 EST
Thanks Vicki! Very useful information. Appreciate you taking time to response.
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