We have been hearing about these Friendly Nations Visa changes for quite some time, as it was far too easy for people to get residency in Panama using the current arrangements. You needed a Corporation where economic activity was supposed to happen, and $5000 in a bank account, and most people left it at that and forgot about the economic activity. Easy Peasy. But here is an overview of things to come. A decree was signed May 20th that is going to change all of that. Best speak to your lawyer if you are in process and I would highly suggest that you get it completed prior to August 5th when the new Friendly Nation Visa laws go into effect. The new law states that they will grant temporary residence to you for 2 years only. If you meet all of the economic requirements, then they will look at permanent residency for you. There are only 2 options available to meet the economic requirements. Employment by a Panamanian Company or Corporation, or invest a minimum of $200,000 in real estate. As you can see, big changes on the horizon and we will see if you have a Friendly Nations Visa in progress, or even completed, if you will be "grandfathered" in before the new laws take effect August 5th 2021. By the way, as Panama gets closer in dealings with China, Taiwan has been taken off the Friendly Nations Visa list.
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