Residence in Panama? Know these three options for this year
RIO DE JANEIRO, BRAZIL – With the current relaxations, the Panamanian government is looking for options to “sell” its country to those seeking investments or working remotely. Sports academies could also settle in that nation due to immigration, permanent or short-term residency facilities.
For example, a law has already been passed to offer new visa categories, especially for baseball and international sports academies that want to settle in the country. The government wants to position Panama as a global sports hub, with an emphasis on baseball.
Read also: Check out our coverage on Panama
What does it consist of? On June 3, 2021, the law that promotes the development of minor baseball categories and the creation of the Special Regime for the Establishment of Transnational Professional Baseball Sports Academies or any other discipline in the country was approved.
This bill seeks to promote national and foreign investment, thus stimulating the country’s economy by developing activities that generate transnational professional sports academies’ construction, development, and operation.
The immigration opportunity consists of temporary visas for athletes, executive personnel, and technical staff in these transnational academies. They will also have other tax incentives such as exemption from paying real estate taxes on the land and infrastructure construction for local and foreign investors.
That is not all. The Panamanian government has recently started offering permanent residency to foreigners who have invested at least US$350,000 in reforestation.
What is this visa about? They have a program designed for foreigners who wish to invest in reforestation projects. This program offers permanent residency to investors of at least 80 thousand dollars in land certified by the Ministry of Environment in that country.
You can also use a company as an investment vehicle. In such cases, the residency application may include up to two applicants, as long as it can be proven that each applicant invested the amount mentioned above.
Finally, during the health crisis, Panama extended a short-stay visa of up to nine months to digital workers. Any foreigner who meets these conditions can apply for this short-stay visa as a long-distance digital worker.
First, they must have a contract as an operative of a foreign company of transnational character or be a self-employed worker in the modality of telework. Your income from a foreign source must be greater than 36 thousand U.S. dollars per year.
The positive thing is that if this visa is granted in Panama, the remote worker is exempted from applying for a work permit. This visa entitles its holder to work in the modality of remote work within that nation. It is not obligatory for applicants to carry out any additional procedures or obtain any permit from any other state entity, either to work or live in that nation.
Here is more information.
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