Thinking about Moving to Panama? Go Sooner Rather Than Later
Panama may have a new immigration law coming soon...and this new law could make it more difficult to pick up and move there.
The Legislative Assembly of the Republic of Panama enacted the new immigration law, which seeks to modernize the rules applying to programs governing passports, visas and residences for foreigners.
I talked with several of my contacts on the ground in Panama. According to them, the law is designed to protect and tighten Panama's all too porous borders and control the entrance of undesirables.
In Panama, they have an interesting process to adopting new laws. First, general laws are enacted setting out the guidelines on a topic. Then, the executive branch fills out the intent with proposed rules. The Legislative Assembly can then review those rules.
With this process in place, it's likely that the final form of this new law and its rules will not be known before September 2008, possibly later.
In the meantime, the existing laws remain in place. But if you are considering establishing a residence in Panama, you should act immediately because some of the existing laws are more advantageous than those likely to replace them later this year. (For an extensive review of the existing laws, see my report, Panama Money Secrets.)
Panama has many attractions for foreigners. For many years, there has been a broad official outreach program with special laws that make it not only easy, but profitable for foreigners to make the Isthmus their new home or second home.
Panama deliberately has positioned itself as a first-class retirement haven, with the most appealing programs of special benefits for foreign residents and retirees you'll find anywhere in the world. Currently it also offers a variety of other visas for investors, persons of high net worth, wealthy retirees, small business and agricultural business entrepreneurs, and those who simply want to immigrate and become Panamanian citizens.
Unfortunately, the new law wants to modify, update and in some cases repeal these existing visa programs. The new law does not make any retroactive changes to visas already granted, but professionals we work with in Panama see the new law as more restrictive than the current law it will replace.
Panama may have a new immigration law coming soon...and this new law could make it more difficult to pick up and move there.
The Legislative Assembly of the Republic of Panama enacted the new immigration law, which seeks to modernize the rules applying to programs governing passports, visas and residences for foreigners.
I talked with several of my contacts on the ground in Panama. According to them, the law is designed to protect and tighten Panama's all too porous borders and control the entrance of undesirables.
In Panama, they have an interesting process to adopting new laws. First, general laws are enacted setting out the guidelines on a topic. Then, the executive branch fills out the intent with proposed rules. The Legislative Assembly can then review those rules.
With this process in place, it's likely that the final form of this new law and its rules will not be known before September 2008, possibly later.
In the meantime, the existing laws remain in place. But if you are considering establishing a residence in Panama, you should act immediately because some of the existing laws are more advantageous than those likely to replace them later this year. (For an extensive review of the existing laws, see my report, Panama Money Secrets.)
Panama has many attractions for foreigners. For many years, there has been a broad official outreach program with special laws that make it not only easy, but profitable for foreigners to make the Isthmus their new home or second home.
Panama deliberately has positioned itself as a first-class retirement haven, with the most appealing programs of special benefits for foreign residents and retirees you'll find anywhere in the world. Currently it also offers a variety of other visas for investors, persons of high net worth, wealthy retirees, small business and agricultural business entrepreneurs, and those who simply want to immigrate and become Panamanian citizens.
Unfortunately, the new law wants to modify, update and in some cases repeal these existing visa programs. The new law does not make any retroactive changes to visas already granted, but professionals we work with in Panama see the new law as more restrictive than the current law it will replace.
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