[via The Sovereign Investor]
In a surprise political move, President Ricardo Martinelli recently signed an order that creates a new category of “Immediate Permanent Resident” for foreign nationals. Executive Order 343, signed on May 16, makes the new category for foreigners from 22 listed countries “that maintain friendly, professional, economic, and investment relationships with the Republic of Panama.”
The list includes the United States, and the addition of other countries is anticipated.
Panama’s current infrastructure boom is spurred by the $6 billion modernization of the century-old Panama Canal, and with unemployment down to 4.5%, the economy grew 10.6% in 2011, an expansion that even outpaces China. Martinelli has seen the need for qualified talent to continue the growth.
During my meeting last month with Minister of the Presidency Demetrio Papadimitriu he emphasized Panama’s need for thousands of better educated and trained workers. Yesterday the Minister told me: “Martinelli’s open-door policy seeks both foreign direct investment and skilled international professionals. We are looking for workers in growth sectors such as logistics, tourism, banking and those making Panama a regional hub for multinational companies.”
Under this new immigration category, qualified applicants will be able to engage in professional and economic activities, establish businesses and have the right to work in Panama, permissions that in the past have been difficult to obtain. After five years they will be eligible to apply for full citizenship.
The new law grants immediate residence and a “cédula,” the national identification card issued to all Panamanians, not only to qualified foreign individuals, but also to dependent spouses, children under 18, family members with disabilities and dependent parents. Children aged between 18 to 25 can be included if they are students.
Applications must be made to the National Immigration Service (NIS) and work permits are governed by Panamanian commercial and labor laws issued by the Ministry of Labor.
In a surprise political move, President Ricardo Martinelli recently signed an order that creates a new category of “Immediate Permanent Resident” for foreign nationals. Executive Order 343, signed on May 16, makes the new category for foreigners from 22 listed countries “that maintain friendly, professional, economic, and investment relationships with the Republic of Panama.”
The list includes the United States, and the addition of other countries is anticipated.
Panama’s current infrastructure boom is spurred by the $6 billion modernization of the century-old Panama Canal, and with unemployment down to 4.5%, the economy grew 10.6% in 2011, an expansion that even outpaces China. Martinelli has seen the need for qualified talent to continue the growth.
During my meeting last month with Minister of the Presidency Demetrio Papadimitriu he emphasized Panama’s need for thousands of better educated and trained workers. Yesterday the Minister told me: “Martinelli’s open-door policy seeks both foreign direct investment and skilled international professionals. We are looking for workers in growth sectors such as logistics, tourism, banking and those making Panama a regional hub for multinational companies.”
Under this new immigration category, qualified applicants will be able to engage in professional and economic activities, establish businesses and have the right to work in Panama, permissions that in the past have been difficult to obtain. After five years they will be eligible to apply for full citizenship.
The new law grants immediate residence and a “cédula,” the national identification card issued to all Panamanians, not only to qualified foreign individuals, but also to dependent spouses, children under 18, family members with disabilities and dependent parents. Children aged between 18 to 25 can be included if they are students.
Applications must be made to the National Immigration Service (NIS) and work permits are governed by Panamanian commercial and labor laws issued by the Ministry of Labor.
