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Changes in Panamanian Immigration Law |
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New Regulations for Immigration Law are enacted As announced in a previous posting, regulations for Immigration Law were being drafted. Executive Decree 320 of 2008 was published this week and gives the fine print for the Immigration Law enacted in early 2008.
Effective August 26, the main changes from current practice would be:
- Tourists may remain in the country only for 90 days, with only those with an original period under 90 days being able to ask for an extension to complete the 90 days when justified (Art. 21),
- Foreign workers within the 10% maximum must have a salary of US$850 monthly to apply for residency and work permit (Art. 79), up from US$500,
- Foreign executives representing foreign multinationals under the WTO Marrakech-round visas must have a salary of US $1000 monthly to apply for residency and work permit (Art. 92), up from US$500,
- Investor permanent visas may only be granted after having asked for three 2-year temporary visas for a total of 6 years (Art. 95),
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Panama Economy Stays Strong |
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Panama's economy will continue to grow, say analysts, resisting the global downturn led by US economic woes. 'The strong economic performance of the last few years continues, despite the deteriorating global environment,' said International Monetary Fund (IMF) officials last week in a public statement. 'Panama was one of the fastest growing economies in the world in 2007 with real growth rising to 11.2 percent, following an average growth rate of nearly 8 percent in 2004-06 ... Growth in 2008-09 is projected to slow somewhat, to about 8 percent, with the Canal expansion and related investment activities partially offsetting the effects of higher oil prices and the slowdown in the U.S. and the global economy.'...
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