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IMPACT – MEDIUM
What is the change? The Ministry of Labor has published new work permit regulations for the Specific Countries Permanent Residence.
New regulations:
Background: The Friendly Nations Residency Permit (Specific Countries Permanent Residence) may be granted to individuals on the Friendly Nations List for the purpose of pursuing commercial or professional activities in Panama. Once approved, this permit grants an indefinite residency in Panama. Applicants must show a bank account with approximately $5,000 or more and proof of a commercial or professional activity linked to Panama. This last requirement may be fulfilled by starting a new business, purchasing an existing business or being hired to work for a Panamanian company.
Analysis & Comments: Employers should take into consideration the new regulations as they will impact work permit applications for specific nationalities. Processing times for this permit category will be shorter because employees will no longer need to wait for the final permanent residence approval in order to start working.
Source: Deloitte LLP. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London EC4A 3HQ, United Kingdom.
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