IMPACT – MEDIUM
What is the change? Panama has expanded the options for SEM visa holders seeking permanent residence.
What does the change mean? SEM visa holders will now have the chance to qualify for permanent residence after five years, without making the previously required investment, if they intend to continue working at an SEM company.
Background: Earlier this month, Panamanian officials issued a decree making it easier for foreign nationals working at multinational corporations in Panama (Sedes de Empresas Multinacionales or SEM countries) to obtain permanent residence. Under the decree, SEM visa holders can obtain permanent residence one of two ways.
Analysis & Comments: The change will ease the path to permanent residence for SEM visa holders. Previously, there were no permanent residence options for foreign nationals who continued working at an SEM company, only for those who stopped working and made the requisite $150,000 investment.
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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