Panama for Remote Workers

Panama has been considered through years as one of the most popular destinations in Central America.  The country is not only well known for its nature, beautiful beaches, and Canal, but also for being one of the strongest economies in Central America. Therefore, seeking new ways to promote the country, the Republic of Panama has launched the Executive Decree No. 198 of May 7th, 2021, which main aim is to promote the country as destination for remote workers or digital nomads.

The executive decree has created a short-term visa that grants a provisional residence of nine months to the applicant with a one-time extension of nine additional months.

The main requirements to apply for the visa include:

To be eligible for this visa, applicants must prove a minimum yearly income of US$ 36,000. The income must come from a foreign source and prove of it must be provided through bank statements or bank certifications.

1. Completed application form, which includes the commitment of the applicant to assume the costs to return to their home country or destination,
2. Three passport photos,
3. Certified passport copies,
4. Non-criminal record from the country of origin or residence of applicant,
5. Affidavit of personal background,
6. Good health certificate,
7. Health insurance policy which must include coverage for the period of stay in Panama,
8. Affidavit of non-acceptance of any work or service offer to carry out business in Panama,
9. Proof of existence of the foreign company in the place where it is registered.
10. Letter of employment on company letterhead, signed by the legal representative, stating the position and functions exercised by the applicant, monthly income, work modality (remote), and commitment to assume the expenses of return or repatriation to their country of origin in case of being necessary.
11. Bank certification or bank statements that prove the applicant’s income comes from a foreign source.
12. If the applicant is self-employed, it will be necessary to prove ownership of a company registered outside of Panama and a sworn statement describing the business activity, services, clients, and revenue. 
13. Payment of US$ 250 in favor of the National Immigration Service.
14. Payment of US$ 50.00 for the Visa Identity Card

For more information on this, contact us at dorcy@fischer-cie.com