Panama: Facilities for Foreign Labor Highlighted

Among the impetus for foreign investment is the newly established category of permanent residence for foreigners from friendly nations.

Thursday, October 4, 2012

During the second meeting of Spanish companies in Panama, the presence of a delegation of government and Spanish businessmen, led by Prince Felipe of Borbón, allowed the Labor Minister Alma Cortés to highlight the facilities granted by the Canal country for the establishment of foreign companies in its territory, especially in relation to having its own staff to count on.

The Executive Order 416 of June 2012 created a new category of permanent resident foreigners who are nationals of specific countries with which there are friendly relations, including professional, economic and investment relations with the Republic of Panama.

An article in reports that when asked if "these foreigners counted within the 10% that the law allows companies operating in the country to have on its payroll, the minister said that" depending on the economic activity, they will not take into consideration in the 10% of foreign workers after the request has been made and the company has explained its need for labor.'"

More on this topic

Timeframe for Permanent Residence for Professionals Reduced

March 2013

The government of Panama has reduced from seven to two years the timespan for granting Permanent Resident immigration status to professionals in the country.

As explained by the Director of Immigration, Javier Carrillo, the measure seeks to reduce the timeframe and make the process easier.

Work Permits for Foreigners Grow 11%

September 2012

In the first five months of the year 5,805 work permits were granted in Panama, 11.6% more than in the same period in 2011.

According to the Ministry of Economy and Finance (MEF) citizens from Colombia (36.8%), Venezuela (8.9%), China (6.4%) and the Dominican Republic (6.1%) received the most permits.

Panama Facilitates Productive Immigration

May 2012

Permanent residency has been granted to Argentineans, Brazilians, Uruguayans, Chileans, Spanish, and nationals of other countries friendly to Panama.

Executive Decree No. 343 of May 16, 2012, creates a new Permanent Resident Immigration Category and subcategory Permanent Resident Foreign National for specific countries with which there are relations that are friendly, professional, economic and relating to investment in Panama.

Panama: Companies May Hire More Foreign Workers

April 2011

A new law will enable companies to request an exception allowing them hire foreigners when necessary.

Though Panama's Employment Code allows companies to employ up to 10% of their workforce with foreign workers, employers may now increase this percentage, provided they can demonstrate that it is necessary.

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