Increase in Spanish Migration to Panama

In 2012, 648 new residency permits were granted to Spanish citizens, approximately double that of 2007, when the number was 350.

Wednesday, July 10, 2013

Driven by the growing economic crisis in the Iberian Peninsula, more and more Spanish people are coming to try their luck in Panama, attracted by the opportunities offered by the economic growth the country is experiencing.

According to official figures, between 2001 and 2011, 21,808 residence permits were granted to Spanish citizens, while the country's consulate in Panama registered 10,200 residents.The same consulate recognizes that the actual number of residents could be significantly higher.

The migratory movement from Spain to Panama soared in 2007 and 2008, coinciding with the economic crisis, going from 1,966 migrants in 2006 to 2,636 in 2011.

Part of the appeal is in the amount of Spanish multinationals operating in Panama. "According to government records, 47 of the 90 large multinationals operating in the Panamanian economy are Spanish, taking advantage of the sustained annual growth in production of 10% and an unemployment rate of just 4.5%," reported the Spanish newspaper

More on this topic

Tightening of Immigration Rules in Panama

January 2017

The timeframe for tourist visas has been reduced to 90 days and the period of validity for temporary cards for those seeking temporary or permanent residence reduced from 12 to 6 months.

From Decree 590 of the Executive Branch, published in La Gaceta:

Panama Wants to Attract More Spanish tourists

January 2012

Out of all Europeans, the Spanish are among the most frequent travelers, and therefore, the authorities are intensifying efforts in the Iberian market.

The Tourism Authority of Panama (ATP) is stepping up its efforts to promote the country as an attractive tourist destination and persuade more Spanish people to travel there instead of going to Guatemala, Costa Rica and Cuba, Spain’s favorite destinations in Latin America.

Relocating to Panama

February 2011

More and more foreigners settle in Panama, requiring a wide range of different services.

According to preliminary data from 2010, more than 12.000 work permits were given to foreigners, including executives of multinational companies or those coming from other places in search of better opportunities.

The Miami of Central America

April 2009

Like Miami, Panama is a magnet for Latin Americans and Europeans, who in the past five years have come to the country to invest and work.

An article in analyzed how the protection of the advantages that Panama offers so that capital and people will come and settle in the country brings tens of thousands of foreigners and hundreds of companies who then decide to stay, attracted by the climate, business environment, agility in starting a business, air transport facilities, and the effervescence caused by the economic expansion of the Canal and the development of the location as a logistics hub.

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