Global Executives in Panama. Understanding the Temporary Resident Visa Process

Panama, renowned for its strategic geographic location and business-friendly environment, has emerged as a favored destination for global executives seeking to expand their corporate footprint. Understanding the Temporary Resident Visa process is crucial for those aiming to navigate the complexities of international business in this vibrant economy. Delvalle & Delvalle, a leading law firm with extensive expertise in Panamanian immigration law, stands at the forefront of assisting executives in securing their Temporary Resident Visas. This guide provides an in-depth look into the visa process, highlighting the pivotal role Delvalle & Delvalle plays in facilitating a smooth transition for international executives to Panama.

Understanding the Temporary Resident Visa

The Temporary Resident Visa in Panama serves as a gateway for international executives planning to engage with the Panamanian market. Designed for executives of foreign companies that have a branch or affiliate in Panama, this visa allows them to live and work in the country. Delvalle & Delvalle, with their expertise in immigration law, plays a crucial role in navigating this process.

This visa is granted for one year initially and can be extended annually, with the possibility of staying up to a maximum of six months after the sixth year. The main attraction of this visa is that it enables foreign executives to legally work in Panama without the need for a separate work permit, streamlining their transition into the Panamanian business environment.

Eligibility Criteria

To be eligible for the Temporary Resident Visa, certain conditions must be met, ensuring that the process is reserved for qualified individuals who contribute positively to Panama’s economic landscape:

• Company Registration: The executive’s parent company must be duly registered abroad, signifying its legitimate international business operations.
• Panamanian Presence: There must be a legally established branch or affiliate of the company in Panama, creating a tangible link to the local economy.
• Income Requirements: The executive must earn a salary exceeding US$1,000.00, which must be sourced entirely from abroad, highlighting the financial independence and economic contribution expected from applicants.

These criteria underscore the Panamanian government’s intent to attract foreign investment and expertise while ensuring that the benefits extend to the local economy. Delvalle & Delvalle assist clients in meeting these requirements, providing a smooth pathway to obtaining the Temporary Resident Visa.

Advantages of the Temporary Resident Visa

Obtaining a Temporary Resident Visa in Panama offers numerous benefits, particularly for foreign executives looking to invest or establish business ties in the country. Delvalle & Delvalle highlight the following advantages for their clients:

• Investment Flexibility: This visa is ideal for those who wish to invest in Panama but may not yet have the substantial capital required for an Investor’s Visa. It allows executives time to develop their investment plans within Panama’s dynamic economy.
• Work Authorization: Visa holders can legally work in Panama without needing a separate work permit, facilitating a seamless integration into the local workforce.
• Family Inclusion: Executives can bring their spouse and children as dependents, ensuring that families can stay together during their stay in Panama.
• Exemption from Deposits: Unlike other visas, this category exempts applicants from making any deposit or paying for migratory rights, reducing the financial burden of relocation.

These benefits make the Temporary Resident Visa an attractive option for global executives and their families, providing a conducive environment for both personal and professional growth.

Application Process

The process of applying for the Temporary Resident Visa involves several steps, with Delvalle & Delvalle providing expert guidance throughout:

• Verification of Company Registration: Applicants must prove that their parent company is registered abroad and that a branch or affiliate exists in Panama.
• Financial Documentation: A salary above US$1,000.00 must be verified, with the source of income originating from outside Panama.
• Submission of Legal Documents: This includes police and criminal records from the applicant’s place of residence for the past two years, a valid passport, and carnet size photographs.
• Corporate Documentation: Existence Certification or Mercantile Registry of the company from the country of origin and Panama, all duly authenticated.
• Employment and Responsibility Letters: Issued by the parent company, these documents confirm the executive’s employment and the company’s commitment to the executive’s role in Panama.

Role of Delvalle & Delvalle

Delvalle & Delvalle, a prestigious law firm specializing in Panamanian immigration law, plays a pivotal role in the Temporary Resident Visa application process for international executives. Their services are comprehensive, offering:

• Legal Guidance: They provide expert advice on meeting the eligibility criteria and navigating the complexities of Panamanian immigration law.
• Document Preparation: The firm assists in preparing and submitting all necessary documentation, ensuring compliance with local regulations.
• Liaison Services: Delvalle & Delvalle act as a bridge between the applicants and Panamanian authorities, facilitating communication and expediting the visa process.

Their deep understanding of the legal landscape and commitment to client success make Delvalle & Delvalle an indispensable partner for executives seeking to establish their professional and personal lives in Panama.

Requirements:

• Police and Criminal Records, issued in the place of residence for the last two (2) years, duly stamped, sealed and authenticated by a Panamanian consulate.
• Original passport valid for at least six (6) months.
• Four (4) carnet size pictures.
• Existence Certification or Mercantile registry of the company in the country of origin. Said document must be duly stamped and authenticated by a Panamanian consulate.
• Letter of employment issued with on a sheet with the letterhead and logo of the company issued by the parent company that will hire him to work as an executive. (Model provided by Delvalle & Delvalle)
• Letter of responsibility issued on a sheet of paper with the letterhead and logo of the company issued by the parent company that the company will hire the executive. (Model provided by Delvalle & Delvalle).
• Existence Certification or Mercantile registry of the company in the country of origin. Said document must be duly stamped and authenticated by a Panamanian consulate.
• Bank reference letter issued by a foreign bank in favor of the Parent Company abroad.
• Certification issued by the Public Registry of Panama, where it verifies the existence of the company in Panama. (As a requirement for this type of Visa, you must have a Corporation duly constituted in Panama; this company will serve as a branch for the Parent Company in Panama).
• Bank reference letter issued by a Local Bank where it states that you possess a Panama bank account and a bank account abroad (in the same country where the parent company is located). This account may be a personal or commercial account.

Requirements for Dependents

For executives looking to bring their families to Panama, the Temporary Resident Visa accommodates dependents, which includes spouses and children under 25. The requirements for dependents are:

• Documentation: Dependents must provide marriage certificates and birth certificates for children, all authenticated by a Panamanian consulate.
• Letter of Responsibility: Issued by the parent company, this document asserts the company’s commitment to support the executive’s dependents during their stay in Panama.

The Temporary Resident Visa offers a unique opportunity for global executives to engage with Panama’s thriving business environment. Delvalle & Delvalle stand out as key partners in this journey, providing unmatched legal expertise and support throughout the visa application process. Their comprehensive services ensure that executives and their families can navigate the complexities of immigration with ease and confidence.

By choosing Delvalle & Delvalle, executives gain more than just legal assistance; they acquire a strategic ally committed to their success in Panama. The firm’s dedication to facilitating a smooth transition for international executives and their dependents underscores its reputation as a leader in Panamanian immigration law.

As Panama continues to attract global business talent, the role of experienced legal advisors like Delvalle & Delvalle becomes increasingly crucial.