Panama rolls out bonanza welcome mat

Panama plans to allow more of the world to share in the country’s “bonanza” by extending immigration benefits to 10 more countries.

"The Panamanian economic miracle we have not done alone, so we have allowed nationals of more than 17 countries and 10 more to come to come, work and stay here with a shorter process," says Panamanian Foreign Minister Fernando Nunez Fabrega, without specifying the new benefiting countries.

In a meeting with foreign correspondents, the Foreign Minister said the idea of Panama’s Executive is "share the wealth" of Panama, a leader in regional growth with 10.6% in 2012, "in exchange for (immigrants) to help us in the technology, in many more complex things. "
Last May Panama adopted a new regulation that facilitates citizens from 20 countries, including Spain, permanent residency when they enter the country "for the exercise of economic or professional activities."
"Right now the most nationals asking or residence here are the Spanish," Fabrega sais, , adding that, according to data from the Spanish embassy, 600 residency applications have been submitted since the measure came into force.
According to Fabrega, "legal security, political stability, good relations with its neighbors andPanama’s economic outlook " encourage foreigners to settle in the country.
The May 2012 decree also benefited immigrants from Argentina, Brazil, Chile and Uruguay and nationals of Germany, Australia, Austria, Belgium, Canada, USA, Finland, France, Holland, Ireland, Japan, Norway, Czech Republic, Switzerland and Singapore.
These "countries have friendly relations, professional, and economic and investment" with Panama decree.
To obtain permanent residency through the new rules, immigrants must demonstrate that their purpose is to exercise "economic or professional activity" specifically in Panama, financial solvency, and have no criminal record in the country of origin or residence