Agreement Between Panama Italy for Permanent Residency
The “Treaty of Friendship, Commerce and Navigation between the Republic of Panama and the Italian Republic” was signed in 1966 and ratified by the Law 15 in order that Italian citizens enjoy the treatment of permanent residents in the territory of Panama.
Thus, Latin American, European and American Italian citizens with dual nationality can apply to the National Service of Migration to Permanent Residents in the Republic of Panama.
It’s one of the simplest migration processes that currently exists in Panama and that gives Permanent Resident Status, which is beneficial for those people who intend to reside indefinitely in Panama.
A lawyer, who will have the power to become the legal representative before the National Migration Service, must manage the procedure.
The process can take about 3 months to get the final resolution, while the process is carried out you’ll be given a temporary residence card for one year, you’ll be grant another card for another year and so on until the final resolution of residence is obtained.
Executive Decree No. 67 of April 17, 2013 authorizes the work permit to foreigners with Permanent Resident Permit with Italian nationality covered by the Treaty of Amity, Commerce and Navigation concluded between the Republic of Panama and the Republic of Italy.
Dependents may be included, these being the spouses, dependent parents of the applicants, the minor children and the single students under 25 years. Each of the dependents must provide evidence of not having a criminal record in their country of origin.
The strength of the European currency against the US dollar can be taken as an advantage by Italian citizens to take advantage of low prices and invest in the real estate business, take advantage of low incomes as well as lower wages and the Canal de Panama to start businesses and other investments.
Many Italians own Italian specialty restaurants in Panama, as well as import suits, belts, footwear and other products of Italian origin such as olive oil and pasta. The Italians will not be limited exclusively to establishing businesses of these activities, but also any other that is not reserved exclusively for Panamanian citizens like for example the lawyers and doctors.