OVER 20,000 WORK PERMITS FOR FOREIGNERS IN PANAMA
From August 2014 to August 2015, the employed population increased to 38,490, however, more than 20,000 work permits were given to foreigners in Panama. Experts say that this approval of labor to foreign licenses represent 52% of new jobs created.
Thanks to the real estate and property market in tourism, Panama’s economy has been one of the fastest growing in Latin America. According to the National Migration Service, in 2015 there were approved 17.907 residence permits to foreigners, 29.83% more than the previous year, when 13.792 permits were granted. The geographical location of Panama, economic growth in recent years and employment opportunities, are some of the reasons why foreigners choose to settle in Panama.
The largest number of visas granted was as foreign professionals; followed by the residence permit issued to citizens of friendly countries; and for reasons of education, among others.
The Republic of Panama has created a Program for Permanent Residence which benefits the citizens of several countries, with the “Panama friendly nations visa”, which gives permanent resident status, granted Panamanian identity card and the right to request a work permit in indefinite manner.
Foreigners, businessmen and many multinationals are attracted by economic growth in Panama. Each year, more people are migrating from all over the world to Panama in search of better quality of life.