zog

I am looking to buy two apartments in Panama city. one for living and one for renting. I have recently heard about changes that are going to occur to the visa which requires that you invest $200000. Does anyone know anything more about this issue? I have read the law changes on 1st september 2008, but a lawyer has told me 15th August 2008, and also stipulated that there is a raise in the minimum from $200000 to $350000. Though I have read elsewhere that in the actual law the stipulation of $350000 was taken out and currently there is no stipulation other than the $200000 but that in the new law it will be expected to rise but it is not known by how much.

Anyone know anything about this?

MRWOOHOO

I have heard about the changes. I believe the $200k investment will remain the same. From what my attorney has told me many of the lower investment amount visa's will be going away such as the small business or small reforestation project ($40K, I believe). I think the 90 day tourist visa will still be in effect.

zog

Hi Mr Woohoo,

What makes you think the $200k limit will stay the same? I read one law firm website that said the $350k stipulation had been taken out but that the $200k would probably be raised. I am worried about it because some of my investments in UK are not doing very well, and I have to be able to afford 2 apartments to make the move work. And I dont have much time if I am to meet the deadline of 26th August (my lawyer said 15th but that was to allow for bureaucracy)

After the panic :-) I have thought that if the government raises the limit to $350k will it not have a negative effect on the housing market? A limit that high during a credit crunch might slow investment, and make the apartments under $175k less attractive. You would need to buy 2 apartments at that price to qualify for the visa. Seems to me it would reduce younger foreigners with a bit of money looking for a new life - namely me :'-(

But may be good for people retiring.

GeekZ

Whats the point in the $200k?

zog

Hi, the $200k is the lower limit for a certain kind of visa that allows you to be resident in the country if you invest that amount of money. The law is going to change and initially in the new law was a stipulation raising that limit to $350k. Which would mean I would need to invest $350k to gain that visa residency. But the actual amount was taken out of the law before it passed, with the amount to be decided afterward. Now it is all rumour. A lawyer I spoke to seems to think it will go up to $350k and another lawfirm's website states it will be raised from $200k to a currently unknown amount. Mr. Woohoo thinks it will stay the same and other forms of visa will be ended. I for one hope he is right!

MRWOOHOO

If the amounts get raised to high I just might have to get married, lol?

zog

Hi,

if you have already invested more than $200000 you should be OK. Sounds like your girl is great so, is marriage such a bad idea?

GeekZ

So you would have to actually settle for one girl!

Just kiddin lol.

aqsherlock

two things...

1- the new inmigration law is Decreto-Ley 3 del 22/feb/2008 (law-decree 3 of feb-22-2008) and it says on art.142 that its enforced starting 6 months after it was published, so it if was published on 26-feb-2008 (Gaceta Oficial 25986 from that date) count 6 months....aug-26-2008.

2- The new inmigration law have just the general principles, it doesnt enter into the details.... the details like the $200k visa, forestry visa, etc... those will be regulated thru the inmigration regulation bylaw which is being made right now, its still being debated... i had a chance to read the preview project at the end of may and it still maintained the $200k sum, also it still maintained the forestry visa... but as i say is still a project and it can change when the final decree is issued out and it must be before aug-26-2008 so lets wait.

MRWOOHOO

Thank you for the clarification aqsherlock, that was my general understanding as well from my attorney but I did not have the specifics. I am sure there is ALLOT of debate going on in regards to the immigration/visa issue currently.

Btw Geekz and Zog, you are both correct, maybe it is time I finally make the big move. She is a great girl and one woman is plenty for me.

zog

Well, she seems a great girl to me. So Woohoo!!!!

i hope also things remain with $200k then is woohoo for me too!!!