The Government of Panama has issued, through Executive Decree No. 198 of May 7, 2021, a new Short Stay Visa for Remote Workers.
Any foreigner who meets the following conditions can apply to this visa:
- That he has an operating contract with a foreign transnational company or is an independent worker. The work must be done in a telework mode.
- To carry out functions that have their effects abroad.
- That he receives income from a foreign source and with an annual amount not less than Thirty-Six Thousand Dollars with 00/100 (US $ 36,000.00) or its equivalent in foreign currency.
This visa is particularly interesting for those individuals who are better known as digital nomads. Some of the advantages are:
- Those foreigners who are granted this visa will not require to obtain a work permit.
- Your income, being from a foreign source, will not be taxable by the Republic of Panama.
- The visa is granted for a term of nine (9) months, which
translates into a stay of more than one hundred and eighty-three
(183) days, enough time to apply for a tax residence
certificate.
The visa can be extended only once, for an additional term of nine (9) months.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.