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Panama implements changes to the SEM Visa application process
Panama's General Directorate of Multinational Company Headquarters recently implemented changes to the "Sedes de Empresas Multinacionales" (SEM) Visa application process for applicants and their dependents. SEM Visas are available to foreign nationals who work for multinational companies located in Panama that have a valid Multinational Company License, as well as their dependents. These visas allow holders to work and reside in Panama for an initial period of up to five years and can be renewed indefinitely for up to five years each time. Holders may also apply for permanent residence after the expiry of their initial SEM Visa.
A Tax Alert prepared by EY's People Advisory Services, and attached below, provides additional details.