September 22, 2023
Panama implements stricter entry requirements for certain foreign nationals, including business travelers
Effective 8 September 2023, Panama implemented stricter measures regulating the admission of foreign nationals, including business travelers. Foreign travelers are now subject to the following requirements (i) they must provide proof of sufficient financial means to support themselves during their visit to Panama. Specifically, they must have at least PAB 1,000 (approx. USD 1,000) in cash or credit card balance, up from PAB 500 (approx. USD 500) previously; (ii) they may be granted entry for 15 to 90 days (and are no longer automatically eligible to stay in Panama for 90 days), subject to the discretion of the immigration authorities and on a case-by-case basis; and (iii) they are now subject to stricter checks at the point of entry and may be refused admission if they do not comply with all requirements.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.
Full text of Tax Alert