Residence for macro-enterprise investors

REPUBLIC OF PANAMA

MINISTRY OF PUBLIC SECURITY

NATIONAL MIGRATION SERVICE

REQUIREMENTS TO REQUEST A PROVISIONAL RESIDENT PERMIT PERMANENT FOR INVESTOR REASONS OF THE MACRO-COMPANY (PPT- IME)

Article 185: “Foreigners who wish to invest in a company, whose minimum share capital is B/.160,000.00 per applicant, these being shareholders and dignitaries of the same company.”

This Permit will be for a term of two (2) years, after this period has elapsed the Applicant may opt for permanent residence.

If you bring dependents, you must increase the investment to two thousand balboas (B/. 2,000.00) for each dependent, which can be justified by local bank reference.

1. Power of Attorney (notarized) and Request. The power of attorney must contain the name and nationality of the parents of the applicant.

2. Three (3) photographs.

3. Duly verified copy of the passport (Notarized or corresponding Authenticated). 4.Criminal Record Certificate.

5. Health Certificate.

6. Check certified by B/250.00 in favor of the National Treasury.

7. Check certified by B/800.00 in favor of the National Immigration Service.

8. Affidavit of Personal History Form.

9. Public Registry Certificate that certifies the corporate name of the company, the condition of director or dignitary, the legal representative or attorney-in-fact; the company's share capital (minimum B/.160,000.00); type of shares (they must be registered).

10. Certification from the secretary or treasurer of the company, which certifies the ownership of the shares issued in favor of the applicant and that they are are duly released and paid (shares for a minimum value of B/.160,000.00). The certification must be signed before a notary and must not be signed by the interested party himself.

11. Copy of the relevant pages of the company's Share Book and the shares issued in favor of the applicant.

12. Public Accountant Certification A authorized representative (CPA) of the company that accredits the ownership of the shares of the foreign applicant and that they are released and paid (the shares for a minimum value of B/.160,000.00) and detail the company activities.

13. Declaration of the applicant before a notary public regarding: amount of capital invested, number of shares owned, company activity.

14. Receipt of advance payment of capital gains tax and copy of the contract purchase and sale of shares (only in case the applicant has acquired the shares of a third party from an existing company).

15. Copy of the company's income tax return with its peace of mind (in the income tax return equity section, stock line must be registered the payment of the total of the shares, which must be a minimum of B/. 160,000.00 per applicant).

16. In the case of recently incorporated companies, provide proof of payment of the single rate and RUC registration.

17. Copy authenticated by the CSS of the form, with a minimum of five (5) Panamanians per applicant, earning the minimum wage established by law, in accordance to the region and sector. It must correspond to one of the payments made within the three months prior to the month of presentation.

18. Peace and safety from the current CSS.

19. Proof of the investment may be proven by providing three (3) of the following documents: 19.1. Bank certification of transfer of the applicant's funds from from abroad (mandatory).

19.2. Proof of advance payment of capital gains tax for the transfer of shares and copy of the purchase and sale contract of the themselves (only in cases of sale of shares of already existing companies). 19.3. Copy of the deposit receipt for the amount invested in favor of the company, authenticated by the bank. 19.4. Purchase and sale contract of the premises where the company operates. 19.5. Audited Financial Statements. 19.6. Document issued by a banking entity stating that the Funds invested by the applicant come from abroad. 19.7. Commercial invoices for expenses incurred by the investor in the company, accompanied by a detailed inventory by CPA (provide a document that proves the suitability of the CPA). 19.8. Customs clearances of imported goods in the name of the company. 19.9. Any other document that can prove the capital invested in the company.

20. Proof of the existence and location of the company (minimum 3): 20.1. Lease contract for the commercial premises where the headquarters of the company operates company or office. 20.2. Last billing of public services (water, electricity or telephone). 20.3. Proof of payment of ITBMS tax. 20.4. Proof of fees to the Municipality.

21. Operation Notice.

22. In case of dependents:

• Letter of responsibility.

• Proof of relationship.

• Proof of address.

• 18 years of age or older, present a certificate of single status and certified studies.

DEFINITIVE PERMANENCE FOR REASONS OF INVESTOR OF THE MACRO-ENTERPRISE (PRP-IME)

Article 190: To Request Permanence, the previous requirements will be presented with exception of the Criminal Record Certificate and checks. Additionally, you must contribute:

1. Paz y Salvo National Income of the company.

2. Copy of the company's income tax return with its respective payment receipt. In the income tax return equity section, the stock line must be registered the payment of the total of the shares that must be minimum B/.160,000.00 of the applicant).

3. Copy of Form 03 submitted to the Ministry of Economy and Finance.

4. Peace and safety from the CSS in favor of the current company.

LEGAL BASIS: Political Constitution of the Republic of Panama, Decree Law 3 of 22 of February 2008, Article 185, 186, 187, 188, 189 and 190 of Executive Decree No. 320 of 08 of August 2008, modified by Executive Decree No. 26 of 02 of March 2009, Law 38 2000.