I posted this information on Moving to Panama, but this is more relevant to Visas than in that topic area.
Both the Friendly Nations Visa and Foreign Professional Visa allow foreigners to work for a Panama company in a "professional" capacity.
Recently, immigration officials put together a list of professions “reserved” for Panamanians which foreigners cannot be employed as. Here is a translation of that list:
Accountant, agricultural science, architect, attorney, barber, chemist, chiropractor, cosmetologist, dentist, dental assistant, doctor (medicine, veterinarian), economist, engineer, journalist, laboratory, medical assistants, nursing, nutritionist, pharmacist, physical therapist, psychology, public relations, radiologist, social worker, sociologist, speech therapist, and teacher (under Ministry of Education for public schools)
There are several requirements in order to qualify for the Foreign Professional Visa including having a foreign university's diploma approved by the University of Panama or a Panama Technical University.
Applying for an immigration visa requires hiring a Panama immigration lawyer.
Steven Rich in Panama