Executive Summary

Panama’s Qualified Investor Residency Program grants eligible foreign investors permanent residence, rather than a preliminary or temporary immigration status.

The applicant must invest foreign-sourced funds through one of the following qualifying routes:

The investment generally must be maintained for at least five years. Panama’s regulations establish a maximum period of 30 business days for the immigration authority to resolve a formally submitted application. However, the complete process—including the investment, due diligence, investment certification, document preparation and residence-card issuance—usually requires more time.

Introduction

The Panama Qualified Investor Program—commonly marketed as the Panama Qualified Investor Visa—was created under Executive Decree No. 722 of October 15, 2020. It forms part of the permanent residence categories available for economic reasons.

The program is intended for foreign nationals who make a substantial investment in Panama using funds originating outside the country. Unlike several other immigration categories, a successful applicant may receive permanent residence directly.

The regime was amended by Executive Decree No. 109 of 2022 and, more recently, by Executive Decree No. 193 of October 15, 2024. The 2024 amendment established the current US$300,000 minimum for qualifying real estate investments and introduced additional protections for investments in properties under construction.

Who May Apply for Qualified Investor Residency?

The program is available to foreign nationals who:

1. Make one of the investments authorized by the regulations.

2. Use funds originating from a foreign source.

3. Satisfy Panama’s immigration, criminal-background and due-diligence requirements.

4. Maintain the qualifying investment for the required period.

5. Demonstrate that they are the owner or ultimate beneficial owner of the investment.

The investment may be held:

• Directly in the applicant’s personal name.

• Through a legal entity in which the applicant is the ultimate beneficial owner.

• In certain cases, jointly with a spouse or qualifying dependent.

• Through a legal entity whose ultimate beneficial owners include the applicant, spouse or dependents.

The 2024 amendment expressly permits certain forms of co-ownership between the applicant, spouse and dependents, provided the applicable ownership and beneficial-ownership requirements are satisfied.

Qualifying Investment Options

1. Real Estate Investment

An applicant may qualify by investing at least US$300,000 in real estate located in Panama.

The applicant must generally demonstrate:

• Ownership of the property.

• A minimum net investment of US$300,000.

• That the qualifying investment amount is supported by foreign-sourced funds.

• The registered value and ownership of the property.

• Compliance with the applicable title and certification requirements.

The qualifying US$300,000 portion must be free of liens or encumbrances. When the property is worth more than US$300,000, the regulations permit the investor to finance the amount exceeding the qualifying investment through a mortgage loan from a Panamanian bank.

Required real estate evidence

The investment file may include:

• Certification from Panama’s Public Registry confirming ownership.

• Certification from the National Land Titling Authority confirming the property’s value.

• Evidence of the transfer of funds from abroad.

• Bank statements, transfer confirmations or other financial documentation establishing the source and movement of the funds.

Purchasing property for US$300,000 does not, by itself, guarantee approval. The applicant must also demonstrate the foreign origin of the funds, satisfy immigration requirements and provide an acceptable ownership structure.

2. Property Under a Promise-to-Purchase Agreement

An investment of at least US$300,000 may also qualify when the property is being acquired under a promise-to-purchase agreement, including certain properties under construction.

The regulations recognize two principal structures.

Trust arrangement

The applicant may place the purchase funds in a trust managed by a Panamanian licensed bank or trust company. The trust agreement must establish that the funds will be released in connection with the purchaser’s obligations under the real estate agreement.

Full payment supported by a bank guarantee

For property that has not yet been constructed, segregated or registered, the investor may pay 100% of the purchase price to the developer or seller. In this situation, the developer must provide a qualifying bank performance guarantee covering at least the investor’s full investment.

The guarantee must generally remain in effect until the property is constructed, segregated and registered in the investor’s name. It must also be renewed and presented annually as part of the investment-verification process.

Risk consideration

Purchasing a pre-construction property solely because it appears to qualify for immigration purposes may expose the investor to:

• Construction delays.

• Developer insolvency.

• Title-registration problems.

• Inadequate bank guarantees.

• Cancellation of the residence permit if the investment is not completed or properly replaced.

The real estate agreement, escrow or trust structure and bank guarantee should therefore be reviewed before funds are transferred.

3. Securities Investment

An applicant may qualify by investing at least US$500,000 in eligible securities through a brokerage firm licensed by Panama’s Superintendency of the Securities Market.

The investment must generally:

• Be made through a properly licensed Panamanian brokerage firm.

• Involve securities meeting the conditions established by the program.

• Be supported by foreign-sourced funds.

• Remain invested for at least five years.

Supporting documents include:

• Certification from the licensed brokerage firm.

• Evidence of the amount invested and the securities held.

• Identification of the securities custodian.

• Evidence of the brokerage firm’s license.

• Certification relating to the registration of the securities.

This route requires both immigration and securities-law review. An investment that is commercially available through a brokerage account is not necessarily eligible under the Qualified Investor Program.

4. Fixed-Term Bank Deposit

An applicant may qualify by placing at least US$750,000 in a fixed-term deposit with a bank holding a general license to operate in Panama.

The deposit must:

• Have a minimum term of five years.

• Be free of liens and encumbrances.

• Be held in the applicant’s name or through an authorized qualifying structure.

• Be funded with money originating outside Panama.

Required evidence generally includes:

• An authenticated copy of the fixed-term deposit certificate.

• A bank certification identifying the depositor, amount and term.

• Confirmation that the deposit is unencumbered.

• Confirmation that the funds originated outside Panama.

Bank account opening and source-of-wealth due diligence may take considerably longer than the immigration review itself. Investors should not assume that a Panamanian bank must accept an account or deposit merely because the funds are intended for an immigration application.

General Application Requirements

The principal applicant will normally need to submit:

• Power of attorney granted to a licensed Panamanian attorney.

• Formal application prepared by the attorney.

• Valid passport and authenticated passport copy.

• Passport-sized photographs.

• Criminal-background certificate.

• Panamanian health certificate.

• Sworn personal-background declaration.

• Proof of the qualifying investment.

• Evidence that the investment funds originated outside Panama.

• Applicable investment certification from the Ministry of Commerce and Industries.

• Government payments and immigration deposits.

Documents issued outside Panama generally must be apostilled or authenticated through a Panamanian consulate. Documents not issued in Spanish must normally be translated by an authorized public translator in Panama.

Evidence of Foreign-Sourced Funds

Acceptable evidence may include:

• A letter from the foreign bank that sent the funds.

• A certification from the receiving Panamanian bank.

• Foreign bank statements.

• Transfer confirmations.

• A notarized letter from the recipient of the funds.

• Financial or legal documentation demonstrating the origin and transfer of the investment capital.

The source-of-funds requirement should not be confused with the broader source-of-wealth review conducted by banks, brokerage firms, fiduciaries and professional service providers. A bank may request substantially more information than the minimum immigration checklist.

Government Fees

Based on the program’s official requirements, the principal applicant must provide:

For each dependent:

These amounts do not include legal fees, translations, apostilles, notarial costs, Public Registry certificates, bank charges, brokerage expenses, fiduciary fees, property-closing costs or residence-card expenses.

Including Family Members

The application may include qualifying dependents, including a spouse and eligible children.

Additional documents may include:

• Marriage certificate.

• Birth certificates.

• Joint application or power of attorney.

• Notarized letter of financial responsibility.

• Parental authorization when applicable.

Children between 18 and 25 years of age must generally demonstrate that they are:

• Unmarried.

• Enrolled as full-time students.

• Financially dependent on the principal applicant.

Foreign civil-status and educational documents must be properly authenticated and translated when required.

How Long Does the Qualified Investor Process Take?

Statutory immigration period

Executive Decree No. 722 provides that a Qualified Investor permanent residence application must be resolved within no more than 30 business days, calculated from the receipt of the application through the program’s special processing channel.

This period should not be interpreted as 30 days from the moment the investor decides to purchase property or begins opening a bank account.

Practical estimated timeline

A properly organized application will generally involve the following stages:

A reasonable overall estimate is approximately six to twelve weeks after the investment and documentation are substantially ready. More complex banking, corporate, securities or pre-construction transactions can take several months.

The 30-business-day period is the regulatory decision period—not a guaranteed end-to-end completion date. Requests for additional information, document deficiencies, bank compliance reviews or title-registration delays may extend the practical timeline.

Panama introduced a digital platform for Qualified Investor applications in December 2025 to improve coordination, traceability and processing efficiency.

Five-Year Maintenance Requirement

The qualifying investment must be maintained for at least five years from the relevant approval or completion date.

The Ministry of Commerce and Industries may require annual evidence that the investment continues to exist and remains compliant. If the investment is sold, withdrawn, encumbered or otherwise ceases to comply before the required period expires, the authorities may initiate cancellation of the permanent residence permit.

Investors should therefore obtain legal advice before:

• Selling the property.

• Transferring ownership.

• Changing the beneficial owner.

• Pledging the investment.

• Withdrawing a fixed-term deposit.

• Replacing securities.

• Assigning rights under a purchase agreement.

Practical Considerations

Permanent residence is not the same as tax residence

Receiving permanent immigration residence does not automatically make the investor a Panamanian tax resident.

Tax residence is determined under separate tax rules, which may consider factors such as physical presence, permanent home, economic interests and supporting documentation. A separate application is normally required to obtain a Panamanian tax-residence certificate.

Immigration approval does not replace bank due diligence

Banks, brokerage firms, fiduciaries, developers and attorneys must comply with their own customer-identification, beneficial-ownership and anti-money-laundering obligations.

Applicants should be prepared to document:

• Employment and business activities.

• Source of wealth.

• Source of funds.

• Tax residence.

• Beneficial ownership.

• Purpose of the investment.

• Expected account activity.

Conduct due diligence before purchasing property

An immigration strategy should not replace real estate due diligence. Before closing, the investor should verify:

• Registered title.

• Liens and encumbrances.

• Property taxes.

• Condominium fees.

• Zoning and permitted use.

• Construction permits.

• Developer history.

• Purchase agreement protections.

• Exit restrictions during the five-year period.

Frequently Asked Questions

Is the Qualified Investor permit temporary or permanent?

It grants permanent residence, subject to approval and continued compliance with the investment-maintenance requirements.

What is the lowest qualifying investment?

The lowest current threshold is US$300,000, available through qualifying real estate investments.

Can the property be financed?

The investor must contribute at least US$300,000 in qualifying unencumbered equity. When the property has a higher value, the excess may be financed through a mortgage from a local bank.

Can I purchase a pre-construction property?

Yes, provided the transaction satisfies the special requirements for purchase agreements, trusts, payment structures and bank guarantees.

Must the funds come from outside Panama?

Yes. The qualifying capital must originate from a foreign source, and the applicant must provide evidence tracing the transfer of funds.

Can I apply before traveling to Panama?

The application may be initiated through a Panamanian attorney before the applicant enters Panama. However, the applicant and dependents must complete the required immigration registration and identification procedures in Panama.

Can I sell the investment immediately after obtaining residence?

No. The qualifying investment must generally be maintained for at least five years. Early disposal or withdrawal may place the residence permit at risk.

Does the program automatically grant citizenship?

No. Permanent residence and Panamanian citizenship are separate legal matters. Naturalization requires an independent application and compliance with constitutional and statutory conditions.

Conclusion

The Panama Qualified Investor Residency Program provides a direct route to permanent residence for foreign investors who make and maintain a qualifying investment.

Its principal advantages include:

• Direct permanent residence.

• Multiple investment alternatives.

• Inclusion of eligible family members.

• A statutory 30-business-day immigration decision period.

• The ability to begin the process through a Panamanian attorney.

Nevertheless, the investment should be structured as both a legal and commercial transaction. Immigration eligibility, title protection, bank compliance, tax considerations, investment liquidity and the five-year maintenance obligation should all be assessed before capital is transferred.