INVESTMENT IMMIGRATION · PANAMA

Panama Qualified Investor Visa

Permanent residency solutions in Panama for investors, entrepreneurs, and international families seeking a direct, investment-based route to permanent residency through qualifying investments.

What Is the Panama Qualified Investor Visa?

The Panama Qualified Investor Visa is the Permanent Resident as a Qualified Investor subcategory (Residente Permanente en calidad de Inversionista Calificado) within Panama’s permanent residence category for economic reasons. It allows foreign nationals to obtain permanent residency through a qualifying investment in Panamanian real estate, the Panama securities market or a fixed-term bank deposit. Since September 2026, the program is governed by Executive Decree No. 17 of September 8, 2026, which replaced Executive Decree No. 722 of 2020 and its amendments.

Approved applicants are granted permanent residency directly, without a prior temporary-residence stage. The decree sets a separate minimum investment for each route, requires the funds to be the applicant’s own, foreign-sourced and traceable, and imposes a five-year maintenance obligation with annual verification. It also establishes statutory processing periods once a complete file has been admitted, although actual timing depends on each case. For a complete overview of Panama residency programs and immigration pathways, explore our Panama Immigration Guide. Clients based in China, Hong Kong, Singapore, Malaysia, Indonesia and Japan can find tailored guidance on our Asia-Pacific Investor page.

For foreign nationals who are not yet ready to meet these investment thresholds, our Panama Marrakech Work Permit for Foreign Employees may offer a lawful, employment-based route to live and work in Panama in the meantime.

Legal update — updated for the September 2026 reform: This page reflects Executive Decree No. 17 of September 8, 2026, published in Official Gazette Digital No. 30613 on September 16, 2026. The decree provides that it takes effect upon its promulgation and replaces Executive Decree No. 722 of October 15, 2020 and its amendments. Eligibility and documentary requirements depend on the specific investment structure and circumstances of each applicant. This page is general information and is not a substitute for case-specific legal advice.

The 2026 Reform: Executive Decree No. 17

Executive Decree No. 17 of September 8, 2026 replaced the previous Qualified Investor framework — Executive Decree No. 722 of 2020, as amended in 2022 and 2024 — and consolidated the rules in a single instrument. The main changes for investors are:

Real estate is now split by type: first-sale (new) property keeps a US$300,000 minimum, while secondary-market (resale) property requires US$500,000.
Promise-to-purchase investments of US$300,000 must use a qualifying trust deposit or, where the developer is paid in full, be backed by an irrevocable bank guarantee, with annual evidence.
Panama securities market: US$500,000 through a licensed securities firm, in defined classes of eligible instruments.
Fixed-term deposits: US$750,000 at a private general-license bank, or US$500,000 directly at Banco Nacional de Panamá or Caja de Ahorros.
Stricter verification of the source, traceability and value of the investment, including possible independent appraisals.
Five-year maintenance with an annual verification filed before each anniversary of the residency resolution, and set deadlines to report and replace an investment.
Procedure: statutory processing periods, filing through a special attorney-in-fact before entering Panama, and direct inclusion of a later spouse and later-born or adopted children.
Transitional rules for applications already filed, and for certain investments and binding contracts perfected before the decree took effect.

Transitional Rules for Existing Investors and Contracts Signed Before the New Rules

Executive Decree No. 17 provides that it takes effect upon its promulgation, and it was published in Official Gazette Digital No. 30613 on September 16, 2026. Its transitional provision (Article 19) distinguishes two situations:

Applications already filed. Applications submitted to the Ministry of Commerce and Industries or the National Migration Service before the decree took effect remain governed by the requirements, conditions and amounts in force when they were filed, while more favorable procedural rules apply immediately.
Existing investments and binding contracts. Investments and binding contracts perfected before the decree took effect may be processed under the prior regime, provided the corresponding application is filed within six (6) months from the decree’s entry into force and all other applicable requirements are met.

Previously issued Investment Certifications keep their effects until they expire, and the new appraisal and valuation rules do not apply retroactively to investments already certified, unless there are objective signs of falsity, simulation, fraud or unlawful origin of funds. Separately, under Article 18, foreign nationals who had a pending application or valid status under the permanent residence category based on their own economic solvency (Solvencia Económica Propia) when the decree took effect may request a change to the Qualified Investor subcategory within twelve months, if they meet the applicable minimums and requirements. Investments made before October 15, 2020 are not eligible.

Not every contract signed before September 16, 2026 is automatically covered. Whether the transitional provision applies depends on the date, nature and legal perfection of the investment or binding contract, the filing date and compliance with the other requirements of Executive Decree No. 17. Each case requires legal review.

Signed a property contract before September 16, 2026?

Contact our firm to determine whether the transitional provisions of Executive Decree No. 17 may apply to your investment. Because the six-month transitional period runs from the decree’s entry into force, we recommend requesting a review promptly.

Key Benefits of the Program

The Qualified Investor Visa provides foreign nationals with a legally defined, transparent pathway to establish permanent residency in Panama, access the country’s financial infrastructure, and pursue long-term life and business goals in one of Latin America’s most open economies.

IMMEDIATE PERMANENT RESIDENCY

Approved applicants are granted permanent residency directly — there is no temporary permit stage — subject to the five-year investment maintenance and annual verification rules.

ACCESS TO E-CÉDULA

Qualified investors become eligible to apply for the Panamanian E-Cédula, the national electronic identification document.

DEPENDENTS INCLUDED

The principal applicant may include a spouse and eligible dependents, and a later spouse or later-born or adopted children may be added directly while the investment is maintained.

NATURALIZATION ELIGIBILITY

Decree No. 17 provides that Qualified Investor residents and their dependents may apply for naturalization after five consecutive years of residence in Panama. It is a separate process and is not guaranteed.

TERRITORIAL TAX SYSTEM

Panama taxes only income generated within its territory. Foreign-source income is generally not subject to Panamanian income tax.

INTERNATIONAL BANKING ACCESS

Panama’s robust banking sector supports foreign investors with USD-denominated accounts and international financial services.

STRATEGIC GLOBAL LOCATION

Panama serves as a premier hub for international business, logistics, and finance between North and South America.

INVESTMENT-BASED MAINTENANCE

Decree No. 17 does not set a minimum-stay rule for this residency. Instead, the qualifying investment must be maintained and verified annually for five years.

ASSET DIVERSIFICATION

Qualifying investments in Panamanian real estate, securities, or banking instruments support a broader international asset diversification strategy.

Naturalization is a separate process: after satisfying the applicable period of legal residence — five consecutive years of residence under Article 14 of Executive Decree No. 17 — a Qualified Investor resident may become eligible to apply for Panamanian naturalization, subject to the Constitution, Panamanian law and all requirements in force at the time of application. Naturalization is decided by the competent authorities and is not guaranteed by obtaining Qualified Investor residency. The five-year investment maintenance period is a different obligation and does not by itself confer citizenship.

Investment Options

Executive Decree No. 17 recognizes the investment routes below, each with its own statutory minimum and conditions. In every route, the funds must be the applicant’s own, come from a foreign source and be traceable, and the investment must be maintained for at least five years. Amounts are set in balboas (B/.), which are at par with the U.S. dollar.

FIRST-SALE / NEW PROPERTY

US$300,000

Initial acquisition of a new, unoccupied property transferred by the promoter or developer (or its successor), as defined in Decree No. 17.

SECONDARY-MARKET / RESALE PROPERTY

US$500,000

A property that was previously sold, occupied, leased or transferred to an unrelated third party. Resale acquisitions require the higher minimum.

PROMISE TO PURCHASE / UNDER CONSTRUCTION

US$300,000

A pre-construction purchase structured through a qualifying trust deposit, or full payment to the developer backed by an irrevocable bank guarantee, as required by the decree.

PANAMA SECURITIES MARKET

US$500,000

Eligible instruments acquired through a securities firm (casa de valores) licensed by Panama’s Superintendency of the Securities Market.

FIXED-TERM DEPOSIT — PRIVATE BANK

US$750,000

A lien-free fixed-term deposit held for at least five years at a private-capital bank with a general license from Panama’s Superintendency of Banks.

FIXED-TERM DEPOSIT — BANCO NACIONAL / CAJA DE AHORROS

US$500,000

A lien-free fixed-term deposit held for at least five years and made directly and solely at Banco Nacional de Panamá or Caja de Ahorros.

Real Estate: First-Sale and Resale Property

Executive Decree No. 17 divides direct real-estate investment into two sub-routes. A first-sale (new) property — the initial acquisition of a new, unoccupied property transferred by the promoter or developer, or its successor — requires a minimum of US$300,000. A secondary-market (resale) property — one that was previously sold, occupied, leased or transferred to an unrelated third party — requires a minimum of US$500,000. Not every US$300,000 property qualifies.

Certain events, such as a segregation, a declaration of improvements, a contribution to a trust, or a merger or corporate reorganization that does not involve marketing the property to an unrelated third party, do not by themselves remove first-sale status. First-sale status is evidenced through a Public Registry certification and, where applicable, construction or occupancy permits, tax records and other suitable documents. The authorities may disregard simulated transactions intended to avoid the applicable minimum.

The qualifying amount is the property’s net computable value: the lower of the price actually paid and the reasonably established market value, minus the outstanding balance of any lien on the property. If the purchase price exceeds the minimum, the excess may be financed, provided the financing is documented and traceable and no lien reduces the net value below the applicable minimum. The ANATI cadastral certification is still required, and the Ministry of Commerce and Industries may request an independent appraisal, at the applicant’s cost, where there is reasonable doubt about the property’s value.

The property may be held personally or through a Panamanian or foreign company or private interest foundation, provided the applicant’s beneficial ownership and effective control are documented. For a detailed overview of buying property in Panama, see our Panama Real Estate Guide.

Promise to Purchase / Property Under Construction

A real-estate investment made through a promise-to-purchase agreement (promesa de compraventa) for a property that has not yet been built, segregated or registered can qualify with a minimum of US$300,000 — but only if it is structured in one of the two ways permitted by Executive Decree No. 17. Signing a private contract or making ordinary installment payments does not, by itself, meet the immigration standard.

Trust deposit: the investment, for no less than the applicable minimum, is deposited into a trust managed by a bank or trust company licensed in Panama, and the trust funds are disbursed to pay the buyer’s obligations under the promise. Notarized copies of the promise-to-purchase agreement and the trust agreement are required.
Full payment to the developer: 100% of the property’s value is paid to the promoter, and the promise must be backed by an irrevocable, unconditional bank instrument payable on first demand, issued in the investor’s favor by an entity licensed in Panama — a standby letter of credit, an irrevocable bank guarantee (aval) or a bank performance guarantee — covering at least the full amount invested and kept in force until the property is built, segregated and registered in the investor’s name.

Any amount above the minimum must be paid under a schedule stated in the promise. Each year, the investor must provide the trustee’s certification of disbursements or the renewed, valid bank guarantee, and the authorities may require an appraisal to confirm the property’s real value.

If the promise is not perfected on time for reasons attributable to the developer, the investor may replace the investment with any other authorized route within 180 business days after the contractual deadline. Replacement through a new promise to purchase is allowed only once, and residency status supported only by promise-to-purchase agreements may not exceed three years in total. Legal review of the developer, the promise and the trust or guarantee structure is strongly advisable before committing funds.

Panama Securities Market Investment Option

Applicants may qualify with an aggregate investment of at least US$500,000 made — personally or through a company of which the applicant is the absolute beneficial owner — through a securities firm (casa de valores) licensed by Panama’s Superintendency of the Securities Market (SMV). The capital commitment must be maintained without interruption for at least five years from the date it is perfected in the account.

Eligible instruments, alone or combined, are: (1) interests in private equity, venture capital or other registered investment funds regulated by the SMV whose main purpose is productive investment in Panama; (2) bonds, treasury notes, letters and other debt instruments issued or guaranteed by the Republic of Panama, acquired at auction or on the secondary market; and (3) other registered securities — such as shares, corporate debt, mutual funds and real estate investment funds (REITs) — issued by companies with an economic impact in Panama and traded under SMV supervision. An arbitrary brokerage account does not qualify.

Market fluctuations alone do not breach the minimum if there is no voluntary withdrawal, sale or lien and the investor restores the amount within 90 calendar days of notice from the Ministry of Commerce and Industries. The file requires a certification from the licensed securities firm, an authenticated copy of its SMV license resolution and proof of SMV registration of the securities (or, for exempt securities, a certification from the issuer, paying agent or custodian).

Fixed-Term Deposit Options

Executive Decree No. 17 establishes two separate fixed-term deposit routes, distinguished by the receiving bank:

US$750,000 — a fixed-term deposit at any private-capital bank holding a general license from Panama’s Superintendency of Banks.
US$500,000 — a fixed-term deposit made directly and solely at Banco Nacional de Panamá or Caja de Ahorros.

In both cases, the deposit must be opened and funded by the applicant, remain free of any lien, pledge or block securing third-party financing, and be kept for an uninterrupted term of at least five calendar years. The funds must verifiably come from abroad, through international SWIFT transfers from accounts in the applicant’s name or of a company of which the applicant is the beneficial owner. The file requires an original bank certification confirming the deposit, its maturity, its holder, the foreign origin of the funds and its lien-free status, together with a bank-authenticated copy of the deposit certificate.

Source of Funds, Traceability and Investment Through Companies or Foundations

Under Executive Decree No. 17, the qualifying investment must be made with the applicant’s own funds, and the applicant must prove ownership and traceability of those funds. The funds must come from a foreign source: money that entered Panama’s financial system through an international transfer, or money held in Panama that can be documented as originating from an earlier international transfer. Donations, gifts and other gratuitous transfers from third parties do not count toward the minimum.

Typical evidence includes a letter from the sending or receiving bank (legalized or apostilled if issued abroad), authenticated bank statements showing the transfer, or a notarized letter from the recipient of the funds together with an original bank certification. The Ministry of Commerce and Industries and the National Migration Service may request additional information at any stage to verify the legitimacy of the investment and the lawful origin of the funds.

The investment may be held personally or, where the decree permits, through a company or a Private Interest Foundation. In that case, the applicant must document the entity’s existence and good standing, ownership structure, beneficial ownership, legal representation and the applicant’s effective control of the investment — with foreign documents legalized or apostilled and translated into Spanish where applicable — subject to the documentary and relationship requirements established by the decree for each investment route.

Where an investment is co-owned, or held by an entity with more than one beneficial owner, each principal applicant must individually meet the minimum. An investment held jointly by the principal applicant and a spouse or dependents included in the same application may be counted as a single investment if its net computable value reaches the applicable minimum.

Five-Year Maintenance, Annual Verification and Changes to the Investment

Maintaining the qualifying investment is a continuing legal obligation under Executive Decree No. 17, not a formality or an optional review.

FIVE-YEAR MAINTENANCE

The qualifying investment must be maintained for at least five years. Failing to maintain it, or to replace it on time, can lead to cancellation of the permanent residency.

ANNUAL VERIFICATION

Every year until five years are completed, the resident must prove, through a legal representative, that the investment is maintained, filing the evidence with the Ministry of Commerce and Industries within the 30 calendar days before the anniversary of the migration resolution.

SALE, SUBSTITUTION OR LOSS

If the investment ends, is sold, is replaced or ceases to exist before five years, the resident must notify the Ministry within 30 calendar days and may document an equivalent reinvestment within up to 90 calendar days.

Certain substitutions or reinvestments may be permitted under the decree, subject to the applicable conditions, deadlines and approval by the competent authorities; changes should not be made without prior legal review. Special substitution rules and a three-year overall limit apply to promise-to-purchase investments.

Application Process

The following steps outline the standard process for a Qualified Investor Visa application under Executive Decree No. 17. The investment is first certified by the Ministry of Commerce and Industries, and the residency application is then resolved by the National Migration Service. Statutory processing periods are explained in the next section; actual timing depends on each case.

Initial Consultation

Assessment of eligibility, selection of the most appropriate investment category, and review of the investor’s documentation profile.

Investment Structuring

Legal and financial structuring of the qualifying investment under the applicable route — property purchase, promise to purchase with a trust or bank guarantee, securities account or fixed-term deposit — including source-of-funds planning.

Document Collection

Compilation of personal, financial and investment documentation, including evidence of the foreign origin and traceability of the funds. Documents issued abroad must be apostilled or legalized and, where applicable, translated into Spanish.

Investment Certification & Filing

The Ministry of Commerce and Industries reviews the investment and issues the Investment Certification; the complete residency file, with the government payments, is then filed with the National Migration Service. Filing may begin through a special attorney-in-fact before the applicant enters Panama.

Permanent Residency Approval

Upon approval, the National Migration Service issues the permanent residency resolution. Biometric registration and enrollment in the Foreigners Registry must be completed in Panama before any residency card is issued.

E-Cédula Application (Optional)

Following residency approval, eligible applicants may apply for the Panamanian national identification card (E-Cédula) through the Civil Registry.

Ongoing Compliance

Maintenance of the qualifying investment for at least five years, with an annual verification filed through legal counsel within the 30 calendar days before each anniversary of the residency resolution.

Statutory Processing Periods and Filing Before Arrival

The decree establishes statutory processing periods once the applicable complete file and legal requirements have been satisfied. They are maximum periods for the authorities, not a guarantee of approval or of a specific approval date.

INVESTMENT CERTIFICATION — 15 BUSINESS DAYS

The Ministry of Commerce and Industries has up to 15 business days from admission of the file to issue the Investment Certification. An incomplete or defective file is not admitted until corrected; the applicant has 15 business days from notice to cure it, or the request is treated as not filed. The certification is valid for three months and must be in force when the complete residency file is filed.

MIGRATION RESOLUTION — 30 BUSINESS DAYS

Once the certification is issued, the National Migration Service must resolve the application within 30 business days from formal receipt of the complete file at its Special Processing Window, without prejudice to legally applicable suspensions.

FILING BEFORE ARRIVAL

The application may be filed through a special attorney-in-fact before the applicant and dependents enter Panama. Biometric registration and enrollment in the Foreigners Registry must still be completed in person before any residency card is issued.

Actual timing depends on file completeness, authority review, supplemental requests, banking and investment certification, documentation and other case-specific factors. The process is not 100% remote, and no approval date can be guaranteed.

Government Fees and Legal Fees

Government charges for the Qualified Investor application are set by Executive Decree No. 17 and are paid with the application. They are separate from our professional legal fee.

PROFESSIONAL LEGAL FEE

US$3,500

Díaz, Shacalo & Asociados professional fee for the principal applicant. This is not a government charge.

GOVERNMENT CHARGES — PRINCIPAL APPLICANT

B/.10,000

B/.5,000 to the National Treasury (Tesoro Nacional) for the application, plus a B/.5,000 repatriation deposit in favor of the National Migration Service (Servicio Nacional de Migración).

GOVERNMENT CHARGES — EACH DEPENDENT

B/.2,000

B/.1,000 to the National Treasury plus a B/.1,000 repatriation deposit in favor of the National Migration Service for each dependent, including dependents added after approval.

Not included: neither the government charges nor the professional fee include translations, certifications, apostilles, the medical certificate, courier, banking costs, investment transaction costs, appraisals or other documentation and third-party expenses. The balboa (B/.) is at par with the U.S. dollar.

Required Documents

The following documents are generally required for a Qualified Investor Visa application under Executive Decree No. 17. Documents issued outside Panama must be apostilled or legalized and, where applicable, translated into Spanish by an authorized public translator. The Ministry of Commerce and Industries and the National Migration Service may request additional documents at any stage.

PERSONAL DOCUMENTS

Authenticated copy of valid passport (apostilled)
Criminal background check (apostilled)
Medical / health certificate
Two recent passport-style photographs
Affidavit of personal background declaration

FINANCIAL & INVESTMENT DOCUMENTS

Source-of-funds and traceability evidence (bank letters or authenticated statements showing the foreign transfer)
Investment Certification issued by the Ministry of Commerce and Industries
Investment documentation (deed and Public Registry certification, promise to purchase with trust agreement or bank guarantee, securities-firm certification, or bank deposit certification)
ANATI cadastral certification for real estate and, if requested, an independent appraisal
Corporate or foundation documents proving beneficial ownership and effective control, where applicable

GOVERNMENT FEES & DEPOSITS

National Treasury payment: B/.5,000 (principal applicant)
Repatriation deposit to the National Migration Service: B/.5,000 (principal applicant)
Each dependent: B/.1,000 National Treasury payment plus B/.1,000 repatriation deposit

Document requirements are subject to change. The information above is provided for general reference only and does not constitute legal advice. Please consult with a licensed immigration attorney for current requirements applicable to your specific situation.

Including Dependents in Your Application

The principal applicant may include qualifying family members as dependents in the same residency application. Each dependent requires a B/.1,000 National Treasury payment and a B/.1,000 repatriation deposit, plus documentation proving the family relationship. Dependent eligibility is assessed under Panama’s general migration rules: under Article 224 of Executive Decree No. 320 of 2008, as applied by the National Migration Service, dependents may include a spouse, children under 18, children aged 18 to 25 who study regularly and are economically dependent, family members with disabilities and dependent parents. Whether a particular relative can be included in a Qualified Investor file should be confirmed case by case.

SPOUSE

A legally married spouse may be included as a dependent, subject to submission of an authenticated marriage certificate.

MINOR CHILDREN

Children under the age of 18 may be included upon submission of authenticated birth certificates and relevant custody documentation where applicable.

STUDENT CHILDREN (18–25)

Children aged 18 to 25 who study regularly and remain economically dependent on the principal applicant may qualify for inclusion, subject to proof of studies and economic dependency.

Dependents added after approval. Under Article 17 of Executive Decree No. 17, a Qualified Investor whose permanent residency remains valid and who continues to maintain the investment may directly include a new spouse (civil marriage after the approval resolution) and new children (born or adopted afterwards). The investor must provide a Ministry of Commerce and Industries certification that the investment remains in force, apostilled or legalized civil-registry certificates proving the new relationship, a notarized letter of economic responsibility and the general migration requirements, and pay B/.1,000 to the National Treasury and B/.1,000 to the National Migration Service for each new dependent.

Later events that change the dependency relationship — such as the principal investor’s death, a divorce or a child reaching the age of majority — must be reported to the National Migration Service, which decides on the dependent’s status individually by reasoned resolution; the decree provides that there is no automatic cancellation without hearing the person affected.

Special Passport for Qualified Investors (Law 493 of 2025)

Law 493 of October 28, 2025 (Official Gazette Digital No. 30397-A of October 29, 2025), which amended Law 32 of 2013, authorizes the Panama Passport Authority (Autoridad de Pasaportes de Panamá) to issue special passports to foreign nationals holding permanent residence for economic reasons as Qualified Investors, and to their dependents recognized by the National Migration Service. The applicant must present the authenticated National Migration Service resolution approving the migratory status, pay the applicable fees, complete the required forms and meet any other requirement set by the applicable regulations.

Important: Under the law, this special passport is valid for the term of the residence permit, does not replace the holder’s ordinary passport and does not confer Panamanian nationality. The law also calls for implementing regulations by the Executive Branch, so availability, fees and procedure should be confirmed with the Passport Authority and with legal counsel before applying.

Panama's Territorial Tax System

Panama operates under a territorial tax regime, which is a foundational element of its appeal as an international business and residency hub. Under this system, income generated from sources outside Panamanian territory is generally not subject to Panamanian income tax.

TERRITORIAL TAXATION

Income, dividends, and capital gains derived from sources outside Panama are generally not subject to Panamanian income tax.

U.S. DOLLAR ECONOMY

Panama uses the U.S. dollar as its official currency, eliminating exchange rate risk and simplifying international financial transactions.

NO EXCHANGE CONTROLS

There are no capital controls in Panama. Funds may be transferred freely in and out of the country in accordance with applicable banking regulations.

STRONG BANKING SECTOR

Panama hosts one of Latin America’s most robust international banking centers, with numerous licensed financial institutions offering services to foreign residents and investors.

INTERNATIONAL BUSINESS ENVIRONMENT

Panama’s infrastructure, logistics capacity, and financial services sector make it a premier regional hub for international holding, commerce, and investment operations.

LEGAL STABILITY

Panama’s constitution and legal framework provide strong protections for private property and foreign investment, supported by an established judiciary and rule of law.

Tax Disclaimer: The information provided here is for general informational purposes only and does not constitute tax advice. Tax obligations vary based on individual circumstances, nationality, country of residence, and applicable tax treaties. Prospective investors are strongly encouraged to consult qualified tax advisors in their home jurisdiction and in Panama prior to making any investment or residency decisions.

Why Panama for Investment Immigration?

Panama occupies a unique position in the global investment and residency landscape — offering a combination of geographic, economic, and legal advantages that few jurisdictions can match. Investors who establish residency here gain access to a stable, internationally integrated environment while maintaining flexibility in their global affairs.

STRATEGIC LOCATION

Panama connects North and South America and serves as a global logistics and financial hub, home to one of the world’s busiest canal routes.

POLITICAL STABILITY

Panama maintains a stable democratic government and has a long track record of protecting foreign investment under constitutional law.

OPEN ECONOMY

A dollarized, open economy with strong trade relationships and one of the region’s highest GDP per capita levels provides a solid foundation for investment.

WORLD-CLASS INFRASTRUCTURE

Panama City offers international-grade urban infrastructure, including healthcare facilities, private schools, logistics centers, and premium real estate.

INTERNATIONAL COMMUNITY

Panama hosts a large international expat and investor community, with English widely spoken in business contexts and a cosmopolitan urban environment.

GATEWAY TO LATIN AMERICA

Tocumen International Airport connects Panama to over 80 destinations globally, making it one of the region’s premier aviation hubs.

Why Work With Díaz, Shacalo & Asociados

Díaz, Shacalo & Asociados | Attorneys at Law assists foreign investors with immigration, real estate transactions, corporate structuring and Panama residency planning. Our team coordinates qualified investor applications, property due diligence, corporate ownership structures and legal documentation for international clients investing in Panama.

IMMIGRATION & CORPORATE EXPERTISE

Comprehensive legal services covering immigration, corporate structuring, and real estate transactions — all under one roof.

BILINGUAL PROFESSIONAL SERVICE

Our team provides full legal guidance in both English and Spanish, ensuring clear communication with international clients.

REAL ESTATE INTEGRATION

We assist with both the immigration application and the underlying real estate or investment transaction, streamlining your legal process.

INTERNATIONAL CLIENT FOCUS

Our practice is built around the needs of foreign investors and expats navigating Panamanian legal and immigration systems.

BANKING COORDINATION GUIDANCE

We assist in coordinating with Panama’s banking sector for account opening, deposit structuring, and source of funds documentation.

CORPORATE STRUCTURING

We advise on optimal corporate structures for holding Panamanian investments, including Panamanian corporations (S.A.) and private interest foundations.

PERSONALIZED LEGAL GUIDANCE

Each client receives individualized attention with direct access to our attorneys throughout the application process.

PANAMA RELOCATION SUPPORT

Beyond immigration, we assist clients with aspects of their transition to Panama, including corporate setup, banking, and real estate guidance.

FAST, TRANSPARENT COMMUNICATION

We prioritize responsive communication and provide regular updates on the status of your application and investment process.

Frequently Asked Questions

The following questions address the most common inquiries we receive regarding the Panama Qualified Investor Visa under Executive Decree No. 17 of 2026.

How much do I need to invest for Panama's Qualified Investor Visa?

The minimum depends on the investment route. Under Executive Decree No. 17 of September 8, 2026, a qualifying first-sale (new) real-estate investment may begin at US$300,000, while a qualifying secondary-market (resale) property requires US$500,000. A qualifying promise-to-purchase investment requires US$300,000, the Panama securities market route US$500,000, and a fixed-term deposit US$750,000 at a private bank or US$500,000 at Banco Nacional de Panamá or Caja de Ahorros, each subject to its own statutory requirements.

Does any US$300,000 property qualify?

No. The current rules distinguish first-sale (new) property from secondary-market (resale) property and impose specific trust or bank-guarantee requirements for promise-to-purchase or under-construction structures. The qualifying amount is also the property’s net computable value: the lower of the price actually paid and the reasonably established market value, minus any lien.

Can I buy a resale property for US$300,000 and qualify?

Not under the post-reform regime. The statutory minimum for a qualifying secondary-market (resale) property is US$500,000, subject to the decree. If your investment or binding contract was perfected before the reform, it may be worth reviewing whether the transitional rules apply.

Can property under construction qualify?

Potentially. A promise-to-purchase investment of at least US$300,000 can qualify, but the contract, payment, trust or bank-guarantee structure must satisfy Executive Decree No. 17, and annual evidence is required until the property is registered in the investor’s name.

How long must I maintain the investment?

At least five years, subject to the annual verification and continuing-compliance rules of the decree. The annual evidence is filed through legal counsel with the Ministry of Commerce and Industries within the 30 calendar days before each anniversary of the residency resolution.

Can I change or sell the investment during the five-year period?

Certain changes, substitutions or reinvestments may be permitted under the decree, subject to the applicable conditions, deadlines and approval by the competent authorities. If the investment ends, is sold or is replaced, you must notify the Ministry of Commerce and Industries within 30 calendar days and may document an equivalent reinvestment within up to 90 calendar days; otherwise the residency may be cancelled. Please consult us before making any change.

Can the application start before I travel to Panama?

Yes. Under the decree, the application may be filed through a special attorney-in-fact before you and your dependents enter Panama. Required in-person steps — biometric registration and enrollment in the Foreigners Registry — must still be completed before any residency card is issued, so the process is not entirely remote.

What are the government fees?

For the principal applicant, the decree requires B/.5,000 to the National Treasury and a B/.5,000 repatriation deposit to the National Migration Service — B/.10,000 in total. Each dependent requires B/.1,000 plus B/.1,000. These government charges are separate from our US$3,500 professional legal fee for the principal applicant and from third-party costs such as translations, apostilles and banking charges.

Can I include dependents?

Yes. The principal applicant may include a spouse and eligible dependents, assessed under Panama’s general migration rules (for example, children under 18 and children aged 18 to 25 who study regularly and remain economically dependent). A later spouse and later-born or adopted children may be added directly while the residency remains valid and the investment is maintained. Each dependent requires government charges of B/.1,000 to the National Treasury plus a B/.1,000 repatriation deposit.

How fast is the process?

Executive Decree No. 17 sets maximum periods once a complete file is admitted: up to 15 business days for the Ministry of Commerce and Industries to issue the Investment Certification, and up to 30 business days for the National Migration Service to resolve the application after formal receipt of the complete file. These are statutory periods, not guaranteed approval dates; timing depends on file completeness, authority review, supplemental requests and other case-specific factors.

I signed a purchase agreement before September 16, 2026. Can I use the previous rules?

Possibly, but not automatically. Under Article 19, investments and binding contracts perfected before the decree took effect may be processed under the prior regime if the application is filed within six months from the decree’s entry into force and all other requirements are met. Whether this applies depends on the date, nature and legal perfection of your contract, the filing date and the decree’s other requirements, so legal review is required.

Does Qualified Investor residency guarantee Panamanian citizenship?

No. Article 14 of Executive Decree No. 17 provides that Qualified Investor residents and their dependents may apply for naturalization after five consecutive years of residence in Panama, in accordance with the Constitution. Naturalization is a separate legal process, subject to Panamanian law and all requirements in force at the time of application, and it is not guaranteed by obtaining Qualified Investor residency.

Can I finance the qualifying real estate purchase?

Partially. Under the decree, financing may cover only the part of the price above the applicable minimum, must be documented and traceable, and no lien may reduce the property’s net computable value below US$300,000 (first-sale property) or US$500,000 (resale property). The minimum itself must be met with your own foreign-source funds. Please consult us before structuring any financing.

Can the qualifying investment be held jointly with another person?

Yes, within limits. If an investment is co-owned, or held through an entity with more than one beneficial owner, each principal applicant must individually meet the minimum. An investment held jointly by the principal applicant and a spouse or dependents included in the same application may be counted as one investment if its net value reaches the applicable minimum.

Do I need to live in Panama full-time to maintain this residency?

Executive Decree No. 17 does not set a minimum-stay requirement for this residency; the key continuing obligations are maintaining the investment and completing the annual verification. Time spent in Panama may be relevant to other matters, such as naturalization, so we recommend legal advice on your plans.

Can I work legally in Panama with this residency?

Permanent residency does not automatically grant a work permit. Foreign nationals wishing to engage in employment activities in Panama must obtain the relevant work authorization. Our team can advise on the applicable requirements for your specific situation.

What is the E-Cédula and how do I apply for it?

The E-Cédula is the Panamanian national electronic identification card. Following permanent residency approval, eligible investors may apply for the E-Cédula through the Civil Registry. It serves as official government-issued identification within Panama.

Does Panama tax my foreign-source income?

Under Panama’s territorial tax system, income generated from sources outside Panama is generally not subject to Panamanian income tax. However, this is a general principle and individual circumstances may vary. This information does not constitute tax advice. Consult a qualified tax advisor for guidance applicable to your specific situation.

Can I apply if I have dual citizenship?

Dual citizenship holders are generally eligible to apply using one of their valid passports. Specific questions regarding the use of multiple nationalities in the application should be addressed with our legal team.

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