Panama Golden Visa: Qualified Investor Permanent Residency (2026)

Panama created the Qualified Investor sub-category in October 2020 with Executive Decree 722. It sits under permanent residence for economic reasons. The decree originally set a US$500,000 property minimum with a temporary US$300,000 window. Executive Decree 109 of 2022 extended that window to 15 October 2024. Executive Decree 193 of 15 October 2024, published in Gazette 30140-B, then made "from US$300,000" the standing property minimum without an expiry date^[7][8]. Executive Decree 17 of 2026 now replaces the whole framework^[3].

Two bodies run the program. The Ministry of Commerce and Industries (MICI), through its National Investment Directorate, certifies that the investment qualifies and checks each year that it is still held. The Servicio Nacional de Migración (SNM) grants the residence permit^[3][5]. Under Decree 17, MICI has up to 15 business days to certify an admitted file, and Migración has up to 30 business days to decide a complete one^[3][5].

The program is open and growing. MICI says it issued 268 investment certificates backing B/.113.6 million of investment between July 2025 and June 2026. The year before, it issued 193 certificates backing B/.90.1 million. Real estate accounted for 87.3% of certifications^[1][10]. The balboa (B/.) is pegged 1:1 to the US dollar, and the dollar circulates as legal tender, so you take no currency risk on the threshold.

For property, Decree 17 now distinguishes first sale from resale. A first-sale unit is new, has never been occupied, and is transferred by the developer or its successor. It qualifies at B/.300,000. Anything sold, occupied or rented before needs B/.500,000^[4][9]. The qualifying amount is the "net computable value": the lower of the price actually paid and the reasonably proven market value, minus any outstanding real encumbrances^[4]. MICI can now order an independent appraisal if the declared price looks out of line with the market^[9]. In practice, the $300,000 has to be equity. A mortgage-financed purchase only counts for the portion you have paid.

Off-plan purchases are allowed at $300,000. If you pay the developer 100% upfront, the decree requires an irrevocable bank guarantee, renewed each year until title registration, or an escrow with a licensed bank or trust company. You cannot rely on a promise-to-purchase alone for more than three years. If the developer fails, you have 180 business days to switch into another qualifying investment, and only one pre-construction switch is allowed^[4][9]. You can still buy through a Panamanian company or foundation^[9].

The Panama residency bank deposit route is the main change for investors who do not want property. A five-year fixed-term deposit of US$500,000 at Banco Nacional de Panamá or Caja de Ahorros now qualifies. Before, every bank required US$750,000, and private banks with a general licence still do^[1][3]. The deposit must stay unencumbered for the full five years. Whether interest can be withdrawn during the term depends on the deposit terms, so confirm it with the bank. Interest on Panamanian time deposits is generally exempt from income tax^[13].

The securities route needs US$500,000 in instruments traded on the Panamanian securities market, bought through a licensed broker-dealer, and held for five consecutive years^[3][5]. MICI says Decree 17 widens the range of eligible instruments, but the press releases do not list them^[1][10]. Ask your broker for a written confirmation that a specific instrument qualifies before you commit.

Older guides list a US$5,000 Treasury fee plus the much smaller US$250 and US$800 repatriation amounts used in other Panamanian permits. Summaries of Decree 17 list two payments of B/.5,000 for the main applicant and B/.1,000 + B/.1,000 for each dependant^[3][4][5]. Law firms label the second B/.5,000 differently: some call it a Migración fee, others a repatriation payment. That affects whether any of it can be refunded when you leave the program. We have not been able to read the gazette PDF itself, so treat the label as unconfirmed and budget for US$10,000 plus US$2,000 per dependant.

Under Decree 17, the main applicant must:

• be at least 18 and hold a valid passport;
• make one of the qualifying investments above, with funds from a foreign source, proven by bank certifications and wire records^[5][8];
• obtain the MICI investment certificate before or alongside the immigration filing^[3];
• provide an apostilled or legalised criminal record certificate from the country of residence, valid for six months, a health certificate, a sworn personal background declaration and passport photos^[5];
• file through a Panamanian lawyer, who stays as legal representative and handles the annual verification before MICI^[3].

The investment must be held for five years from the date it is completed. Each year, your representative files proof that it is maintained, no later than 30 calendar days before the anniversary of the residence grant^[3]. If you sell early or drop below the threshold without reinvesting, the permit can be cancelled. Panama sets no meaningful minimum stay. Practitioners advise entering the country at least once every two years to keep the status active^[5].

One investment covers the family. You can include a spouse and minor children, and adult children who are full-time students and still dependent. They need proof of the relationship, shared residence and student status^[5]. Article 17 of Decree 17 also lets you add a spouse you marry, or a child born or adopted, after your residence is approved, without a second investment^[3]. Each dependant costs US$1,000 to the Treasury and US$1,000 to Migración, plus legal fees. One firm quotes US$2,000 all-in for a child under 12 and US$3,000 for anyone older^[5]. Whether dependent parents can be included was not clear from the summaries we reviewed. Confirm it with counsel.

Decree 17 routes applications through MICI and Migración, with set maximum review times^[3][5].

Panama taxes on a territorial basis. Residents and citizens pay income tax only on Panamanian-source income. Foreign-source income is not taxed in Panama, even for tax residents^[13]. Local income is taxed at 0% up to US$11,000, 15% from US$11,000 to US$50,000, and 25% above that^[13]. You are a tax resident if you are physically in Panama and earning income there for more than 183 days in a year^[15]. Holding the Qualified Investor permit does not on its own make you tax resident, and it does not give you a tax residence certificate.

Panama has no inheritance, estate, gift or net-wealth tax^[14]. Interest on local time deposits and savings is generally exempt, which helps the deposit route^[13]. Property owners pay annual property tax on a progressive scale, with exemptions for registered primary homes. Selling real estate triggers a 2% transfer tax and a 3% advance payment of income tax, and the seller can either treat the 3% advance as the final tax or pay 10% on the actual gain, with the advance credited^[14]. Your home country may still tax you on worldwide income. US citizens remain taxable in the US. Get advice on tax residence and controlled-company rules before you move.

The Qualified Investor route is Panama permanent residency by investment from day one. There is no temporary stage to renew, unlike the two-year provisional permit under Friendly Nations^[11][17]. After the five-year holding period, you no longer have to keep the investment to stay a permanent resident. Plan for that exit with counsel.

Five years of continuous residence under Article 10 of the Constitution opens the door to naturalisation. Applicants must show Spanish proficiency and knowledge of Panamanian history and geography, and must formally renounce their prior nationality^[16]. Decree 17 has qualified investors file that application through MICI's National Investment Directorate, with a certificate that the investment was kept^[3]. Spanish and Latin American nationals may qualify on reciprocity terms. The rules, the renunciation question and realistic timelines are covered in our separate guide on how to get Panama citizenship.

Friendly Nations visa

Citizens of about 50 listed countries, including the US, Canada, the UK and most of the EU, can qualify through one of three routes. They can take employment with a Panamanian company, buy real estate worth at least US$200,000, or open a US$200,000 fixed-term deposit held for three years at a Panamanian bank with a general licence^[11][17]. The legal basis is Executive Decrees 197 and 226. Since the reforms, the visa first grants two years of provisional residence, and you then apply for permanent residence^[11][17]. Government fees are much lower, about US$250 plus an US$800 repatriation deposit^[11]. For a US or EU citizen who is happy to wait two years, this is the cheaper route to the same status.

Pensionado (retiree) visa

This requires no investment. You show a lifetime pension of US$1,000 a month, or US$750 a month if you also buy property worth at least US$100,000, plus US$250 a month for each dependant^[12]. It gives permanent residence and well-known discounts on healthcare, travel and utilities. One firm quotes about US$400 in government fees and 3–6 months processing^[12]. It suits retirees with secure pensions, but it is not open to younger investors who have capital and no pension.

The Qualified Investor route still makes sense if your passport is not on the Friendly Nations list, you want permanent status immediately, or you prefer a deposit or securities to property.

It suits: investors who want permanent residence in a dollarised, territorially taxed hub, with almost no presence required. It also suits buyers who were already considering a new-build condo in Panama City or on the Pacific coast, nationals of countries outside the Friendly Nations list, and conservative investors who would rather put US$500,000 in a state-bank deposit than buy property.

Look elsewhere if: your budget is under US$300,000. Friendly Nations at US$200,000, Costa Rica's US$150,000 investor residency and Paraguay's investor residence all cost less. Look elsewhere too if you specifically want resale property at under US$500,000, or if you are really after visa-free travel to the EU, which only a citizenship-by-investment route or an EU residence program such as Portugal's can give over time.

• Costa Rica investor residency: US$150,000 in property or approved business, with temporary residence first.
• Paraguay investor permanent residence: a low threshold and permanent status, popular with Latin American investors.
• Uruguay residence through property: a much higher property threshold, with a strong rule-of-law reputation.
• Dominican Republic investor residency: about US$200,000, with fast-track options.
• Colombia investor visa and Mexico residency by financial solvency: low-cost options in larger markets.

To compare across regions, see our golden visa programs by budget and region, the ranking of lowest-cost residency-by-investment routes and the guide to residence programs with the shortest route to a second nationality.