Panama

Panama Qualified Investor Visa Overview

The Panama Qualified Investor Visa grants direct permanent residency to foreign nationals who make a qualifying investment in Panama starting at US$300,000, without the two-year provisional residency stage required by most other Panamanian immigration pathways. 

Three investment routes are available: real estate, Panamanian listed securities, and a fixed-term bank deposit. All investments must be maintained for a minimum of five years.

The main applicant can include a spouse, dependent children, and dependent parents. Investment may be held personally, through a Panamanian foundation, or through a corporate entity, provided the applicant maintains beneficial ownership.

Eligibility Requirements

Applicants must be at least 18 years of age, hold a clean criminal record, be in good health, and demonstrate that all investment funds originate from lawful sources abroad. 

A Certification of Eligibility from the Ministry of Commerce and Industries is required for all investment routes. 

Three routes are available.

Real Estate Route

• Minimum real estate purchase of US$300,000, free of liens and encumbrances, in the Republic of Panama
• The US$300,000 threshold is a temporary reduction from US$500,000 under Decree 193 of 2024 and will revert to US$500,000 on October 15, 2026; applications submitted before that date qualify at the current threshold
• Investment may be made directly by the applicant, through a Panamanian foundation, or through a corporate entity in which the applicant holds beneficial ownership; co-ownership arrangements with a spouse or included dependents are permitted
• Pre-construction and pre-sale properties qualify, provided a notarized promise-to-sale agreement is backed by a trust deposit or bank letter of guarantee from the developer; the full purchase price must be paid at the time of the agreement
• If the property value exceeds US$300,000, the excess amount may be financed through a local Panamanian bank
• Required documentation: Public Registry of Panama certificate confirming ownership; National Authority of Land Administration certification of property value; bank documentation confirming the foreign origin of the invested funds
• The investment must be maintained for a minimum of five years

Securities Route

• Minimum investment of US$500,000 in Panamanian listed securities, purchased through a licensed and qualified Panamanian brokerage firm
• Securities must be held for a minimum of five years
• Required documentation: statement from the Panamanian brokerage firm confirming the investment; certificate from the Superintendence of the Stock Market of Panama confirming the securities are registered; bank documentation confirming the foreign origin of the funds

Fixed-Term Bank Deposit Route

• Minimum fixed-term deposit of US$750,000 in a Panamanian bank holding a general banking license, free of encumbrances
• Deposit must be for a minimum term of five years; a notarized agreement confirming the five-year term is required
• Required documentation: certificate from the Panamanian bank confirming the deposit amount and term; bank documentation confirming the foreign origin of the funds

Government Fees (All Routes)

• Main applicant: US$5,000 payable to the National Treasury plus US$5,000 payable to the National Immigration Service as a repatriation deposit
• Each dependent aged 12 and above: US$1,000 to the National Treasury plus US$1,000 to the National Immigration Service
• Each dependent under 12: US$1,000 to the National Treasury

Route to Citizenship

The Qualified Investor Visa grants permanent residency directly upon approval. After five years of continuous residence in Panama as a permanent resident, holders become eligible to apply for Panamanian citizenship by naturalization. The naturalization application requires demonstrated Spanish language proficiency, a written examination covering Panamanian history, geography, and civic knowledge, proof of financial solvency, a clean criminal record, and continuous residence in Panama for the full five-year qualifying period.

Panama’s Constitution formally requires a declaration of renunciation of prior citizenship as part of the naturalization ceremony, made before the Governor of the Province. In practice, as confirmed by our earlier Friendly Nations Visa page, this renunciation has no legal effect unless separately executed through the relevant authorities of the applicant’s country of origin. Applicants should confirm the specific dual nationality implications for their country before proceeding.

Step 1: Select the applicable investment route and complete the qualifying investment; ensure all funds are transferred from abroad and properly documented. Step 2: Engage a licensed Panamanian immigration attorney who will prepare the full application package, including the Certification of Eligibility from the Ministry of Commerce and Industries, and submit it remotely to the National Immigration Service. Step 3: Pay all applicable government fees and provide all required investment documentation, criminal record certificates (apostilled and translated into Spanish), health certificate, and passport copies. Step 4: Travel to Panama for biometric registration; receive the permanent residency card within 30 working days of complete documentation submission. Step 5: Maintain the qualifying investment for five years; after five years of continuous residence as a permanent resident, apply for citizenship by naturalization.

Mobility and Taxation

Mobility

Panamanian citizens can access approximately 150 destinations visa-free or visa-on-arrival, including the entire European Union and Schengen Area, the United Kingdom, Japan, and all MERCOSUR member states. Qualified Investor permanent residents are also entitled to a Special Travel Passport issued by the Republic of Panama under Law 493 of October 28, 2025, available to the main applicant and all included dependents. This document strengthens the holder’s international travel profile and immigration credibility without replacing the holder’s original passport or conferring Panamanian citizenship. Panama’s strategic location in Central America, with Tocumen International Airport serving as one of Latin America’s major hubs, provides direct connections to major cities across the Americas, Europe, and Asia. Visa-free figures and travel policies are subject to change; applicants should verify at the time of application.

Tax

Panama operates a strictly territorial tax system: only income earned within Panama is subject to Panamanian income tax; all foreign-source income is fully exempt regardless of whether it is remitted to Panama. There is no special tax regime tied specifically to the Qualified Investor Visa.

Tax residency requires either more than 183 days of physical presence per year or establishment of a center of vital interests in Panama. 

Since the investor residence permit carries no minimum stay requirement, holders who do not meet either threshold are not subject to Panamanian income tax on any income.

How to Apply

The program is administered by the National Immigration Service under Executive Decree 722 of 2020 as updated by Decree 193 of 2024. All applications must be submitted by a licensed Panamanian immigration attorney; direct applications are not accepted. The application can be initiated from abroad. 

The process typically runs as follows.

• Step 1: Engage a licensed Panamanian immigration attorney and select the applicable investment route; complete the qualifying investment and ensure all funds are transferred from abroad through documented channels.
• Step 2: Obtain a Certification of Eligibility from the Ministry of Commerce and Industries; compile all required investment documentation specific to the chosen route, including Public Registry certificates, brokerage statements, or bank deposit certificates.
• Step 3: Compile all personal documents, including a complete apostilled and authenticated copy of the passport, an apostilled criminal background check from the country of citizenship valid for six months, five passport-sized photographs, and a health certificate; all documents not in Spanish must be accompanied by certified translations.
• Step 4: Submit the complete application package to the National Immigration Service through the licensed attorney; pay US$5,000 to the National Treasury and US$5,000 to the National Immigration Service, plus the applicable dependent fees; the dedicated one-stop desk processes the application within 30 working days of complete documentation receipt.
• Step 5: Travel to Panama for biometric registration; receive the permanent residency card and, upon application, the Special Travel Passport under Law 493 of 2025 for the main applicant and all included dependents.
• Step 6: Maintain the qualifying investment for five years; submit to any periodic compliance checks by the National Immigration Service; after five years of continuous permanent residence, apply for citizenship by naturalization.