Panama Qualified Investor Residency: A Look Towards Future Changes

The Panama Qualified Investor Visa has been a key attraction for foreign investors in recent years. Therefore, on this occasion, this piece focuses on a series of enactments that have amended Executive Decree No. 772 of October 15, 2020, and that may generate confusion.

The above-mentioned decree established, within the category of Permanent Resident for Economic Reasons, the subcategory of Permanent Resident as a Qualified Investor, specifying in its article 10 that, during the first twenty-four months after its entry into effect, a real estate investment of USD 300,000 would be accepted to obtain the investment certification. This certification is essential, as it constitutes a key document required by the National Migration Service for the application for Permanent Residency as a Qualified Investor.

However, over the years, regulations and bills have emerged that sought to change or have changed certain aspects of the Qualified Investor residency program:

• Decree 722 (October 15, 2020): Created, within the Permanent Resident for Economic Reasons category, the Qualified Investor subcategory. Its article 10 established that, during the first 24 months, a real estate investment of USD 300,000 would be accepted to obtain the investment certificate, the document the National Immigration Service requires to apply for residency.


• Decree 109 (October 13, 2022): Extended that period from 24 to 48 months and provided that, starting October 15, 2024, the minimum real estate amount would rise from USD 300,000 to USD 500,000.


• Decree 193 (October 15, 2024): Kept the real estate amount at USD 300,000, applicable to a direct sale or a purchase promise (through a trust or full advance payment with a bank guarantee). The other two routes, fixed-term deposit and the Stock Exchange, remained unchanged.


• Decree 17, 2026 (current): Replaced all of the above. The Stock Exchange route stayed at USD 500,000; the fixed-term deposit gained a reduced option of USD 500,000 at Banco Nacional or Caja de Ahorros (USD 750,000 through private banking); and the real estate investment split into first sale (USD 300,000) and secondary market (USD 500,000).

Current Application Requirements

With Decree 17 of 2026 in force, the Qualified Investor subcategory now runs under a unified set of requirements. Beyond meeting one of the investment routes, the applicant must demonstrate the following conditions:

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• The minimum investment for the chosen route, made with the applicant’s own funds coming from abroad and duly verifiable. Donations or free transfers from third parties are not accepted.


• An Investment Certification issued by the Ministry of Commerce and Industry, valid for three months, which gets forwarded to the National Immigration Service to continue the residency filing.


• Bank documentation showing the origin and the transfer of the funds (a bank letter, an account statement, or a notarized letter with bank certification), apostilled or legalized when it comes from abroad.


• Personal documents: Passport, criminal background certificate, and health certificate.


• Payments to the state: USD 5,000 to the National Treasury and USD 5,000 to the National Immigration Service; plus USD 1,000 to the National Treasury and USD 1,000 to Immigration for each dependent included in the application.

The filing goes through a single-window process, with set deadlines of up to 15 business days for the Investment Certification and up to 30 business days for the immigration decision, and it can be handled through a representative, even before the applicant enters the country. Once residency gets granted, the investor must keep the investment in place for five years and prove it annually.

Note: Decree 17 of 2026 has been in force since September 16 of that same year. However, anyone who made their investment or filed their application before that date has six months to qualify under the previous regulation. Likewise, investment certificates already issued remain valid until they expire. Anyone holding residency or a filing under Economic Solvency has 12 months to switch to Qualified Investor.

Passport for Qualified Investors

Panama is constantly considering improvements to its immigration programs to benefit both the country’s economy and foreigners and residents who choose to invest here. Along these lines, Law 493 of 2025 incorporated the option of a passport or special travel document for those who obtain residency under the Qualified Investor category. This document does not grant Panama citizenship or replace the passport of origin, but it does offer additional support for the investor’s international mobility. It can be requested once permanent residence has been granted and also extends to dependents included in the permit.

Get the right legal advice

For those investors interested in taking advantage of the current conditions prior to the entry into force of the change in the Panama Qualified Investor Visa law, we urge you to contact us as soon as possible. By anticipating these changes, they will have the opportunity to start your procedures efficiently and take benefit of the current economic conditions, thus avoiding the increase in the real estate investment requirement. Our specialized team is ready to provide personalized advice and guide investors through every stage of the process, ensuring a smooth process to obtaining the Panama Qualified Investor Visa. Don’t miss the opportunity to maximize your investments and secure your immigration status under current conditions. Contact us today!