Creates a new category of permanent residency for economic reasons, in the subcategory of permanent residency as a qualified investor.
The applicant needs to invest at least USD $500,000, on his behalf or through a legal entity. This investment has to come from foreign source, and it has to come into effect in Panamanian territory. The investment has to be in place for at least 5 years.
During the first 24 months of publication of this decree, the investment can be for the sum of USD $300,000, instead of USD $500,000. ** For Real Estate investments only. **
The investment for the sum of USD $500,000 can be made as follow:
- Real Estate
- Real Estate projects in pre-sale (not currently under construction, through a promise of purchase agreement)
- Investment in securities listed in the Panamanian stock market. This has to be done through security firms and said firm has to have an approved and valid license by the Superintendence of Stock and Securities on Panama.
This law gives the applicant the option to apply to this visa through a fixed deposit in any bank with a license in Panama. This fixed deposit has to be for at least USD$750,000 for at least a five-year term.
The visa can be requested in advance, prior to the applicant entering the country. The waiting period for approval time is 30 days counted from the day the application is submitted to the Immigration Office.
Once the application is evaluated and approved, the applicant will be granted permanent residency, but this residency will be subjected to annual proof of the investment for 5 years to maintain the residency. If the documentation that proves the investment is not provided to the Immigration Office in these periods, it will be cancelled.
The minimum investment is US$ 300,000.00, during the first twenty-four (24) months from the entry into force of the Executive Decree.
Requirements to apply for the Permanent Residency as a Qualified Investor
- Complete passport copy. Apostilled or authenticated by the nearest Panamanian Consulate
- National Criminal Background Check. Authenticated by a Panamanian Consulate or apostilled by the government office of the country which issued it, valid for 6 months
- Five (5) passport-size photos
- Payment of USD $5,000 to the National Immigration Service
- Payment of USD $5,000 to the National Treasury
- In case of dependents an additional payment (per dependent) of USD $1,000 to the National Treasury and another payment of USD 1,000 to the National Immigration Service.
- Certificate of good health, indicating that the applicant had good physical and mental health, and no contagious diseases
- Declaration of personal backgrounds
- Foreign or Local Bank Certification certifying the funds received or sent, respectively. If the letter is coming from abroad, it has to be authenticated by a Panamanian Consulate or apostilled by the government office of the country in which it was issued.
- Bank statements from the foreign bank, duly legalized, or a local bank, with authentication stamps from the issuing bank, to certify the transaction with the funds sent.
- Notarized letter, issued by the recipient of the funds, or bank certification (original) that confirms the deposit or reception of the transfer, in accordance with any of the investment options described in the law.
- If the application includes dependents:
- Letter of accountability for these dependents.
- Proof of ties between the applicant and each dependent.
- Proof of address – applicant and dependent must live in the same address.
- If the dependent is 18 years old or more, single status and student status certificate.
Contact us if you have questions, or send us a note to info@kraemerlaw.com. Our team will be glad to clarify your doubts. You can also download the spanish version of the executive decree:
Executive Decree 722 of October 15, 2020
