The Panama Qualified Investor Visa, officially known as the Qualified Investor Immigration Program, is currently governed by Executive Decree No. 17 of September 8, 2026, published on September 16, 2026. This decree replaced Executive Decree No. 722 of October 15, 2020, and its amendments. Transitional rules may preserve the previous requirements for qualifying applications and investments made before the new decree took effect.
The Qualified Investor Program offers a route to permanent resident status in Panama for investors who meet the applicable investment and documentation requirements. The process includes investment certification by Panama’s Ministry of Commerce and Industries (MICI), followed by a decision on the complete immigration application by the National Immigration Service. Permanent residents may subsequently become eligible to apply for Panamanian citizenship through the applicable naturalization process, subject to constitutional and legal requirements.
One of the benefits of the Qualified Investor Program is that the investor is not required to be physically present in Panama when the residency application is initially submitted. The application may be filed through a special power of attorney by the investor’s Panama immigration attorney, in accordance with the applicable authentication or apostille requirements.
However, before Panama’s National Immigration Service issues the documentation evidencing permanent resident status, the applicant and any dependents included in the application must complete the required immigration registration (filiation) process in Panama.
Panama Qualified Investor Visa Requirements
To qualify as a “Qualified Investor”, the investor can choose among the following three (3) investment options:
Real Estate Investment
Qualified investors may purchase real estate in the Republic of Panama under one of two thresholds. The minimum is $300,000 for a new, unoccupied property acquired in a first sale from its developer, promoter, or successor. The minimum is $500,000 for a property in the secondary market that has previously been marketed, occupied, rented, or transferred to an unrelated third party. The qualifying investment must be maintained for at least five years.
For either real estate category, the amount counted toward the minimum is the lower of the documented purchase price actually paid and the reasonably supported market value, minus any real liens on the property. Financing may cover the amount above the applicable minimum, provided the financing is documented and the property’s qualifying net value does not fall below that minimum.
A qualifying Promise to Purchase Agreement may also be used through a trust deposit with a licensed bank or trust company in Panama. Alternatively, in the circumstances permitted by the decree, the investor may pay 100% of the price to the developer or prospective seller for a property not yet built, segregated, or registered. That full-payment option requires an irrevocable, unconditional bank instrument payable on first demand, issued by an entity licensed to operate in Panama and covering the full amount invested. Additional documentation, annual verification, and time limits apply to these agreements.
Important: The minimum investment amounts and program requirements are established by Panamanian law and regulations and may be modified by the Panamanian government from time to time. Applicants should confirm the current investment threshold and applicable requirements with a qualified Panama immigration attorney before proceeding with an investment or submitting an application.
Securities Investment in the Panama Stock Market
Invest at least $500,000, in aggregate, through a securities brokerage firm licensed by Panama’s Superintendence of the Securities Market. Eligible investments may include qualifying private equity or venture capital funds, Panamanian government debt instruments, and registered corporate securities or investment funds that meet the decree’s requirements. The invested capital must generally be maintained for at least five years. Eligibility and supporting documents depend on the particular instrument.
Time Deposit in a Panama Bank
Maintain a qualifying fixed-term deposit for at least five uninterrupted years, free of liens or pledges. The minimum is $750,000 at an authorized private bank with a general banking license, or $500,000 when the deposit is placed directly with Banco Nacional de Panamá or Caja de Ahorros. The foreign origin of the funds and the deposit’s ownership, amount, term, and unencumbered status must be documented.
Investment Ownership and Legal Entities
All of the above investments may be made in the personal name of the investor or through a legal entity, provided that the applicant is identified as the ultimate beneficial owner. In accordance with applicable regulations, the investment may also be held in co-ownership or co-holding with the applicant’s spouse or dependents, provided that they are also identified as ultimate beneficial owners and the applicable requirements of the Qualified Investor Program are met.
Investor Immigration Program Costs
The Panama government’s immigration fees for the Qualified Investor immigration program are as follows:
- Five Thousand US Dollars (US$5,000) to the National Treasury of Panama (Tesoro Nacional de Panama) in concept of payment of the immigration application fees.
- Five Thousand US Dollars (US$5,000) to the Panama National Immigration Service (Servicio Nacional de Migración de Panama) in concept of repatriation deposit.
- In the event that the Panama immigration application includes dependents, the above fees (to the National Treasury and the National Immigration Service) are each increased by One Thousand US Dollars (US$1,000) per dependent. So, for example, if the primary applicant wishes to include a wife and one child, then the fees would be US$7,000 to the National Treasury, and US$7,000 to the National Immigration Service.
Dependents Under the Qualified Investor Program
The Qualified Investor Program allows the principal applicant to include eligible dependents under the same qualifying investment, including a spouse, children and parents, subject to the applicable immigration requirements.
Additional documentation is required for dependents. Adult children over 18 and under 25 years of age must generally demonstrate that they are full-time students and unmarried. Depending on the family circumstances, additional documents such as a notarized letter of responsibility or parental authorization may also be required.
Investor Immigration Legal Fees
The legal fees for processing the residency through the Qualified Investor immigration program are as follows:
- Three Thousand US Dollars (US$3,000) for the primary applicant.
- Two Thousand US Dollars (US$2,000) per dependent (spouse and/or children).
- Miscellaneous Expenses: Starting from US$400 per applicant, depending on the specific circumstances and requirements of each case.
Immigration Timeframe
The process has two separate stages. Once a complete investment file is admitted, MICI has up to 15 business days to issue the investment certification. After certification, Panama’s National Immigration Service has up to 30 business days from formal receipt of the complete immigration file to resolve the application, subject to legally applicable suspensions. If the investment file requires corrections, MICI’s 15-day period does not begin until the complete correction is received. These are statutory processing periods, not a guarantee that the entire process will finish in 30 business days.
After holding permanent resident status for the period required under Panama’s applicable naturalization laws, generally five (5) years under the standard naturalization route, a permanent resident may be eligible to apply for Panamanian citizenship, subject to compliance with the applicable constitutional and legal requirements. Citizenship is not automatic and is subject to government approval. Once Panamanian citizenship is granted, the applicant may apply for a Panamanian passport.
General Documentation Requirements
- Photocopy of valid passport of the applicant (and dependents – if applicable), including the picture page (that shows the picture, name, date of birth, passport number, place of issue, etc.), and all pages showing entry/exit stamps (all pages used in the passport).
- Criminal Background Certificate: An original criminal background certificate issued by the competent federal or national authority of the applicant’s country of origin or, where applicable, the country where the applicant has legally resided during the previous two years. The certificate must be duly apostilled or authenticated by the corresponding Panamanian Consulate. This requirement also applies to the spouse and dependents over 18 years of age, when applicable.
- Marriage Certificate: An original marriage certificate, when including a spouse as a dependent, duly apostilled or authenticated by the corresponding Panamanian Consulate.
- Birth Certificate: An original birth certificate for each dependent, when applicable, duly apostilled or authenticated by the corresponding Panamanian Consulate.
- Three (3) passport sized photographs of the applicant (and dependents – if applicable).
- Certificate of Good Health: A valid health certificate issued by a duly licensed physician for the applicant and dependents, when applicable. The certificate must comply with the requirements of Panama’s National Immigration Service at the time the application is submitted.
- Sworn Personal Background Declaration: The applicant must complete the Personal Background Affidavit/Declaration required by Panama’s National Immigration Service. Dependents must also provide the corresponding declaration when applicable.
- Proof of Foreign Source of Investment Funds: The applicant must provide documentation demonstrating that the funds used for the qualifying investment originate from a foreign source, in accordance with the requirements of the Qualified Investor Program.
Foreign Documents and Special Cases
Foreign Documents: Documents issued in a language other than Spanish may require an official Spanish translation by a duly authorized public translator in Panama. The translation must comply with the applicable requirements of Panama’s National Immigration Service.
Transitional rule: Foreign nationals with a pending application or valid immigration status under the Self Economic Solvency category when Executive Decree No. 17 took effect may request a change to the Qualified Investor category within the following 12 months, provided they meet the applicable investment amount and other requirements. Investments made before October 15, 2020, do not qualify under this transitional provision.
Additional Documentation According to the Investment Option
Documents Required for Real Estate Investment
Applicants qualifying through a real estate investment must provide documentation establishing ownership and the qualifying value of the property, including the applicable certification from the Public Registry of Panama and the corresponding property value certification required under the Qualified Investor Program. Applicants must also provide documentation demonstrating that the qualifying investment funds originated from a foreign source and were applied toward the acquisition of the property.
Documents Required for a Promise to Purchase Agreement
Applicants qualifying through a Promise to Purchase Agreement must provide the supporting documentation applicable to the structure of the investment. This may include an authenticated copy of the Promise to Purchase Agreement and, when the investment is structured through a trust deposit, the applicable trust agreement. When the investment involves full payment to the developer or prospective seller for a qualifying property that has not yet been built, segregated, or registered, the applicant must provide the qualifying irrevocable bank instrument covering the full amount invested, such as a standby letter of credit, irrevocable bank guarantee, or bank performance guarantee, as applicable.
Documents Required for Securities Investment
Applicants qualifying through a securities investment must provide documentation confirming the qualifying investment, including a certification issued by the licensed securities brokerage firm stating the investor’s name, the amount invested, details of the securities held, and the entity responsible for custody of the securities. The application must also include evidence of the brokerage firm’s license and, for securities subject to registration, the applicable registration documentation. For government-issued or other exempt securities, the documentation must establish the instrument, its acquisition, and the applicable exemption.
Documents Required for a Bank Time Deposit
Applicants qualifying through a bank time deposit must provide a copy of the time deposit certificate authenticated by the issuing bank, identifying the account holder, value, and term of the deposit. A certification from the bank must also confirm the existence of the deposit, its holder, value and term, that the deposit is free of liens or encumbrances, and that the funds originate from a foreign source.
Maintaining Qualified Investor Status
Qualified Investors must maintain the applicable qualifying investment for at least five years and document its continued existence annually before MICI. If an investment ends, is sold, or is changed before that period expires, the resident must notify MICI within 30 calendar days. The decree provides a period of up to 90 calendar days to document a qualifying replacement investment, subject to its specific requirements.
To maintain permanent resident status, the investor should also comply with Panama’s applicable immigration requirements, including the requirement to visit Panama at least once every two (2) years.
Frequently Asked Questions About the Panama Qualified Investor Visa
What is the minimum investment for the Panama Qualified Investor Visa?
The minimum depends on the investment. It is $300,000 for a qualifying new property in a first sale; $500,000 for qualifying secondary-market real estate or eligible securities; $500,000 for a fixed-term deposit directly with Banco Nacional de Panamá or Caja de Ahorros; and $750,000 for a fixed-term deposit at an authorized private bank with a general banking license. The applicable investment must generally be maintained for at least five years.
How long does the Panama Qualified Investor Visa process take?
After MICI admits a complete investment file, it has up to 15 business days to issue the investment certification. Once the National Immigration Service formally receives the complete immigration file, it has up to 30 business days to resolve the application, subject to legally applicable suspensions. Time needed to assemble or correct documents is additional.
Do I need to be in Panama to apply for the Qualified Investor Visa?
The initial application may be submitted while the investor is outside Panama through a specially authorized Panama immigration attorney. However, the applicant and any dependents included in the application must complete the required immigration registration (filiation) process in Panama before the documentation evidencing permanent resident status is issued.
Can my family be included in my Qualified Investor application?
Yes. An applicant may include eligible dependents under the same qualifying investment, including a spouse, children, and parents, subject to the applicable requirements. Additional government fees and supporting documentation apply to each dependent.
Does the Panama Qualified Investor Visa lead to citizenship?
The Qualified Investor Program grants permanent resident status; it does not grant Panamanian citizenship automatically. After holding permanent resident status for the period required under Panama’s applicable naturalization laws, generally five (5) years under the standard naturalization route, an applicant may become eligible to apply for Panamanian citizenship. Naturalization remains subject to the applicable constitutional and legal requirements and government approval.