Direct permanent residence through a qualifying investment — for international applicants.
Based on the legal analysis by Karen Dorcy · Attorney at Law, Republic of Panama · Idoneidad No. 10179 · English adaptation and source check: 26 October 2026
Panama’s Golden Visa allows qualifying investors to apply directly for permanent residence. Depending on the investment route, minimum capital is B/.300,000, B/.500,000 or B/.750,000. The qualifying investment must be maintained for at least five years.4
The programme at a glance:
- Investment routes: New, unoccupied first-sale or qualifying development property from B/.300,000; secondary-market property from B/.500,000; qualifying securities from B/.500,000; fixed-term deposits from B/.500,000 at the designated state banks or B/.750,000 at a private bank with a General License.
- Direct permanent residence: No preliminary two-year provisional stage. Article 15 sets separate maximum periods of 15 working days for MICI investment certification and 30 working days for the immigration decision, subject to the prescribed complete-file and admission rules and lawful suspensions. These are not total project timelines.
- Maintaining the investment: Keep the qualifying investment for five years and submit annual evidence within the 30 calendar days before the anniversary of the immigration resolution.
- Time in Panama: Do not assume a short visit guarantees retention of status. An unjustified absence exceeding two years, without the required authorisation, can be a ground for cancellation.5
- Family and work: Qualifying spouses, children and parents may be included. Permanent residence does not automatically authorise employment.
The current framework is Executive Decree 17 of 8 September 2026. It replaces Executive Decree 722/2020 and its amendments. For a summary of what changed, see our overview of Decree 17. Read the official decree for the controlling rules. The official status is Residente Permanente en calidad de Inversionista Calificado. “Golden Visa” does not mean buying a passport or obtaining citizenship automatically.
QUALIFICATION & INVESTMENT STRUCTURE
Three asset classes.
Five investment structures.
Direct property ownership, development purchases, securities and fixed-term deposits have different conditions. Establish the applicable minimum, evidence and risks before committing funds.
01
PROPERTY — DEVELOPMENT
Minimum investment: B/.300,000
Purchase promise with safeguards
A qualifying development purchase requires the prescribed purchase-promise contract and payment structure. The decree provides for a licensed trust or full payment to the developer backed by an eligible irrevocable, unconditional bank instrument payable on demand.
Purchase promise · trust or eligible bank security
02
PROPERTY — DIRECT
Minimum investment: B/.300,000 or B/.500,000
Registered ownership
B/.300,000 applies to qualifying new, unoccupied first-sale property; secondary-market property requires B/.500,000. The qualifying net value is the lower of the amount actually paid and the evidenced market value, less outstanding real encumbrances.
Considering a specific property? Read how to check a property before you reserve it.
Public Registry · valuation evidence · payment trail
03
FIXED DEPOSIT — STATE BANK
Minimum investment: B/.500,000
A five-year bank deposit
A qualifying fixed-term deposit at Banco Nacional de Panamá or Caja de Ahorros. Confirm the account structure, foreign source of funds and required bank certificates before transferring capital.
Designated state bank · five years · unencumbered
04
FIXED DEPOSIT — PRIVATE BANK
Minimum investment: B/.750,000
A five-year bank deposit
A qualifying deposit at a private bank with a General License. The deposit must remain free of encumbrances, third-party financing or pledges for the required five-year term. Bank acceptance remains a separate decision.
Deposit certificate · bank confirmation
05
SECURITIES
Minimum investment: B/.500,000
Regulated securities market
One or more eligible investments through a licensed Casa de Valores. Eligible instruments, custody, ownership and the required five-year continuity must be documented; not every security or brokerage account qualifies.
Licensed brokerage · SMV · custody
OFFICIAL FIGURES
Investment activity. Measurable growth.
MICI investment certificates issued
07.2024–06.2026
461
Latest reporting period: 268 certificates +39 % compared with the preceding period
Source: Ministerio de Comercio e Industrias (MICI), 10 July 2026. Route counts are calculated from the published totals and percentages. These are investment certificates, not necessarily residence permits already granted.
Separate measure: SNM residence-permit approvals. January–September 2026: 323 approvals in the Inversionista Calificado category (as at 30 September 2026). Source: Servicio Nacional de Migración, provisional residence statistics. These count approval procedures, not unique people. The figure is not an approval success rate, is subject to revision and must not be added to MICI certificate totals.
FAMILY & DEPENDANTS
Apply together. Establish each person’s eligibility.
MICI identifies spouses, children and qualifying parents. Inclusion is not automatic or free of additional documents: each person needs an individual review of identity, relationship, dependency and applicable charges.
01
Spouse
Marriage certificate and supporting personal evidence
02
Minor children
Birth certificates and custody or consent evidence where needed
03
Adult children
Additional evidence of age, full-time study, unmarried status and
financial dependency
04
Parents
Relationship evidence and an individual assessment of dependant eligibility.
Karen Dorcy
Attorney at Law, Republic of Panama
LEGAL ANALYSIS & LOCAL REPRESENTATION
Panamanian law.
Explained in English.
Karen Dorcy is an attorney admitted in the Republic of Panama and the author of the German Golden Visa commentary. This English service page adapts its structure for international applicants.
- Direct case responsibility
Legal assessment, application preparation and communication
- English-language guidance
Clear explanations of the Panamanian requirements and your evidence chain
- Local professional admission
Registration No. 10179 · Republic of Panama
A travel document is not citizenship.
Panama’s special travel-document framework.
Assess Golden Visa eligibility on its residence and investment conditions. Do not treat a special travel document or visa-free travel as a guaranteed part of the residence service.
Before relying on a special-document route, obtain confirmation of the current implementing rules, application channel, eligibility and destination-country recognition from the competent authorities.
OUR APPROACH: Confirm availability and practical recognition before relying on it.
01 · Is this the same as a national passport?
No. Residence and nationality remain distinct.
A special travel document for a foreign resident does not itself confer Panamanian nationality or citizenship rights and does not replace the separate naturalisation process.
02 · Who may be eligible?
Eligibility requires a separate review.
The legislative framework refers to permanent residents in the category Inversionista Calificado and qualifying dependants recognised by the immigration authority. Law 493 also refers to the separate category Rentista Retirado.6. Do not assume that every residence category is covered.
03 · Does it guarantee visa-free travel?
No.
Entry and transit requirements can depend on nationality and the exact document presented. Each destination decides which documents it recognises and which visa rules apply.
04 · Can issuance be promised?
Only after the operative requirements have been confirmed.
The existence of legislation is not evidence that a particular applicant can obtain the document immediately. Availability, fees, processing arrangements and recognition require current confirmation; they are not included as guaranteed outcomes here.
DOCUMENT PLANNING
Assess the facts. Build the dossier.
We turn your investment route, family circumstances, ownership structure and source of funds into an individual document plan, then coordinate the evidence through filing.
Case profile
Property, securities or fixed-term deposit: the route determines the investment evidence. Your personal circumstances, family, ownership and funding trail shape the rest of the file.
Checklist
Your document plan identifies issuers, document form, apostille or legalisation, Spanish translation, validity and responsibility for each item.
Evidence chain
The investment contract, transfer records, ownership or custody evidence and source of funds must agree. We reconcile names, amounts, dates and payment routes before submission.
Procedure
We prepare powers of attorney and applications, coordinate translations and local evidence, and guide the review by MICI and the Servicio Nacional de Migración.
Your role is clear: You make the decisions and provide the agreed source documents. We handle the legal structure, formal review and authority coordination within the agreed engagement.
PRACTICE NOTES FROM KAREN DORCY
Two investments. Two evidence chains.
The amount alone is not enough. A filing-ready investment needs a coherent legal structure, funding trail, registry position and proof of beneficial ownership.
01 · OFF-PLAN PROPERTY
The price was paid. The safeguard needed review.
In the German commentary’s example, a German applicant had paid the full price for an apartment in an unfinished development. The unit was neither completed nor separately registered.
A developer’s payment receipt alone does not establish compliance. For a purchase-promise route, the contract, payment method and required trust or bank security must fit together. The security must meet the decree’s conditions and remain effective through completion and registration.
Practical lesson: Review the contractual model, payment trail, amount and duration of the security before transferring funds. Marketing a project as “Golden Visa eligible” does not establish legal compliance.
02 · INVESTMENT THROUGH AN ENTITY
The property value qualified. The ownership chain needed review.
In a second example, a Swiss couple acquired property through a Panamanian company. The investment met the value threshold, but the company alone appeared as owner in the registry.
Entity ownership requires evidence of existence, ownership structure, beneficial ownership, representation and effective control. The current decree also addresses qualifying foundations and joint holdings with included family members. Do not substitute a blanket 100% shareholding rule for the applicable legal test.
Practical lesson: Establish the complete ownership and funding chain before purchase. Corporate records, bank evidence and property documents must consistently identify the investment and the applicant’s qualifying interest.
FROM PRACTICE
Where applications encounter difficulties
01
The funding trail starts too late
A transfer receipt usually records only the final payment. The file must establish the applicant’s own funds, foreign source and traceability through the relevant accounts and entities. The decree excludes gifts and other gratuitous third-party transfers from satisfying the minimum investment. Review financing before making commitments.
02
A developer’s receipt is not the required security
A reservation, purchase promise or receipt alone does not prove that an unregistered unit qualifies. Verify the prescribed contractual and payment structure, bank instrument or trust, and ongoing obligations.
03
The certificate says too little
Bank and securities certificates need the route-specific information: ownership, amount, term, absence of encumbrances, custody and institutional authorisation where relevant. Agree the required wording before investing.
SEPARATE THE COSTS
Investment capital is
not an application fee.
A workable budget separates qualifying capital, government payments, transaction expenses and legal fees. The indicative professional-fee ranges below are subject to a written, case-specific proposal.
MAIN APPLICANT
National Treasury B/.5,000
SNM repatriation deposit B/.5,000
Specified government payments B/.10,000
PER DEPENDANT
National Treasury B/.1,000
SNM repatriation deposit B/.1,000
Specified government payments B/.2,000
CASE-DEPENDENT EXPENSES
Apostilles and translations
Notary, registry and certificates
Bank, trustee, brokerage and custody
Property and development due diligence
Legal assessment and representation — indicative range B/.3,000–3,500 for the principal applicant; B/.600–800 per dependant, depending on complexity
*Executive Decree 17/2026, Article 11: Government amounts are stated per person under Article 11. Confirm payment instructions and any applicable exceptions before filing. Refundability and practical recovery of the repatriation deposit are not promised. Professional-fee ranges are non-binding; a specific proposal follows the initial legal assessment.
THE APPLICATION PROCESS
Six steps.
Direct permanent residence.
If approved, the Qualified Investor route grants permanent residence directly. There is no preliminary two-year provisional stage.
Article 15 separates MICI certification from the immigration decision. The 15-working-day certification period depends on admission of a complete file; deficiencies must be remedied under the prescribed procedure. The 30-working-day immigration period runs from formal receipt of the complete file, subject to lawful suspensions. Neither covers the whole project.
1. PREPARATION · ROUTE
Assess eligibility before committing capital
Review the applicant, family, investment route and funding trail. Establish ownership, beneficial ownership and effective control from the beginning.
- Qualifying first-sale or development property from B/.300,000
- Secondary-market property from B/.500,000
- Eligible securities from B/.500,000
- Qualifying fixed deposit from B/.500,000 at Banco Nacional or Caja de Ahorros
- Qualifying private-bank fixed deposit from B/.750,000
Basis: Executive Decree 17/2026, Articles 2–9
Attendance: Initial review can be remote
2. PREPARATION · PRE-CLEARANCE
Confirm the structure and evidence first
Your bank, brokerage or property structure must be able to accept the investment and issue the required evidence.
- Confirm onboarding and certificate requirements
- Map the owner, account, beneficial owner and payments
- Review title and any required development safeguards
Basis: Executive Decree 17/2026; current institutional requirements
Attendance: Usually remote preparation
3. INVESTMENT AND FILE PREPARATION
Invest. Document. Reconcile.
Once the structure has been reviewed, complete the investment and assemble the personal immigration dossier. Names, amounts and payments must match across the file.
- Closing, settlement or fixed-deposit evidence
- Passport, criminal-record and family documents
- Authentication, Spanish translation and payment evidence
Each accompanying family member needs a separate document and cost assessment.
Basis: Article 28 of Decree Law 3/2008; Executive Decree 17/2026, Articles 2–11
Attendance: Remote preparation; personal steps as required
4. MICI CERTIFICATION
Obtain official investment certification
MICI assesses the investment, applicable minimum, ownership and control, foreign source of funds and documentary traceability.
- Registry, valuation and payment evidence for property
- Licensed brokerage, custody and regulatory evidence for securities
- Deposit and bank certificates for fixed-term deposits
Article 15 provides up to 15 working days from admission of the file, following the prescribed completeness review. The certificate must be valid when the complete immigration application is submitted.
Basis: Executive Decree 17/2026, Articles 3 and 15
Attendance: Representation by an authorised lawyer
5. IMMIGRATION APPLICATION
Submit the file. Coordinate personal registration.
Article 16 permits applications before entry through an authorised representative. Biometric registration and registration in the foreigners’ register must be completed before obtaining an immigration card. Agree attendance and filing arrangements with counsel.
- Coordinate personal biometric and foreigners’ registration
- Submit the valid MICI certificate and complete personal dossier
- Track formal receipt, file number and requests for evidence
Article 15 provides for an immigration decision within up to 30 working days from formal receipt of the complete file, subject to lawful suspensions. A positive decision grants permanent residence.
Basis: Executive Decree 17/2026, Articles 11, 15 and 16
Attendance: Personal registration before the immigration card
6. DECISION · DOCUMENTS AND CONTINUITY
Complete residence. Maintain the investment.
Following approval, complete the required identity and immigration-document procedures and establish your compliance calendar.
- Complete the immigration card procedure
- Coordinate the separate resident identity document
- Maintain the investment for five years and provide annual evidence
Notify a cessation or modification within 30 calendar days. The general replacement period is up to 90 calendar days; special off-plan provisions can differ. Annual evidence is due in the 30 calendar days before the anniversary of the immigration resolution. Absence rules also require separate attention.
Basis: Executive Decree 17/2026, Articles 7 and 12; Decree Law 3/2008, Article 31
Attendance: Personal document procedures in Panama
BEYOND THE RESIDENCE APPLICATION
Naturalisation remains a separate application
Article 14 addresses a naturalisation application after five consecutive years of residence, subject to constitutional and legal requirements, and provides for MICI investment certification and submission arrangements. Investment and permanent residence do not automatically confer citizenship. Eligibility, continuity and the separate application require individual review.
PLAN THE WHOLE TIMELINE: Allow for eligibility assessment, institutional onboarding, investment completion, document preparation, MICI certification, immigration filing, personal registration and document issue. The statutory 15- and 30-working-day periods apply to defined administrative stages; they are not a promised end-to-end completion date.
Preparation checklist
Your investment document plan.
Select your investment route, ownership structure and accompanying family. Generate a preparation checklist to discuss with your lawyer.
Free, with no registration.
How is my checklist selected?
Your selections determine the preparation topics. For a development purchase through an entity with a spouse, for example, review these additional evidence chains:
- Authenticated purchase promise and payment evidence
- Required trust or eligible bank security
- Entity records, beneficial ownership and effective control
- Marriage certificate and the spouse’s personal dossier
This preparation aid does not establish eligibility or filing completeness. Agree the final documents, issuers, authentication and deadlines in your individual assessment.
REALITY CHECK
Four distinctions that matter.
Separate investment capital, processing periods, immigration status and the obligation to maintain the investment.
01
B/.300,000 applies to specified property routes.
Qualifying new, unoccupied first-sale or development property starts at B/.300,000. Secondary-market property and qualifying securities require B/.500,000. Fixed deposits require B/.500,000 at the two designated state banks or B/.750,000 at a qualifying private bank.
02
15 and 30 working days are not the full timeline.
Article 15 defines separate certification and immigration stages, subject to admission, completeness and suspension rules. Preparation, onboarding, investment completion, personal registration and document issue add to the overall calendar.
03
Permanent residence is not a national passport.
Approval gives permanent residence, not automatic citizenship. Naturalisation requires a separate application and satisfaction of constitutional and legal conditions.
04
Permanent does not mean you can immediately sell.
Maintain the qualifying investment for at least five years and provide annual evidence. A sale, withdrawal or change needs review under the notification and replacement rules before you act.
Terminology matters: “Golden Visa” is a familiar international label. The official category is Qualified Investor permanent residence.
Unsure which residence route fits? Our comparison of Panama residence programmes explains the main differences.
FREQUENTLY ASKED QUESTIONS
What applicants need to know.
Answers on qualifying investment, evidence, costs, procedure and continuing obligations. The official Spanish legislation and the facts of your case remain decisive.
The official category is Residente Permanente en calidad de Inversionista Calificado. Golden Visa and Investor Visa are familiar international terms for this investment-based permanent residence route. It is not citizenship by investment or the purchase of a national passport.
The September 2026 framework distinguishes qualifying new first-sale or development property from B/.300,000; secondary-market property from B/.500,000; eligible securities from B/.500,000; fixed deposits from B/.500,000 at Banco Nacional de Panamá or Caja de Ahorros; and B/.750,000 at a private bank with a General License. For property, the qualifying net value is the lower of the amount actually paid and the evidenced market value, less outstanding real encumbrances.
Yes, if approved. There is no preliminary two-year provisional stage. Approval remains an individual authority decision; meeting an investment threshold alone does not guarantee residence.
A qualifying development investment may use a Promesse de compraventa under the decree’s trust or secured full-payment arrangements. The required bank instrument must meet the statutory conditions and remain effective through completion and registration. Developer default, replacement and the maximum period relying on purchase promises require particular review.
The decree permits financing of the amount above the applicable minimum where it is documented and traceable and no encumbrance reduces the qualifying net value below that minimum. Reconcile the price, valuation, own funds, payment trail and finance before closing.
The decree requires the applicant’s own funds, a documented foreign source and a traceable investment. Gifts or other gratuitous third-party transfers do not satisfy the minimum. Funds already held in Panama may require evidence of their earlier international transfer and use for the applicant’s investment. Do not assume financing or a state-bank route waives these requirements.
The decree recognises qualifying entity and private-foundation structures subject to evidence of existence, ownership, beneficial ownership, representation and effective control. Joint ownership and holdings with included family members have specific rules. Securities have route-specific ownership conditions. A blanket 100% shareholding statement is not an adequate description of every route.
Qualifying family members may be included, subject to individual identity, relationship, age and dependency requirements. Confirm the current documentary checklist, any study or unmarried-status evidence and the applicable charges for each person. Family inclusion is not automatic.
Maintain the qualifying investment for at least five years. Under Article 12, annual evidence is submitted within the 30 calendar days before the anniversary of the immigration resolution. Notify cessation or modification within 30 calendar days; the general replacement period is up to 90 calendar days. Special development-purchase and market-fluctuation provisions require separate review.
Article 15 sets separate maximum periods of 15 working days for MICI certification and 30 working days for the immigration decision under its admission and complete-file rules. Deficiencies and lawful suspensions affect the calculation. Onboarding, investing, preparing documents, personal registration and card issue are not an all-inclusive part of those periods.
Article 16 allows applications before entry through an authorised representative. Before obtaining an immigration card, the applicant must complete biometric registration and registration in the foreigners’ register. Plan personal attendance and the filing sequence with counsel.
Absence exceeding two years can be a ground for cancellation under the general immigration law unless justified and authorised. Do not treat a brief visit or a supposed 24-hour rule as a guarantee that residence will be preserved. Tax residence is a separate question.
No. Immigration residence and permission to work are separate. Employment, self-employment, remote work and regulated professions require their own assessment.
No. Immigration status, tax residence, income sourcing and obligations in the United States, Canada, United Kingdom or any other relevant jurisdiction require separate analysis. A residence permit does not end home-country filing or reporting obligations.
Permanent residence does not itself give Panamanian nationality or an ordinary national passport. A special travel-document framework must be assessed separately, including its current application rules and recognition abroad. Naturalisation is a separate procedure subject to constitutional and legal conditions.
Article 11 specifies B/.5,000 to the National Treasury and B/.5,000 as an SNM repatriation deposit for the principal applicant. For each dependant it specifies B/.1,000 to the Treasury and B/.1,000 as a repatriation deposit. Cards, authentication, translations, notary, registry, banking, due diligence and legal services are additional where applicable. Qualifying capital is separate.
QUESTIONS AND ANSWERS
Find an answer to your question.
Search the questions on this page for investment routes, evidence, family, procedure and continuing obligations.
Read the frequently asked questions →
Based on the German design and legal analysis by Karen Dorcy. English adaptation and source check: 26 October 2026.
Read the official primary sources
- Executive Decree 17/2026 · Official Gazette 30613
- MICI · Reform announcement, 21 September 2026
- MICI · Programme portal — some summaries still reflect earlier rules; consult the current decree.
- Ministry of Foreign Affairs · Embassy of Panama in Germany
- Official investment legislation
NEXT STEP
Does Qualified Investor fit your circumstances?
Start with your nationality, country of residence, family, ownership structure, source of funds and intended investment route. Agree a secure channel before sending identity or financial documents.
Compare Panama residence programmes
Advice under Panamanian law · approval and processing times are not guaranteed
SCOPE OF THE INFORMATION AND SERVICES
This page concerns Panama’s Qualified Investor permanent residence category and advice and representation under Panamanian law. It does not recommend relocation, assess investment returns or determine whether Panama is the right place for you to live.
Advice on US, Canadian, UK or other foreign law, tax, pensions, reporting, departure obligations, inheritance or nationality requires appropriately qualified advisers in the relevant jurisdiction.
Requirements, government practice and charges can change. The law and evidence applicable to your individual application are decisive. General information and preparation tools do not replace a case-specific legal assessment.