Panama has updated its Permanent Residency as a Qualified Investor regime through Executive Decree No. 17 of 2026, published in Official Gazette No. 30613 on September 16, 2026.
The new regulation maintains the main modes of investment, but introduces important changes to real estate investment, new alternatives in the banking sector, and clarifications regarding the stock market, the origin of funds, the maintenance of the investment, and the applicable procedures.
What are the main investment modalities?
1. Real Estate Investment
One of the most important changes is the differentiation between first-sale properties and secondary market properties:
- B/.300,000.00: For first-sale real estate—meaning new and unoccupied properties transferred by the promoter, developer, or their successor in title.
- B/.500,000.00: For secondary market real estate—meaning properties that have been previously commercialized, occupied, leased, or transferred to an unrelated third party.
The amount recognized as an investment corresponds to the net computable value of the property, taking into consideration the price effectively paid, the accredited commercial value, and any liens or encumbrances affecting the property. The regulations allow financing for the value that exceeds the minimum required amount, subject to established conditions. Additionally, cadastral verification before ANATI is maintained. When reasonable doubts exist regarding the correspondence between the investment value and the market value, the Ministry of Commerce and Industries may require an independent commercial or private appraisal.
2. Investment via Promise of Sale Agreement
The regime retains the possibility of supporting the investment through a promise of sale agreement, under the conditions established in the Decree. The operation can be structured through a trust or, when the property has not yet been built, segregated, or registered in the Public Registry, through the payment of 100% of its value to the promoter or promising seller. In the latter case, the payment must be backed by a banking instrument that complies with the formalities established in the Decree, featuring the conditions of irrevocability, unconditional status, and payment upon first demand provided for in the regulations. If the transaction is not finalized due to causes attributable to the promoter or promising seller, the Decree outlines specific mechanisms and deadlines to substitute the investment.
3. Investment in the Panamanian Stock Market
The regime maintains the minimum investment amount of B/.500,000.00 for this modality and specifies the instruments that can qualify. The investment must be made through a brokerage house (Casa de Valores) licensed by the Superintendency of the Securities Market of Panama. It can be structured through certain private equity or venture capital funds, bonds, and debt instruments issued or guaranteed by the Republic of Panama, shares, debt securities, mutual funds, real estate investment trusts (REITs), and other registered corporate securities, in accordance with the conditions established in the Decree. Market fluctuations not attributable to the investor do not, by themselves, imply non-compliance with the minimum amount, provided that the established conditions are met and the required amount is restored within the timeframe stipulated by the regulations.
4. Investment via Fixed-Term Deposit
The regime also allows obtaining Permanent Residency through a fixed-term deposit in the national banking sector, which must be maintained for a minimum uninterrupted period of five (5) years, free of liens, encumbrances, freezes due to third-party financing, or pledges. The minimum amount will depend on the depository entity:
- B/.750,000.00: When the deposit is established in a private capital, general-license banking entity duly authorized by the Superintendency of Banks of Panama to operate within the national territory.
- B/.500,000.00: When the deposit is established directly and exclusively with the National Bank of Panama (Banco Nacional de Panamá) or the Savings Bank (Caja de Ahorros). This alternative constitutes a new investment option with a reduced minimum amount for deposits made in state-owned banks.
General Requirements and Other Important Aspects
In addition to the changes in investment amounts and modalities, the new regime maintains and clarifies other relevant requirements:
- Own Funds and Foreign Origin
The investment must be made with the applicant’s own funds originating from abroad. The investor must prove the international origin, legitimacy, and traceability of the funds using appropriate banking, financial, or legal documents.
Donations, gifts, or other free transfers from third parties cannot be used to complete the minimum investment amount. - Direct Investment or via Legal Entity
The investment may be made directly by the investor or, where applicable, through a Panamanian or foreign legal entity, provided that its existence, structure, ultimate beneficial owner, and effective control are proven. - Maintenance of the Investment
The investment must be maintained for a minimum period of 5 years.
During this period, documentation proving the maintenance of the investment must be submitted annually to the Ministry of Commerce and Industries.
The regime also permits substitution or reinvestment, subject to the deadlines and conditions established to accredit the new investment before the corresponding authority. - Starting the Procedure Before Entering Panama
Procedures may be initiated before the applicant and their dependents enter Panama.
However, prior to the issuance of any immigration ID card, the biometric registration process and enrollment in the Registry of Foreign Nationals of the National Migration Service must be completed. - Investments and Applications Prior to the Decree’s Entry into Force
The Decree entered into force upon its promulgation in the Official Gazette.
Applications submitted before its entry into force will be governed by the requirements, conditions, and amounts in effect at the time of their submission, without prejudice to the application of more favorable procedural rules.
Likewise, investments and binding contracts finalized prior to the entry into force of the Decree may benefit from the previous regime, provided that the corresponding application is submitted within six (6) months following the entry into force of the new Decree.