Executive Decree No. 109, which was published on October 13, 2022, brings modifications to Executive Decree No. 722 of October 15, 2020. The latter decree had established the subcategory of permanent resident as a qualified investor within the category of permanent residency for economic reasons.

Decree 109, issued on October 13, 2022, introduces the following changes to the requirements and terms outlined in decree 722 from October 15, 2020:

1. The timeframe for the exception regarding the minimum investment in real estate is extended from 24 to 48 months, counting from the effective date of Decree No. 722 (October 15, 2020). This means that until October 15, 2024, the minimum investment in real estate must be at least USD $300,000 (instead of USD $500,000).
2. The promise of purchase agreement, promissory purchase contracts, or escrow agreement must now be authenticated by a public notary.

To learn more about the Panama Qualified Investor Visa and obtain detailed information, please refer to the provisions stated in the Panama Qualified Investor Visa section.

Regarding the Panama Qualified Investor Visa, it was introduced through the Executive Decree 722 on October 15, 2020, as a new category for obtaining permanent residency based on economic reasons. Under this program, applicants can acquire permanent residency by making a qualified investment in Panama. The investment options available include:

1. Real Estate: Investing a minimum of US$300,000 (until October 2024, after which it will be US$500,000) in real estate, free of liens.
2. Real Estate projects in pre-sale: Signing a purchase and sale contract for an amount of US$500,000 or more, free of liens.
3. Investment in the Panamanian Stock Market: Purchasing securities valued at US$500,000 or more through a qualified and licensed Panamanian brokerage firm.
4. Fixed term deposit in the Banking Sector: Opening a time deposit of US$750,000 or more, free of liens, in a qualified Panamanian bank.

The process requirements for obtaining this visa are as follows:

1. Complete passport copy, Apostilled or authenticated.
2. National Criminal Background Check, apostilled or authenticated, valid for 6 months.
3. Five (5) passport-size photos.
4. Payment of USD $5,000 to the National Immigration Service.
5. Payment of USD $5,000 to the National Treasury.
6. Additional payment of USD $1,000 per dependent to the National Treasury and another payment of US$1,000 to the National Immigration Service for dependents 12 years old and above.
7. Additional payment of USD $1,000 per dependent to the National Treasury for dependents under 12 years old.
8. Certificate of good health.
9. Declaration of personal backgrounds.
10. Certification from a foreign or local bank certifying the funds received or sent. If the letter is from abroad, it must be authenticated or apostilled.
11. Bank statements from the foreign bank, duly legalized, or a local bank with authentication stamps to certify the transaction with the funds sent.
12. Notarized letter from the recipient of the funds or original bank certification confirming the deposit or reception of the transfer, according to any of the investment options described in the law.
13. Additional documents required for dependent applicants include a letter of accountability, proof of ties between the applicant and each dependent, proof of address (applicant and dependent must reside at the same address), and, for dependents aged 18 or above, a single status and student status certificate.

The process to obtain permanent residency through this program usually takes around 30 days from the submission of the application at the Immigration Office. Our authorized lawyer can submit the application using an authenticated or apostilled special power of attorney on behalf of the investor. Once the application is reviewed and approved, the applicant will be granted permanent residency. However, it is mandatory to annually provide evidence (during the same period each year) that the investment is still valid.