Conditions & Benefits
Through the Executive Decree No. 722 of October 15, 2020, a new special type of permanent residency called Permanent Residence Through Investment has been adopted by the Panamanian authorities.
There are 4 categories under the said program:
PERMANENT RESIDENCE PERMIT ON THE ACCOUNT OF INVESTMENTS MADE THROUGH A BROKERAGE FIRM IN PANAMA (Investment of USD 500,000)
PERMANENT RESIDENCE PERMIT ON THE ACCOUNT OF INVESTMENT IN FIXED TERM DEPOSITS IN THE BANKING SECTOR IN PANAMA (Investment of USD 750,000)
PERMANENT RESIDENCE PERMIT ON ACCOUNT OF REAL ESTATE INVESTMENT IN PANAMA (Investment of USD 300,000 until October 2024 – And USD 500,000 after October, 2024)
PERMANENT RESIDENCE PERMIT ON THE ACCOUNT OF REAL ESTATE INVESTMENT BY MEANS A PROMISE TO PURCHASE & SALE AGREEMENT IN PANAMA (Investment of USD 300,000 until October 2024 – And USD 500,000 after October, 2024)
Even though there are other several categories of visas, the new permanent residency program via investment is the fastest and the most convenient way to become a permanent resident. The applicant can travel for one week to Panama and apply for the residency under this category, once all the conditions and the required documents are gathered.
We are going to see here-below a brief summary of the main details about the requirements:
Recent Criminal Record from the applicant’s country of origin or residence, duly apostilled;
Proof of the investment in Panama:
Certified letters from the banking institution involved in the process, showing that the funds have been transferred from abroad;
Certification issued by the Ministry Of Commerce, approving the eligibility for the residency.
The process to obtain permanent residency through this program takes around 30 days starting from the day the application is submitted at the Immigration Bureau (SNM). The entire procedure must be carried out through a lawyer. Once the application is reviewed and accepted, the applicant will be considered a permanent resident.
Also, once the permanent residency is granted, there is no need to renew it, only to maintain it by keeping the said investment in place for at least 5 years and visiting Panama at least once every 24 months (according to the current norms).
Given the fact that we are being asked very often times regarding the conditions to apply for the Tax Residency, we would like to highlight that in this particular case, the rules change and the said residency can be acquired by spending at least 183 days on Panamanian territory, and also by demonstrating that the applicant has ties in the country relating to their lifestyle.