Panama's new Golden Visa decree: the routes to permanent residency as a Qualified Investor
Panama has updated its residency-by-investment program. Through Executive Decree No. 17 of September 8, 2026, published in Official Gazette No. 30613 on September 16, 2026, the Executive Branch fully replaced Executive Decree 722 of 2020 and its amendments. The result is a single regime for the Permanent Resident as Qualified Investor subcategory.
The essence of the program remains. Direct permanent residency, with no provisional stage, is still granted to anyone who makes a qualified investment in Panama with funds from abroad. What changes is the menu of options: the decree now distinguishes between new and resale properties, and rewards deposits in state-owned banks.
Investment routes under the new decree
The amounts are alternatives: meeting one of the options is enough.
1. First-sale property: from US$300,000
Applies to the purchase of a new, unoccupied property acquired directly from the developer. It is the most accessible entry route of the program and reflects an express goal of the decree: to revitalize the construction industry and absorb the inventory of new projects.
2. Secondary-market (resale) property: from US$500,000
If the property has previously been sold, occupied or leased —that is, a resale property— the minimum rises to US$500,000. This is the main change for real estate buyers. Under the previous regime, any property qualified from US$300,000.
In both real estate options, the investment recognized is the lower of the price actually paid and the market value of the property, net of any mortgage. If the price exceeds the minimum, the excess may be financed, provided the net value does not fall below the threshold.
3. Pre-construction property through a promise-to-purchase agreement: from US$300,000
For those buying in projects not yet completed or registered, the decree provides two ways to do so:
- Trust: funds are deposited into a trust managed by a bank or trust company licensed in Panama, which disburses them to the developer as construction progresses.
- 100% payment to the developer: provided the payment is backed by an irrevocable bank guarantee in favor of the investor, valid until the property is registered in their name. It may be a stand-by letter of credit, a bank guarantee or a performance bond.
The decree adds protections and limits worth knowing from the outset. If the project does not materialize for reasons attributable to the developer, the investor has a period to replace the investment with another option without losing status. In addition, residency cannot rest solely on promise-to-purchase agreements for more than three years.
4. Securities market: from US$500,000
The investment is made through a brokerage firm licensed by Panama's Superintendency of the Securities Market and may be structured in one or more of these instruments:
- Private equity and venture capital funds investing in companies, infrastructure or ventures in Panama.
- Bonds and other debt instruments issued or guaranteed by the Republic of Panama.
- Other registered securities: shares, corporate debt, mutual funds and real estate investment funds (REITs), among others.
Market declines not attributable to the investor do not, by themselves, constitute non-compliance. The decree grants 90 days to restore the amount, provided there have been no voluntary withdrawals.
5. Fixed-term deposit: from US$500,000 or US$750,000
The amount depends on the bank where the deposit is made:
- US$500,000 if the deposit is made at Banco Nacional de Panamá or Caja de Ahorros. This option is new and acts as an incentive to strengthen state-owned banks.
- US$750,000 if made at any private bank with a general license in Panama.
In both cases, the deposit must be held for five years, free of liens or pledges.
Summary of minimum amounts
| Option | Minimum amount |
|---|---|
| New property (first sale) | US$300,000 |
| Pre-construction property (promise to purchase) | US$300,000 |
| Resale property (secondary market) | US$500,000 |
| Securities market | US$500,000 |
| Fixed-term deposit at Banco Nacional or Caja de Ahorros | US$500,000 |
| Fixed-term deposit at a private bank | US$750,000 |
What stays the same and what improves
- Process from abroad. The application may be filed before you or your dependents enter Panama, through a legal representative. Biometric registration is completed before the ID card is issued.
- Defined timelines. The Ministry of Commerce and Industries has 15 business days to certify the investment, and the National Migration Service has 30 business days to decide. A Special Processing Window will operate for this purpose.
- Family included, now and later. In addition to the initial dependents, the investor may later add a spouse they marry or children born or adopted after approval, as long as the investment is maintained.
- Five-year holding period. The investment must be kept for five years, with an annual verification. If the investment ends before that period, there are 90 days to reinvest.
- Path to citizenship. The decree expressly recognizes that the qualified investor and their dependents may apply for naturalization after five consecutive years of residency, in accordance with the Constitution and subject to its requirements.
Already had an investment or a signed contract?
The decree includes important transition rules:
- Applications filed before it took effect are governed by the previous rules.
- Investments and binding contracts completed before the new decree may opt into the previous regime, provided the application is filed within six months of its entry into force. This is especially relevant for those who bought a resale property for less than US$500,000.
- Those holding residency or applications under the Economic Solvency category may request a change to Qualified Investor within the following 12 months, if they meet the applicable amounts and requirements.
How MYD supports you
Choosing the right route depends on your profile: the type of asset you prefer, your investment horizon, your wealth structure and your family situation. At Motta, Yaafar & Díaz we bring together immigration, real estate and corporate law in a single team. This allows us to assess the most suitable option, review the investment before you transfer funds and manage the entire process before Panamanian authorities.
Are you considering obtaining permanent residency in Panama through investment, or do you have a signed contract that could qualify under the previous regime? Contact us and schedule a consultation to review your case.
Legal notice
This article is for informational purposes only and does not constitute legal or tax advice. The program is governed by Executive Decree No. 17 of September 8, 2026, which replaces Executive Decree 722 of 2020 and its amendments. Amounts, timelines and requirements may change by executive decree or administrative criteria. Check the current regulations and consult a lawyer before making decisions or transferring funds. Updated as of September 24, 2026.
