Permanent Permit as a Qualified Investor in Panama
By: Carlos Molino
Who can apply for this permanent residence permit?
All the foreigners who can make a minimum investment of US$500,000.00 to US$750,000.00.
The National Immigration Service and the Ministry of Commerce and Industries, approved some of the following options of how the investment of US$500,000.00 to US$750,000.00 can be proved:
a) Invest the sum of US$750,000.00 in the acquisition of a personal fixed term in a local bank, free of liens, and for a minimum period of 5 years, extendable.
b) Personally own, or by means of a company in where the foreigner is the shareholder, a real estate, free of liens, up to the sum of US$500,000.00. Until October 15, 2022, the investment is allowed to be US$300,000.00.
c) Personally, or on behalf a company in where the foreigner is the shareholder, sign a contract of promise of purchase and sale of a real estate, free of liens, up to the sum of US$500,000.00. The payments for the purchase and sale of the property must be made through a Trustee licensed in Panama. Until October 15, 2022, the investment is allowed to be US $ 300,000.00.
d) Invest, personally, for a period of 5 years the sum of US$500,000.00 through a Brokerage House with a license approved by the Superintendency of Securities of Panama.
Are dependents accepted?
Yes. Only the spouse, parents and children are considered dependents. The dependents are not required to directly prove financial solvency.
The request for a Permanent Residence Permit may be submitted before entering the country or while foreigners are in Panama, always through a legal representative. This application will be presented at a special office window and as it is a special permit, the National Immigration Service has declared that the resolution regarding the resident permit must be issued within thirty (30) business days from the application of the permanent residence.
To maintain the permanent residence permit, it is necessary that the investment be kept for minimum a period of five years. If the investment ceases or ceases to exist before the end of this term, without reinventing itself in the terms of the law, it will result in the immediate cancellation of the permanent residence that was granted.
We are happy to be at your disposal for any questions you may have regarding the above or additional assistance that we may provide.