How Does Panama's Qualified Investor Visa Work in 2026?

01

Does Panama have a golden visa?

Yes. The Qualified Investor route is a subcategory of permanent residence for economic reasons (DE 17/2026, art. 1). It is residence, not citizenship. Friendly Nations, Forestry and Pensionado are separate routes, not covered here.

02

What changed under Executive Decree 17 of 2026?

Executive Decree 17 of 8 September 2026 replaced the 2020 decree and its 2022 and 2024 amendments in full, and took effect on promulgation (arts 20 and 21). It is on the migration service's 2026 decree list. The official record of the 2020 decree now shows it as superseded.

It split the property threshold between new and resale homes (art. 4), added a state-bank deposit route (art. 9(b)), tightened off-plan purchases and appraisals (arts 6 and 7), and set decision deadlines (art. 15).

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How the investment works

The minimum investment must be your own money, of foreign origin and sent by international transfer; gifts and donations do not count (art. 2). Investments made before 15 October 2020 are not eligible (art. 18).

Co-owners must each prove the full minimum, though a spouse and dependants on one application can share one investment (art. 3). For property, you may borrow only for the part above the minimum (art. 5(b)).

The yearly proofs run from approval. You prove the investment to MICI each year, in the 30 days before each anniversary of the residence resolution, until five years are complete (art. 12(5)). The purchase comes first: MICI certifies only an investment already made (art. 3).

Buybacks can fall inside the hold. A buyback promised five years after purchase lands before the fifth anniversary of your residence. If the investment is sold or ends early, tell MICI within 30 days and reinvest within 90, or SNM cancels the residence (art. 12(2) and (3)). Check any buyback date against the resolution date.

Off-plan limits. If the developer misses the registration date through its own fault, you have 180 business days to switch routes, and can switch to a new purchase promise only once (art. 7(6) and (7)). Three years on promises alone without registration ends the permit (art. 7(8)).

Securities and deposits. A market fall is not a breach if you withdraw, sell or pledge nothing and top up within 90 days of MICI's notice (art. 8). In our view, a deposit or bond bought before you apply should run past the fifth anniversary of the resolution, or it may mature before your last yearly proof.

Government fees. B/. 5,000 to the National Treasury and a B/. 5,000 repatriation deposit to SNM, plus B/. 1,000 and B/. 1,000 for each dependant (art. 11). You pay for any appraisal MICI requires (art. 6(8)).

04

Does a resale property still qualify at US$300,000?

Not under the new rules. Property previously sold, occupied, let or transferred to an unrelated party is secondary-market property at B/. 500,000 (art. 4(b)). B/. 300,000 applies only to a new, unoccupied unit bought from the developer (art. 4(a)).

The figure that counts is the lower of the price paid and the market value, less any mortgage or other charge (art. 5(a)). A renovated unit that was previously sold, occupied or let is resale property (art. 4(b)).

05

What if you invested or filed before 16 September 2026?

Applications filed before that date keep the requirements and amounts in force when they went in. An investment or binding contract perfected before that date can use the old rules if you file within six months of 16 September 2026 (art. 19). Investment certificates already issued keep their effect until they expire. Holders of, or applicants for, residence by own economic solvency may switch to this route within 12 months (art. 18).

06

How long does approval take?

There are two stages. The Ministry of Commerce and Industries (MICI) issues an investment certificate within 15 business days of admitting a complete file. The National Migration Service (SNM) then decides within 30 business days of receiving the complete file (art. 15). These are legal deadlines, not observed times. The certificate is valid for three months (art. 3).

07

Do you have to live in Panama?

Not to apply. Your attorney can file before you enter Panama, but you and each dependant must complete SNM biometric enrolment and registration before any residence card is issued (art. 16). The decree sets no minimum stay. Under the general migration law, SNM may cancel permanent residence after more than two years' absence unless it authorized the absence (Decreto Ley 3/2008, art. 31(3)).

08

Can it lead to Panamanian citizenship?

Panama has no citizenship by investment. Qualified Investors and their dependants may apply to naturalise after five consecutive years of residence (DE 17/2026, art. 14). The Constitution requires those years to be spent "en el territorio de la República" (art. 10(1)). They run from the permanent-residence resolution, and SNM reports your entries and exits to check continuity (Decreto Ley 3/2008, arts 122 and 126). See our citizenship timelines guide.

You must renounce your current nationality in writing and pass a test of Spanish and Panamanian history, geography and government (Decreto Ley 3/2008, arts 120 and 123). The grant is discretionary (Constitution, art. 12), and a refusal cannot be appealed (Decreto Ley 3/2008, art. 125).

Your home country's own law decides what happens to your current nationality:

09

Can your family be included?

Yes. Dependants join the same application (fees above; art. 11). The decree does not define a dependant. A spouse you marry, or a child born or adopted, after approval can be added later for the same fees (art. 17).

10

Does residence make you a Panama tax resident?

Not by itself; tax residence is a separate test. Panama's income tax falls on income from activities carried out in Panama, whatever the taxpayer's nationality, domicile or residence (DGI).

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What this means for your family

Tax at home. A Panamanian permit does not end tax residence at home.

Physical presence. Long absences carry two risks. SNM can cancel residence after two years away, and time abroad can break the five consecutive years that naturalisation needs.

Source of funds. Expect to show bank letters or statements tracing the money from abroad into the investment, legalised or apostilled (arts 3 and 11). If you invest through a company or foundation, you must prove you are its beneficial owner and control it (arts 2 and 5(c)).

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