The Permanent Resident Qualified Investor sub-category was established in the Republic of Panama under the permanent resident immigration category for economic reasons.
This subcategory was created by Executive Decree No. 722 of October 15, 2020. This decree was announced in the Official Journal No. 29136 of October 16, 2020, i.e. on the day of its entry into force.
To establish residency under this subcategory, the applicant must have invested in the Republic of Panama in the amount of at least $500,000 in foreign funds. This investment may be made by the applicant personally or through a legal entity, provided that the investor is the final beneficiary.
Investment in this immigration subcategory can be made in one of the following ways:
- By acquiring real estate located in the Republic of Panama for a minimum price of USD 500,000, which must be fully free of liens or any encumbrances up to this minimum value;
- Through a commitment agreement to buy and sell an unencumbered real estate located in the territory of the Republic of Panama for a minimum price of USD 500,000. This amount must be deposited by trust deposit with a bank or trust company that has a special license issued by the Republic of Panama;
- Through one or more investments made through the Panamanian Brokerage House for a minimum amount of USD 500,000 in securities of issuers whose activities have an impact in the territory of the Republic of Panama and whose involvement is maintained in the Republic of Panama for at least five years;
- Opening a USD 750,000 term deposit in a bank with a general license issued by the Republic of Panama. This deposit must be maintained continuously for a period of at least 5 years, and the deposited funds must be free of any encumbrances;
In order to apply for and be able to successfully obtain this subcategory of residence, in addition to complying with the numbers of Article 28 (except number 4) of Decree No. 3 of 2008, the investor must provide:
- A deposit of $5,000 that must be paid to the Treasury as fees for the immigration process. The applicant for this particular resident status must also pay $5,000 to the National Migration Service as a repatriation deposit;
- If the application includes dependents, then the investor must pay USD 1,000 (for each dependent) to the Treasury as a fee for the immigration process and USD 1,000 to the National Migration Service as a repatriation deposit for each dependent a dependent person;
- The investor is obliged to present appropriate banking, financial or legal documentation. This is to prove that the applicant has made the investment required by law and that the funds for which the investment was made come from a foreign source.
It is important that in any case it will be necessary for the investment in question to be valid for at least five years. If the investment ceases to exist before this date without reinvesting under the conditions described above, then the permanent residency previously granted to the investor will be officially cancelled.
Applications under this subcategory must be submitted before entering the territory of the Republic of Panama. The applicant and his/her dependents (if any) may apply for this category of resident status through an attorney in the Republic of Panama.
It is worth noting that in the first twenty-four months after the entry into force of the Decree, which introduces this new immigration subcategory, investments in real estate may amount to a minimum value of USD 300,000.
