Panama Qualified Investor Visa | An Incomplete Guide

Overview:

Since October 2020, the Panamanian government has established a special immigration program called the Qualified Investor Visa, which offers permanent residency in exchange for investment by overseas investors.

Currently, this permanent residency investment program has three economic options, and interested investors need to meet at least one of the following economic requirements:

1. Real Estate Investment: Invest $300,000 in local real estate (from October 15, 2024, the minimum investment requirement in real estate will increase from $300,000 to $500,000), or sign a pre-construction contract worth more than $500,000.

2. Fixed Deposit: Make a non-interest-bearing deposit of $750,000 in a Panamanian bank for a five-year term.

3. Stock Investment: This option requires investors to invest more than $500,000 in the Panamanian stock market through a licensed Panamanian stock broker. The investment must be conducted through a locally registered stock trader.

All the above investments must theoretically be held for at least five years. In practice, if you only want to maintain permanent residency status and are not interested in applying for Panamanian citizenship, it is advisable to continue maintaining your investment to keep the residency card.

In addition to the economic requirements, you also need to meet basic requirements such as being at least 18 years old, in good health, having no criminal record or illegal residency history in Panama, and not posing a threat to local public safety.

Current Status of the Project:

Over the past three years, the number of applicants for Panama’s permanent residency investment program has continued to rise: in 2022, the Panamanian immigration office received a total of 140 applications; in 2023, the total number of applicants for the year was 187; and in the first five months of 2024, the number of applicants reached 105.

Application Process:

The Panama Qualified Investor Visa Program is a straightforward project that primarily focuses on whether you have completed the investment, with a very simple review process. The overall process of the program can be broken down into the following steps:

1. Complete the investment and submit the application: To apply for Panama’s permanent residency through investment, you first need to enter Panama, open an account at a local bank, transfer funds, complete the investment, and then prepare all required documents to submit the permanent residency application at the Panama Immigration Office in person.

The required documents for this program include:

Personal information documents for the applicant: This includes copies of passports for all primary and secondary applicants; five passport-sized photos per person; birth certificates, marriage certificates, and other documents proving the relationship between primary and secondary applicants.

Adult secondary applicants over the age of 18 must also provide proof that they are economically dependent and still students.

Application form: You need to fill out an application form and a letter stating personal background information and the situation of secondary applicants.

Health examination certificate.

Criminal record certificate: All adult primary and secondary applicants must provide a criminal record certificate issued by law enforcement agencies in their place of residence within the past six months.

Proof of completed investment: This includes proof of funds transferred from an overseas bank and proof of funds received by a local Panamanian bank; bank-stamped proof of fund transfer; proof of investment confirmation from the investor, bank, fund, or real estate developer, etc.

Proof of visa fee payment: The primary applicant must pay a processing fee of $5,000 to the Panamanian National Treasury (secondary applicants pay $1,000 each) and a processing fee of $5,000 to the National Immigration Service (secondary applicants over 12 years old pay $1,000 each).

A Panamanian address: You need to provide a commonly used address where you can receive mail, which can be the address of a hotel where you are staying in Panama, or the address of a friend/intermediary.

All documents from outside Panama must be notarized, and all non-Spanish documents must be translated into Spanish.

2. Visa processing: After receiving your submitted materials, the local government will conduct a simple background check to confirm that the applicant’s personal information is correct and the investment is in place. The approval and issuance of the permanent residency visa are typically completed within 30 working days.

Theoretically, you do not need to enter Panama before obtaining the permanent residency card. However, once the permanent residency card is approved, all primary and secondary applicants must enter Panama once, provide recent photos, and collect biometric information to obtain the permanent residency card.

Dependents:

Under the Panama Qualified Investor Visa Program, the main applicant’s parents, spouse, children under 18, and financially dependent children between 18 and 25 can also secure permanent residency in Panama as secondary applicants.

Visa Validity:

The Panamanian permanent residency card must be renewed every five years. Additionally, every year, you must provide documents to the Panamanian government to prove that the investment is still in place.

This permanent residency card does not have a minimum residency requirement; however, to demonstrate ties to Panama, you must spend at least one day in the country every two years.

For non-native Spanish speakers with permanent residency status, living in Panama for five years (or three years if you have a Panamanian spouse or children), and residing in the country for more than six months each year, you become eligible to apply for naturalization after passing an interview that assesses your knowledge of Spanish, as well as Panamanian history, geography, and civic rights.