Panama creates permanent residence program for qualified foreign investors
The National Government announced the creation of a permanent residence program for qualified foreign investors, to stimulate economic reactivation.
To apply to this program, indicates Executive Decree No. 722 of October 15, 2020, investors must invest in real estate for a minimum of $300,000 during the first 24 months.
After this time, the amount rises to $500,000.
According to the decree, real estate investments can be for units already completed or also through investment through promissory contracts for the sale of real estate units, through the incorporation of a trust that guarantees the purchase of the real estate.
Other investment modalities established in this decree include the purchase of securities on the Panama Stock Exchange for a minimum amount of $500,000 and establishment of fixed bank terms for a minimum of $750,000.
These values must have a direct impact on the national territory.
All investments must be maintained for a minimum of 5 years and for the investor to obtain immediate permanent residence after the completion of the process, which is estimated to take 30 days.
The investor may apply from abroad, that is, the investment can be made from abroad, through a local lawyer, and the process can be completed when the investor arrives in Panama.
Once in the country, you must continue the process at the single investment window of the Ministry of Commerce and Industries (MICI), in which the National Migration Service (SNM) also participates, to ensure and ensure adequate controls of each investment in compliance with Panamanian immigration and security regulations.