Panama updates Qualified Investor permanent residency: what changes for real estate investors?

Panama has updated its permanent residency-by-investment program. Executive Decree No. 17 of 2026, in force since September 16, 2026, fully replaces Executive Decree No. 722 of 2020 and establishes new rules for permanent residency under the Qualified Investor category.

The changes are especially relevant for anyone considering investing in real estate, securities, or time deposits as part of their strategy to establish residency in Panama.

What changed for real estate investors?

One of the main changes involves the type of property that can be used to qualify for residency. The new decree distinguishes between first-sale properties and the secondary market.

🏗️ First sale: investment from B/.300,000

The minimum investment of B/.300,000 continues to apply for the initial acquisition of a new, unoccupied property, under the conditions established by the new decree.

This means that new real estate projects can continue to represent a valid pathway for investors seeking permanent residency through an investment from US$300,000.

🏠 Secondary market: investment from B/.500,000

For properties that have already been sold, occupied, leased, or transferred, the new decree sets a minimum of B/.500,000.

The distinction matters: not every US$300,000 property will qualify under the Qualified Investor category. Before acquiring a property, it is essential to determine whether the transaction involves a first sale or the secondary market, and to verify that it meets the immigration requirements.

What about pre-construction properties?

The new decree also covers investments through purchase agreements for properties under construction. The investment can be supported from B/.300,000, provided that the established conditions are met — including mechanisms such as a trust (fideicomiso) or, in certain cases, full payment to the developer accompanied by a bank guarantee that secures the investment until the property is built, registered, and titled.

This is an important consideration for anyone evaluating investment in real estate projects before completion.

Other investment options

Residency as a Qualified Investor is not limited to real estate. The decree also covers other categories:

• Securities market: minimum investment of B/.500,000 in the instruments and conditions established by the regulation.
• Time deposits: minimum of B/.750,000 in private banks.
• State banks: a special threshold of B/.500,000 for certain deposits held at the National Bank of Panama (Banco Nacional) or the Savings Bank (Caja de Ahorros).

Greater focus on the origin and traceability of funds

Another important aspect of the new regime is the emphasis on demonstrating the origin, traceability, and ownership of the funds used for the investment.

For an international investor, this means that documentary planning must begin before the investment is made. Meeting the minimum amount is not enough — it will also be necessary to demonstrate where the funds came from and how they were transferred and applied to the investment.

The investment must be maintained for five years

The investment supporting the residency must be maintained for the period established by the regulations, with verification mechanisms and provisions for substitution or reinvestment where applicable.

For this reason, the Qualified Investor must approach residency not just as a purchase transaction, but as a medium-term investment strategy.

New processing timelines

The new decree establishes specific timelines for different stages of the process:

• MICI Investment Certificate: up to 15 business days.
• Immigration resolution: up to 30 business days.

This provides a clearer structure for planning the residency process.

An additional benefit: the new special passport

In addition to the changes to the Qualified Investor regime, there is a significant development approved earlier through Law 493 of October 28, 2025.

This legislation allows for the issuance of a special passport for holders of permanent residency under the Qualified Investor category and their dependents, once the corresponding requirements are met.

Does the special passport mean you obtain Panamanian citizenship?

No. The special passport does not equal Panamanian citizenship and does not replace the ordinary passport of the investor’s country of nationality. Its validity is tied to the corresponding immigration status and its issuance is subject to the requirements and procedures established by applicable law.

For international investors, this new tool adds an additional element to Panama’s immigration offering.

What does all this mean for those looking to invest in Panama?

The new framework makes planning more important than ever. An investor considering using a property to obtain permanent residency will need to analyze, among other things:

• Whether the property is a first sale or secondary market transaction.
• The applicable minimum investment amount.
• The structure of the real estate transaction.
• The origin and traceability of the funds.
• The documentation required to evidence the investment.
• Maintaining the investment for the required period.
• The conditions applicable to the special passport.
• The specific immigration situation of the investor and their dependents.

Not every US$300,000 property is equivalent from an immigration standpoint. Correctly classifying the investment can make a significant difference before committing capital.

Panama continues to evolve as a destination for international investors

The recent changes reflect an evolution of Panama’s residency-by-investment regime, with more specific rules designed to direct investment toward certain sectors and new mechanisms tied to investor mobility.

For those looking to establish themselves in Panama — whether through real estate investment, asset structuring, or an international residency strategy — understanding the rules before investing is essential.

The information in this article is for informational purposes only and reflects the regulations available at the time of publication. Each case must be analyzed individually in accordance with current legislation and the requirements of the relevant authorities.

At Beyond Panama Relocation, we work with international investors throughout the residency, investment, structuring, and establishment process in Panama, coordinating the legal and immigration aspects required for each case.

Are you considering investing in Panama and obtaining permanent residency? Contact us to learn about the available options and receive guidance for your process.