![](https://l6r7d0.p3cdn1.secureserver.net/wp-content/uploads/2022/08/AYLEEN-QUINTERO-150x150.png)
Becoming a Permanent Resident in Panama through Investment
19/10/2020![ILFR1000 Logo](https://l6r7d0.p3cdn1.secureserver.net/wp-content/uploads/2019/10/UkeWFb-1-150x150.jpg)
IFLR1000 recognizes Icaza, González-Ruiz & Alemán
22/10/2020By Executive Decree No. 722 of October 15, 2020 , the new immigration subcategory called Permanent Residence as a Qualified Investor was created , which grants Permanent Residence in Panama within a period of no more than thirty (30) days.
The new subcategory, whose primary requirement is the investment of the sum of US$500,000.00 in the Republic of Panama, seeks to promote foreign investment in the country through various mechanisms, while offering new advantages for foreigners who wish to apply for residency under it, which we summarize below:
- The foreigner, through his representative, may begin the process of applying for residency without necessarily having entered the country.
- The procedure will be managed through a special office (Single Window), designed to handle these requests within thirty (30) days.
- In cases involving real estate investments managed through a trust, the foreigner may prove this through the contract of promise of sale, even though the transfer of property has not yet been registered, which shortens the timeframes for requesting this residency.
- When the foreigner opts for real estate investment, he/she will be eligible for a reduction of US$200,000.00 in the required investment if he/she requests residency during the next two (2) years.
The investment modalities under this new immigration subcategory and the requirements applicable to each of them are the following:
Real Estate Investment:
- Presentation of documents proving the value and ownership of the property (Certificate from the Public Registry and Certificate from the National Land Administration Authority).
Real Estate Investment through a Promise of Sale Contract :
- Certified copy of the Promise of Sale Contract.
- Certified copy of the Trust Agreement showing the partial disbursements that the trust will make for the sale.
Investments through a Securities Brokerage Firm :
- Certification issued by the Securities Firm stating the name of the investor, the investment amount, the details of the securities and the entity that holds custody of them.
- Certified copy of the Resolution by which the Securities Market Superintendency approved the license for the Securities Firm.
- Certification from the Securities Market Superintendency regarding the registration of securities corresponding to the investment.
Investment through Fixed Term Deposit in the Banking Sector:
- When applying under this modality, the investment must be for the amount of US$750,000.00.
- Certified copy by the bank of the Fixed Deposit Certificate, indicating the value and term.
- Certification from the bank stating the existence of the deposit, its owner, the value, the term, that it is free of liens and that the funds come from a foreign source.
Among the general conditions and basic requirements that the interested party must meet are the following:
- Payment to the National Treasury for the immigration application fee in the amount of US$5,000.00 and payment of US$5,000.00 to the National Immigration Service for the repatriation deposit. In the case of including dependents, an additional amount of US$1,000.00 must be paid in each of the aforementioned items.
- Proof that the funds come from a foreign source, which may be any of the following: Legalized letter from a foreign bank or local bank, legalized statement from a foreign bank or authenticated from a local bank, or notarized letter issued by the recipient of the funds or bank certification proving receipt of the funds.
- The investment must be maintained for a minimum of five (5) years, which will be verified annually by each competent authority.
For more information on this topic, please contact us at igranet@stagingcd.com .