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16/12/2024Permanent Residence Permit for Economic Reasons as a Qualified Investor: Requirements, Modalities, and Process
BY: AYLEEN QUINTERO
The Permanent Residency Permit for Economic Reasons as a Qualified Investor is an excellent option for foreigners who wish to live in Panama and have the ability to make a significant investment in the country. This type of residence offers multiple benefits, such as the opportunity to live, work, and conduct business in Panama. In this article, we will explain in detail who can apply, the available investment modalities, the common requirements, and the steps to follow to obtain this residency permit.
Who can apply for this residency permit?
Foreigners interested in obtaining the Permanent Residency Permit for Economic Reasons as a Qualified Investor must meet the following basic requirements:
- Minimum Investment: The applicant must invest at least US$300,000.00 from foreign funds.
- Investment Duration: The investment must be maintained for a minimum period of five (5) years.
Investment Modalities for Permanent Residency Permit
There are four different modalities through which an investor can qualify for this residency permit. Each modality has specific requirements, which are detailed below:
Modality 1: Real Estate Investment
To qualify under this modality, the applicant must make an investment in real estate in Panama, which is demonstrated with the property title.
Modality 2: Real Estate Investment through Purchase Promise Agreement
En este caso, el solicitante debe haber firmado un contrato de promesa de compraventa de bienes inmuebles y cumplir con los siguientes documentos:
- Notarized copy of the Property Purchase Promise Agreement.
- Trust agreement that evidences the investment has been made through a deposit in a trust managed by a local bank or trust company, which will be responsible for disbursing payments in accordance with the purchase promise agreement.
Modality 3: Investment through a Securities Brokerage Firm
For this modality, the investment must be in the amount of US$500,000.00 through a securities brokerage firm registered in Panama. The required documents are:
- Certification issued by the securities brokerage firm detailing the investment, the amount, and the entity that holds the securities.
- Notarized copy of the resolution approving the brokerage firm’s license.
- Certification from the Panamanian Securities Superintendence confirming the registration of the corresponding securities.
Modality 4: Investment in a Fixed-Term Deposit in the Banking Sector
If the applicant chooses this modality, the investment must be for a minimum amount of US$750,000.00, and the following documents must be provided:
• Notarized copy of the fixed-term deposit certificate issued by the bank.
• Bank certification confirming that the deposit is free of liens and originates from foreign funds.
Additional Common Requirements for All Modalities
In addition to the specific requirements for each modality, there are common documents that every applicant must submit to complete the application process. These include:
- Proof of foreign-sourced funds: This may be a letter from the bank certifying the transfer of funds, a bank statement, or a notarized letter confirming the deposit.
- Power of attorney: Must be drafted by the firm handling the application.
- Five passport-sized photos (3×4).
- Copy of the passport with the most recent entry stamp to the country.
- Health certificate from a Panamanian clinic.
- Legalized or apostilled police record.
- Registration forms and sworn statement of personal background (provided by the firm).
- Certified checks for the National Treasury and the National Immigration Service.
Additional Requirements for Dependents
If the applicant has dependents, such as a spouse or children, they will also need to submit certain additional documents:
- Marriage certificate and birth certificates for children, all properly legalized or apostilled.
- A letter of responsibility from the applicant in favor of their dependents.
- Proof of residence (such as a utility bill or lease agreement).
- An additional payment of US$1,000.00 per dependent to the National Treasury and the National Immigration Service.
How to Complete the Process?
The process for obtaining the Permanent Residency Permit for Economic Reasons requires submitting all the necessary documentation to the competent authorities, including the National Office for Investments, the National Immigration Service, and other Panamanian agencies. To facilitate this process, it is recommended to seek the assistance of an immigration lawyer or a firm that handles all the relevant procedures.
Conclusion
The Permanent Residency Permit for Economic Reasons as a Qualified Investor is an excellent option for those wishing to invest in Panama and obtain permanent residency in the country. By meeting the investment requirements, submitting the required documentation, and following the established procedures, investors can obtain the benefit of permanent residency in no more than 45 calendar days and are even eligible to apply for a work permit in Panama. Without a doubt, this is an attractive path for those seeking new economic opportunities and a high quality of life in a business-friendly environment.
