Permanent Residence In 30 Days: Qualified Investor Program

Permanent Resident Permit for Economic Reasons as a Qualified Investor: Requirements, Modalities, and Process

 By: Ayleen Quintero

The Permanent Resident Permit for Economic Reasons as a Qualified Investor is an excellent option for foreigners who wish to live in Panama and have the capacity to make a significant investment in the country. This type of residence offers multiple benefits, such as the possibility to live, work, and do business in the country. 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 residence permit.

Who Can Apply for This Residence Permit?

Foreigners interested in obtaining the Permanent Resident Permit for Economic Reasons as a Qualified Investor must meet the following basic requirements:

1. Minimum Investment: The applicant must invest at least US$300,000.00 from foreign funds.
2. Duration of the Investment: The investment must be maintained for a minimum period of five (5) years.

Investment Modalities for the Permanent Resident Permit

There are four different modalities through which an investor can qualify for this residence 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 a Purchase Agreement

In this case, the applicant must have signed a purchase agreement for real estate and submit the following documents:

• Certified copy of the Purchase Agreement for the property.
• Trust agreement that proves the investment was made through a deposit in a trust managed by a local bank or fiduciary institution, which will be responsible for disbursing payments in compliance with the purchase agreement.

Modality 3: Investment through a Securities House

For this modality, the investment must be made in the amount of $500,000.00 through a Securities House registered in Panama. The required documents are:

• Certification issued by the securities House detailing the investment, the amount, and the entity holding the securities.
• Notarized copy of the resolution approving the license of the Securities House.
• Certification from the Superintendency of the Securities Market confirming the registration of the securities.

Modality 4: Investment in a Fixed-Term Deposit in the Banking Sector

If the applicant chooses this modality, the investment must be at least US$750,000.00, and the following documents must be provided:

• Certified copy of the fixed-term deposit certificate issued by the bank.
• Bank certification confirming that the deposit is free of encumbrances 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 are:

1. Proof of foreign funds: This can be a letter from the bank certifying the transfer of funds, a bank statement, or a notarized letter confirming the deposit.
2. Notarized power of attorney: Must be prepared by the firm processing the application.
3. Five passport-sized photos (3×4 cm).
4. Copy of the passport with the latest entry stamp to the country.
5. Health certificate from a Panamanian clinic.
6. Legalized or apostilled police record.
7. Personal Background Declaration Forms (provided by the firm).
8. Certified checks for the National Treasury and the National Migration Service.

Additional Requirements for Dependents

If the applicant has dependents, such as a spouse or children, they must also present certain additional documents:

• Marriage certificate and birth certificates of the children, all properly legalized or apostilled.
• Letter of responsibility from the applicant for their dependents.
• Proof of address (such as a utility bill or lease agreement).
• Additional payment of US$1,000.00 for each dependent to the National Treasury and the National Migration Service.

How to Complete the Process?

The process to obtain the Permanent Resident Permit for Economic Reasons requires submitting all the necessary documentation to the competent authorities, including the National Investment Office, the National Migration Service, and other Panamanian agencies. To facilitate this process, it is advisable to seek the support of an immigration lawyer or a firm that handles all the related procedures.

Conclusion

The Permanent Resident Permit for Economic Reasons as a Qualified Investor is an excellent option for those who wish to invest in Panama and obtain permanent residence in the country. By meeting the investment requirements, submitting the necessary documentation, and following the established procedures, investors can obtain the benefit of permanent residency within no more than 45 calendar days. They may also have the right to apply for a work permit in Panama. This is undoubtedly an attractive path for those seeking new economic opportunities and quality of life in a business-friendly environment.