Investor Visa Panama 2026
Permanent residency on day one through real estate investment. Verified legal sources, honest costs, and the trust framework you need to choose a vetted Panamanian attorney.
Published 2026-04-28 · Last verified 2026-04-28 · Sources: SNM, KPMG, MEF
Panama grants permanent residency on day one through its Qualified Investor Visa: USD 300,000 minimum in titled real estate, processed in 30–90 days via the Servicio Nacional de Migración. The threshold is scheduled to rise to USD 500,000 after 15 October 2026 under Decreto 193/2024. Path to citizenship after 5 years.
What is Panama's Investor Visa?
Panama's Qualified Investor Visa is a residency-by-investment program established by Decreto Ejecutivo 722 of 2020, amended by Decreto 197 of 2021 and Decreto 193 of 2024. Unlike most regional programs, it grants permanent residency on day one of approval, processed in 30–90 days through the Servicio Nacional de Migración (SNM).
Three asset classes qualify: titled Panamanian real estate at a minimum of USD 300,000 (the most common path, scheduled to rise to USD 500,000 after 15 October 2026), Panamanian-listed securities at USD 500,000, or a 3-year fixed-term bank deposit at USD 750,000.
Panama uses the US dollar as legal tender, eliminating exchange-rate risk for US investors. Combined with Panama's territorial tax system — foreign-source income is not taxed in Panama — this is one of the most efficient residency-by-investment paths in the Americas. The investor must hold the qualifying asset for at least 5 years to maintain residency.
Canonical decree references
Every figure on this page traces to one of the four primary sources below. We recommend cross-checking at least two before relying on any third-party content.
Decreto Ejecutivo 722/2020
Friendly Nations / Qualified Investor framework. October 2024 update modifies real-estate thresholds.
Decreto Ejecutivo 197/2021
Friendly Nations / Qualified Investor framework. October 2024 update modifies real-estate thresholds.
Decreto Ejecutivo 193/2024
Friendly Nations / Qualified Investor framework. October 2024 update modifies real-estate thresholds.
Ley 9 of 1987 (Friendly Nations / Qualified Investor)
Friendly Nations / Qualified Investor framework. October 2024 update modifies real-estate thresholds.
Step-by-step requirements
Six steps from engaging an attorney to receiving your residency card. Realistic end-to-end timeline 30–90 days.
- 01
Engage a vetted Panamanian immigration attorney
Verify the attorney is registered with the Colegio Nacional de Abogados de Panamá (Panama Bar Association). Sign a written engagement letter that itemizes legal fees and SNM fees separately. Avoid offers that bundle the USD 5,000 government repatriation deposit into the attorney's quote without itemization.
- 02
Prepare and apostille your documents in your home country
Required: valid passport (6+ months), apostilled FBI background check (or equivalent national criminal record) issued within the prior 2 years, apostilled marriage and birth certificates if applying with dependents, proof of lawful source of funds (tax returns, bank statements, sale of property documentation), and bank reference letters.
- 03
Make the qualifying real-estate investment
Close on titled Panamanian property worth at least USD 300,000 (until 15 October 2026; rises to USD 500,000 thereafter under Decreto 193/2024). Title must be registered in your individual name in the Panama Public Registry. The property cannot have liens beyond the standard purchase mortgage.
- 04
File the application with the Servicio Nacional de Migración
Your attorney files the Qualified Investor Visa packet with SNM in Panama City. The SNM official timeline is 30 business days from a complete filing. Realistic end-to-end timeline including document prep is 30–90 days.
- 05
Travel to Panama for biometrics and the medical exam
You must visit Panama in person for fingerprinting, the medical exam (performed in Panama by an SNM-approved clinic), and the multipurpose ID card. Plan a 5–10 day trip. Dependents must travel with you.
- 06
Receive permanent residency card and cédula E
Upon approval, SNM issues your permanent residency card. You may apply for the cédula E (foreign-resident national ID) and, after holding residency 5 years, apply for Panamanian citizenship by naturalization subject to language and civics requirements.
Visa types comparison
Four investor-tier paths to Panama residency. Real Estate Investor (USD 300,000) is the most common; Friendly Nations is the lowest entry barrier.
| Program | Minimum | Asset | Residency | Timeline |
|---|---|---|---|---|
| Qualified Investor Visa — Real Estate Decreto 722/2020 amended by 197/2021 and 193/2024 | USD 300,000 (rises to USD 500,000 after 15 Oct 2026) | Titled real estate registered in your name | Permanent from day one | 30–90 days |
| Qualified Investor Visa — Securities Decreto 722/2020 | USD 500,000 | Panamanian stock exchange (BVP) registered securities | Permanent from day one | 30–90 days |
| Qualified Investor Visa — Fixed Deposit Decreto 722/2020 | USD 750,000 | 3-year fixed-term bank deposit at a Panamanian licensed bank | Permanent from day one | 30–90 days |
| Friendly Nations Visa (post-Aug 2021 reform) Ley 9 of 1987 (refreshed 2024) | Real estate USD 200,000, OR fixed-term deposit USD 200,000, OR Panamanian employment contract | Real estate, deposit, or labor contract | Provisional 2-year residency, then permanent residency on renewal | 60–120 days |
All programs require apostilled criminal background check, proof of lawful funds, medical exam in Panama, and a Panama-licensed immigration attorney to file with SNM.
Total process costs
Honest cost ranges. Where ranges vary by case (legal fees, apostille), we report the documented band — never invented specifics. The figure excludes the qualifying investment itself.
| Item | Cost (USD) |
|---|---|
| Legal fees (Panama immigration attorney) Per applicant. Range varies by firm; itemized engagement letter recommended. | USD 5,000 – 10,000 |
| SNM application fee Government fee paid to Servicio Nacional de Migración. | USD 5,000 |
| SNM repatriation deposit Refundable. Deposited with SNM as repatriation guarantee. | USD 5,000 |
| Medical exam (Panama clinic) Performed by SNM-approved clinic in Panama City. | USD 150 – 300 |
| Document apostille (origin country) Cost varies by country. US Department of State apostille is USD 8 per document; processing services charge USD 50–150. | USD 100 – 400 |
| Property transfer tax (ITBI) Paid by seller by default; verify in your purchase contract. Applies to the real-estate purchase, not the visa fee. | 2% of registered sale price |
| Notary, Public Registry and closing costs Notary fees, registration, escrow service. | Approx. 1.5% of sale price |
| Visa-only typical total (solo applicant) Excludes the qualifying investment itself. Adding dependents raises SNM fees by approximately USD 1,000–2,000 per dependent. | USD 15,250 – 20,700 |
Investor Visa eligibility & ROI calculator
Run your eligibility against the USD 300,000 threshold and project net rental ROI on the qualifying property. The wizard reuses the same legal corpus referenced on this page.
Open the Investor Visa calculatorTax benefits for Panama residents
Panama runs a territorial tax system: Panama uses a territorial tax system: foreign-source income is not taxed in Panama. Panama-source income is taxed under the standard Income Tax Law (ISR).
Property Transfer Tax (ITBI)
2%
Base: Registered sale price. Paid at title transfer. Standard practice: seller pays unless contract states otherwise.
Sales tax (ITBMS)
7%
ITBMS applies to most goods and services. Residential rentals are generally exempt; short-term rentals (Airbnb) are subject to a separate 10% tourism levy plus ITBMS depending on structure.
Annual property tax
0.5% – 0.7% of cadastral value
20-year exemption available on qualifying new construction registered after 1 July 2018 (Ley 66 of 2017).
Capital gains on real estate
10% on net gain OR 3% on gross sale price
Seller chooses the lower of the two. Primary residence exempt under specific conditions — confirm with a Panama-licensed CPA.
Income tax (ISR) brackets — individual residents, 2026
| Bracket | Rate |
|---|---|
| USD 0 – 11,000 | 0% |
| USD 11,000 – 50,000 | 15% on excess over 11,000 |
| Over USD 50,000 | USD 5,850 + 25% on excess over 50,000 |
Applies only to Panama-source income for individual residents. US persons remain subject to US worldwide taxation regardless of Panamanian residency — the US-Panama relationship has no income tax treaty.
Panama vs Costa Rica vs Mexico
Regional comparison of investor residency programs. Verified against each country's national immigration authority on 2026-04-28.
| Country | Minimum | Timeline | Residency type | Tax system | Citizenship after |
|---|---|---|---|---|---|
| Panama Qualified Investor Visa (Decreto 722/2020) | USD 300,000 (until 15 Oct 2026) | 30–90 days | Permanent on day one | Territorial (foreign income not taxed) | 5 years |
| Costa Rica Inversionista Residency | USD 150,000 | 8–14 months | Temporary (3-year), renewable; permanent after 3 years | Territorial (foreign income not taxed) | 7 years |
| Mexico Residente Temporal por Inversión | Approx. USD 290,000 in real estate (5,000 days of UMA — varies with FX) | 60–120 days | Temporary up to 4 years, then permanent | Worldwide income (with foreign tax credits) | 5 years from permanent residency |
Sources: SNM (Panama), Dirección General de Migración y Extranjería (Costa Rica), Instituto Nacional de Migración (Mexico).
Trust First — choosing your immigration attorney
US expats are specifically targeted by unqualified intermediaries promising fast residency. The five red flags below are the most common fraud patterns we see. Before signing any engagement, verify the attorney's membership in the Colegio Nacional de Abogados de Panamá.
Unregistered intermediary
Anyone marketing themselves as a 'visa expediter' who is not a Panama-licensed attorney registered with the Colegio Nacional de Abogados is operating outside the law. Only attorneys may file Qualified Investor Visa applications with SNM.
Bundled, non-itemized fees
If a quote bundles legal fees, SNM application fees, and the USD 5,000 repatriation deposit into a single line item, ask for itemization. The repatriation deposit is refundable government money — it should never be commingled with the attorney's compensation.
Off-Registry property listings
Verify any qualifying property is registered in the Panama Public Registry (Registro Público) under a clear title. The Registry is publicly searchable. Sellers who refuse a Registry verification or push for closings without notary are a fraud signal.
30-day or 'guaranteed' approval claims
SNM's official timeline is 30 business days from a complete filing. Anyone marketing a 'guaranteed' approval shorter than that, or guaranteeing approval at all, is misrepresenting the process. Approvals are documented but never legally guaranteed.
Pressure to wire funds before written engagement
Reputable Panama firms operate via signed engagement letters with retainer accounts at licensed Panamanian banks. Refuse any request to wire funds to personal accounts, foreign accounts not tied to a law firm, or cryptocurrency before a signed scope of work exists.
Honest risks
We do not market this program as risk-free. Below are the five material risks you should plan for.
Regulatory change risk
The investor visa framework has changed three times since 2020. Decreto 197/2021 amended 722/2020; Decreto 193/2024 set the sunset of the USD 300,000 threshold to 15 October 2026. Future administrations may further raise thresholds, change processing rules, or modify which assets qualify.
Timeline risk
While SNM's official timeline is 30 business days, real-world end-to-end processing — including document apostille, translation, biometrics scheduling, and approval — is 30 to 90 days, with outliers extending to 6 months when document chains are incomplete.
Real estate liquidity risk
The qualifying property must be held for at least 5 years to maintain visa status. Premium Panama City real estate is liquid in Costa del Este, San Francisco, and Punta Pacífica, but secondary markets may take 6–18 months to clear. Plan for a 5-year hold even if liquidity is strong.
US tax obligations remain
For US persons: Panamanian residency does NOT remove US tax filing obligations. There is no US-Panama income tax treaty. You must continue filing IRS Form 1040, FBAR (for accounts over USD 10,000), and Form 8938 (for foreign assets above thresholds) regardless of Panama residency. Speak to a CPA before relying on territorial tax framing.
Currency and banking compliance
Panama uses the US dollar but applies strict source-of-funds review. Wire transfers above USD 10,000 require documented origin. AML/KYC due diligence is enforced — bring tax returns, bank statements, and an explanation memo for the funding sources.
Frequently asked questions
How much do I need to invest to qualify for Panama's investor visa in 2026?
USD 300,000 minimum in titled Panamanian real estate registered in your individual name. This threshold is in effect through 15 October 2026 under Decreto 193/2024, after which it rises to USD 500,000. Alternative tracks: USD 500,000 in Panamanian-listed securities, or USD 750,000 in a 3-year fixed-term bank deposit.
Do I get permanent residency immediately?
Yes. Panama's Qualified Investor Visa grants permanent residency on day one of approval, not a temporary or provisional status. This is one of the most attractive features of the program compared to Costa Rica (3-year temporary, then permanent) or Mexico (up to 4 years temporary).
How long does the entire process take in 2026?
Servicio Nacional de Migración's official timeline is 30 business days from a complete filing. Realistic end-to-end timeline including document apostille, attorney prep, biometrics, and the medical exam is 30 to 90 days. Plan for 90 days conservatively if applying with dependents.
Can I include my spouse and children?
Yes. Spouse, minor children, and dependent children up to 25 years old (if studying full-time) qualify as dependents. Each dependent requires a separate documentary file (apostilled birth or marriage certificate, criminal background, medical exam) and adds approximately USD 1,000–2,000 per dependent in SNM fees.
What is the total out-of-pocket cost on top of the investment?
Typical visa-only cost for a solo applicant is USD 15,250 – 20,700: legal fees USD 5,000–10,000, SNM application fee USD 5,000, SNM repatriation deposit USD 5,000 (refundable), medical exam USD 150–300, and document apostille USD 100–400. Closing costs on the qualifying real estate (transfer tax, notary, registration) are separate and run approximately 3.5% of the sale price.
Will Panamanian residency reduce my US tax obligations?
Not automatically. The US has no income tax treaty with Panama. US persons must continue filing IRS Form 1040 (worldwide income), FBAR, and Form 8938 regardless of Panama residency. Panama's territorial system means Panama itself does not tax your foreign-source income, but the US still does. To meaningfully reduce US tax exposure you would need to qualify for the Foreign Earned Income Exclusion (FEIE) by passing the Physical Presence Test or the Bona Fide Residence Test. Consult a CPA.
What if the threshold rises to USD 500,000 before my application is filed?
The deadline is the date the application is filed with SNM, not the date you closed on the property. As long as your attorney files the complete application before 15 October 2026, you qualify under the USD 300,000 threshold even if the closing happened earlier. After that date, the USD 500,000 threshold applies under Decreto 193/2024.
How do I verify my Panamanian immigration attorney is legitimate?
Confirm membership in the Colegio Nacional de Abogados de Panamá (CNA), which is publicly searchable. Ask for the attorney's idoneidad (license) number. Insist on a written engagement letter that itemizes legal fees separately from SNM fees and the repatriation deposit. Wire funds only to a law firm's licensed Panamanian retainer account, never to a personal or foreign account.
Does the investor visa allow me to work in Panama?
The Qualified Investor Visa grants permanent residency, but does not automatically grant a work permit for employment by a Panamanian company. You may freely manage your own investments and run your own Panamanian-incorporated company. To work as an employee for a third party, you would still need a separate work permit issued by the Ministerio de Trabajo.
Can I use a mortgage to reach the USD 300,000 threshold?
Partial financing is permitted, but the unencumbered equity portion must meet the threshold under SNM interpretation. Most attorneys recommend a fully cash-settled qualifying purchase to avoid documentation complications. Panamanian banks lend to non-residents at 60–70% LTV starting around 5% APR, but use that financing for additional properties beyond the qualifying one.
How long must I hold the qualifying property?
Minimum 5 years to maintain residency status. SNM may revoke visa status if the qualifying investment is sold or unwound before 5 years. After 5 years you can sell freely without affecting residency. After year 5 you may also apply for citizenship by naturalization, subject to language and civics requirements.
What is the Friendly Nations Visa and how does it differ?
The Friendly Nations Visa is a separate track under Ley 9 of 1987 (refreshed 2024). It applies to citizens of approximately 50 'friendly' countries (US, Canada, EU, UK, Australia, Mexico, Argentina, Chile, etc.) and requires only USD 200,000 in real estate or fixed deposit, OR a Panamanian employment contract. However, it grants provisional residency for 2 years (then permanent on renewal) — slower than the Qualified Investor Visa's day-one permanent residency.
Are the funds I bring into Panama subject to scrutiny?
Yes. AML/KYC compliance is enforced. You will need to document the lawful source of funds: tax returns, bank statements, sale-of-property documentation, business sale proceeds, or inheritance records. Apostilled documents are required from the country of origin. Wire transfers above USD 10,000 trigger automatic reporting under Panamanian banking law.
What happens if I get divorced or my dependent ages out?
The principal applicant retains permanent residency independent of family status. A spouse who obtained residency as a dependent may need to refile under their own qualifying basis after divorce. Children who age out of the dependent category (over 25, or no longer studying) must apply on their own basis to retain residency. Consult your immigration attorney for case-specific planning.
Where can I verify the official requirements?
Servicio Nacional de Migración (SNM) at migracion.gob.pa is the primary authority. KPMG Panama publishes an annual 'Doing Business in Panama' guide that summarizes the program in English. The Ministry of Economy and Finance (MEF) publishes tax codes at mef.gob.pa. The Colegio Nacional de Abogados (cnapanama.org) is the official bar where you verify any attorney's license. Cross-check at least two of these sources before acting on any third-party content.
Where to invest the qualifying USD 300,000
Seven premium zones in Panama City offer titled inventory at or above the USD 300,000 threshold. Browse the iconic buildings most US-expat investors evaluate first.
Top PHs investors evaluate
Official resources
Verify any claim on this page against the original sources below.
Ready to start the process?
Santiago can connect you with vetted immigration attorneys registered with the Colegio Nacional de Abogados de Panamá and walk you through qualifying properties at or above the USD 300,000 threshold before the 15 October 2026 deadline.