Panama Golden Visa (Qualified Investor): Property Route, Cost & Timeline

Who qualifies for the Panama golden visa: the investment routes

Any foreign national aged 18 or over with a clean criminal record can apply, provided they make one of the qualifying investments with their own money brought in from abroad. There is no nationality list, no upper age limit, no language test and no stay required before approval. The legal name is Residente Permanente en calidad de Inversionista Calificado. "Golden visa" is the market's name for it.

Two agencies handle the file. The Ministry of Commerce and Industries (MICI) certifies to the National Immigration Service (SNM) that your investment meets the decree, and the SNM then grants the residency.^[2] Since December 2025, MICI has run these applications on a dedicated online platform, which lawyers use to file and to submit the annual investment updates.^[3]

The program now runs under Executive Decree 17 of 8 September 2026. It was published in Gaceta Oficial Digital No. 30613 and took effect on 16 September 2026, replacing Decree 722 of 2020 and its amendments, Decrees 109 of 2022 and 193 of 2024.^[4]

The minimum amounts as of October 2026

New property bought on first sale qualifies from B/.300,000, and resale property needs B/.500,000. The balboa is pegged 1:1 to the US dollar, so these are dollar figures.^[1] Fixed deposits at the two state banks, Banco Nacional de Panamá and Caja de Ahorros, qualify from B/.500,000.^[1] A fixed deposit at a privately licensed bank needs $750,000, and the securities route needs $500,000 invested through a Panamanian brokerage house.^[5]

"First sale" has a specific meaning. The unit must be new and unoccupied and be transferred by the developer or its successor. It generally keeps that status if it passed through a trust or a corporate reorganization without being offered to an unrelated buyer. Once a property has been sold, leased or lived in, it is a resale and needs $500,000.

What counts toward the minimum

The money must be yours, and it must come from outside Panama. Decree 17 excludes donations and other gratuitous transfers, so a gift from a parent or partner does not count toward the minimum. MICI accepts three ways to prove the foreign origin of funds: a letter from the sending or receiving bank certifying the transfer, a bank-authenticated account statement, or a notarized declaration from the recipient of the funds with supporting documents.^[5]

For property, the qualifying value is generally the lower of the price you actually paid and the documented market value, minus any mortgage or other lien registered against it. A cadastral value certificate from ANATI, the authority that records each property's official value, is required.^[6] If MICI doubts that the declared price matches the market, it can ask for an independent appraisal, which adds time.

This has a practical consequence for financing. If you buy a $400,000 new unit with a $150,000 mortgage, the computable value is generally $250,000, which is below the threshold. If you plan to borrow, the equity you put in still has to reach the minimum.

Panama qualified investor visa requirements: personal documents

• Passport copy (all pages), apostilled or consular-authenticated, for you and each dependent.
• National criminal record certificate from your home country, apostilled or authenticated, generally valid for six months.
• Health certificate, five passport photos and a sworn declaration of personal background.
• Marriage and birth certificates for dependents. Children aged 18 or over also need single-status and student certificates.
• Proof that the investment funds came from abroad (bank letter, authenticated statement or notarized declaration).
• Proof of the investment: Public Registry certificate and ANATI certificate for property, brokerage certification for securities, or deposit certificate for a fixed deposit.
• A special power of attorney, apostilled, so your Panamanian lawyer can file for you.
• Spanish translations of foreign documents by a certified translator in Panama.

When this route is not for you

• You are retiring on a pension of $1,000 a month or more. The Pensionado visa gives permanent residency with no investment at all.
• You hold a passport from a listed Friendly Nations country. If you accept two years of provisional residency first, a $200,000 property is enough.
• You may need the money within five years. Selling early without reinvesting puts the residency at risk.
• You cannot document where the money came from, or it is already in Panama, or it is a gift. The file will not pass certification.

Panama investor visa through real estate: the property route step by step

The property route works in a fixed order: confirm you qualify, choose a property that fits the first-sale or resale rule, check the title, close and register the purchase, and then file for residency. The one exception is pre-construction property, where you can file on the strength of a secured purchase agreement before the title exists.

1. Eligibility and source-of-funds review
   Before you look at property, confirm your criminal record, family composition and fund trail will pass. When we handle the file, this review happens by video call and email, before you commit to anything. Usually one to two weeks.
2. Choose the property and confirm its category
   Confirm in writing whether the unit is a genuine first sale from the developer ($300,000) or a resale ($500,000). A unit the developer has already leased out can lose first-sale status.
3. Title and value checks
   Pull the Public Registry certificate for the property: registered owner, mortgages, liens, easements and, for apartments, the condominium (PH) regime. Check the ANATI cadastral value, the property-tax, water (IDAAN) and condo-fee clearances, and, for new builds, the developer's permits and the project's registration.
4. Sign the promesa de compraventa
   The purchase agreement sets the price, payment schedule, delivery date and penalties. For a residency purchase it should state the property's first-sale status and how deposits are protected.
5. Transfer the funds from your own account abroad
   Wire the money from an account in your name (or your holding entity's) outside Panama, and get the bank letter certifying the transfer at the same time. A clean, single-step fund trail saves weeks at MICI.
6. Sign the deed and register it
   The public deed (escritura) is signed before a Panamanian notary, which you can do through a power of attorney. The seller pays the transfer and capital-gains taxes, and the deed is registered in your name, or your company's or foundation's, at the Public Registry.
7. Investment certification and residency filing
   Your lawyer files with MICI, which certifies the investment, then with the SNM, which decides on the residency. You do not need to be in Panama for this stage.
8. One trip to Panama
   After approval you travel for biometrics and to collect your residency card. Most people plan a three-to-five-day trip.

For the property route, MICI asks for a current Public Registry certificate and the ANATI value certification.^[5] The Public Registry will not record a transfer without clearance certificates for property tax, IDAAN water charges and, in a condominium, maintenance fees, plus the declaration of the 2% transfer tax.^[7] Our guide to buying property in Panama as a foreigner covers the purchase itself in more detail, and our real estate lawyers in Panama run the registry checks before your money moves.

New, resale or pre-construction

A finished new unit is the simplest path. You close, register, and file with a registered title and the lowest threshold. A resale costs more to qualify but lets you buy a specific building or neighborhood that has no new stock. The title history needs closer review because there are more past transactions to check.

Pre-construction lets you file before the building exists, but your money needs protection. MICI requires an authenticated copy of the promesa and either a bank guarantee or a trust.^[5] Under Decree 17, you either deposit the price in a trust with a Panama-licensed bank or trust company, or pay 100% to the developer backed by an irrevocable bank instrument, such as a standby letter of credit or bank guarantee, until the unit is built and registered in your name. That instrument has to be renewed and re-filed with MICI every year.

Pre-construction status is time-limited. The cumulative period you can hold residency on a promise alone is generally capped at three years. If the developer fails to deliver, you generally have 180 business days to replace the investment, and you can switch to another promise only once. Our guide to buying a condo in Panama, pre-construction versus resale sets out what the contract must say.

Renting the property out

You can rent the property while it backs your residency. Long-term leases are straightforward. Short-term rentals need a tourism license and a building whose rules allow them, so check both before you buy if Airbnb income is part of the plan. Our page on Airbnb investment and Law 80 licensing in Panama explains which zones allow short-term rental. Rent from a Panamanian property is Panama-source income, so it is taxable in Panama even under the territorial system.

Total cost of Panama residency by investment

For a single investor buying a $300,000 new apartment, the all-in cost is generally the price plus about $11,000 in government and registry charges, plus notary, document and legal fees. Each dependent adds $2,000 in government fees.

The government payments are $5,000 to the National Treasury and $5,000 to the SNM for the main applicant, plus $1,000 to each for every dependent.^[8] These amounts remain in place under Decree 17, with the SNM payment described as a repatriation deposit.^[4] Public Registry fees are B/.10 per property for review plus B/.3 per B/.1,000 of value for registration.^[9]

The buyer does not pay transfer tax. Under the Fiscal Code, the seller pays the 2% real estate transfer tax and, when the sale is outside its ordinary business, a 10% tax on the gain, both before the deed is registered.^[10] The seller also files the transfer and capital-gains returns with the tax authority (DGI).^[11] Check that the contract does not shift these costs onto you.

Figures as of October 2026. Government fees and registry tariffs can change; we confirm the current amounts when we quote. Reductions for young children are applied in some cases and are confirmed per file.

A worked example: a couple with two children buying a $300,000 new unit pays $8,000 to the Treasury and $8,000 to the SNM, or $16,000 in government payments, plus about $910 in registry fees, before notary, documents and legal fees. The same family buying a $500,000 resale pays the same government payments and about $1,510 in registry fees.

We quote one fixed fee that covers the residency, the title review and closing, and, if you want one, the holding structure. You know the full professional cost before you sign the promesa.

Ongoing costs while you hold the residency

Annual property tax depends on the unit. A condominium unit that has the property-tax exemption on improvements pays 1% on the land value only.^[11] Paying the full year before 30 April, with no arrears, earns a 10% discount under Law 208 of 2021.^[6] Units without the exemption pay on a larger taxable value, so check the unit's status before you buy. Our guide to Panama property taxes and closing costs has the full breakdown.

Add condo maintenance fees, insurance, the annual investment update filed through your lawyer, and, if you use a company, the annual government tax of B/.300 for legal entities plus the registered agent fee.^[7]

Timeline: fast-track processing and family members

Government processing is the fast part. MICI quotes about 30 business days for a decision and lets a lawyer start the application under a power of attorney before you enter Panama.^[5] Decree 17 is generally read as giving MICI up to 15 business days to issue the investment certification and the SNM up to 30 business days to decide. What really sets your calendar is how quickly your home-country documents and the property closing come together.

How long each stage takes

Times as of October 2026. Government times run from a complete filing; a MICI request for an appraisal or more fund documents restarts part of the clock.

In practice, a well-prepared property file commonly takes about two to four months from the first call to approval. Files with complex fund trails, such as proceeds of a business sale, an inheritance or several transfers between accounts, take longer. We file through your apostilled power of attorney, so the only stage that needs you in Panama is the final trip.

How many trips to Panama

One. Everything up to approval can be done from abroad. You then travel for biometrics and to collect the residency card, and later for the Panamanian ID (cédula). Many clients combine the trip with signing the deed or viewing the property.

Family members you can include

• Your spouse.
• Children under 18.
• Unmarried children aged 18 to 25 who are full-time students and financially dependent (single-status and student certificates required).
• Children of any age with a disability who depend on you.
• Dependent parents of any age, with proof that you support them.

Dependents can be filed with you or added after your approval, as long as you keep the investment. Each one adds $1,000 to the Treasury and $1,000 to the SNM. One investment covers the whole family. If spouses want to co-own the property, how the minimum is counted between co-owners depends on the structure, so settle it before signing.

Keeping the residency: the five-year rule

You must hold the investment for five years, file proof every year that it is still in place, and visit Panama at least once every two years.^[5] If you sell or lose the investment early, Decree 17 requires you to notify MICI within 30 calendar days. You then have up to 90 calendar days to document an equivalent replacement, and cancellation proceedings are suspended in the meantime. If you do neither, the residency can be canceled.

Golden visa vs Pensionado vs Friendly Nations (and the reforestation visa)

The golden visa costs more, but it is the only investment route that gives any nationality permanent residency from approval. Friendly Nations is cheaper for listed nationals but starts with a two-year provisional permit. Pensionado needs no investment at all if you have a qualifying lifetime pension.

Figures as of October 2026. The Friendly Nations, Pensionado and reforestation rules each have further requirements, and the Friendly Nations country list changes by decree; Ecuador, for example, was added by Executive Decree 16 of 31 August 2026.^[12] We confirm the current requirements for your nationality before you apply.

Panama reforestation visa

The reforestation route requires buying titled land in a forestry project (usually teak) registered with the Ministry of Environment. The standard track is $100,000, which gives a two-year provisional permit before you can apply for permanent residency. The express track is $350,000 for permanent residency directly. Some projects add $2,000 of investment per dependent, while others do not, so read the project's terms.

The trade-off is liquidity. The return depends on a timber harvest decades away, the holding period runs at least five years, and the asset is harder to resell than an apartment. Many people compare it with the golden visa on price alone, and it is cheaper, but the $100,000 track does not give permanent status from day one.

Which route fits you

• You want permanent residency now and can commit $300,000 or more: the golden visa.
• You are a US, Canadian, UK or EU national and two provisional years are acceptable: our guide to the Panama Friendly Nations visa.
• You are retired with a pension of $1,000 a month or more: our guide to the Panama Pensionado retirement visa.

For every option side by side, including work permits and the digital nomad visa, see our comparison of every Panama residency route.

Holding the qualifying property through a company or foundation

In most cases, yes. Under Decree 17, the investment can generally be made personally, through a Panamanian or foreign company, or through a private interest foundation, provided you prove that you are the beneficial owner and have effective control. When a company holds the investment, MICI asks for its Public Registry certificate and beneficial-owner documentation.^[5] The funds still have to come from abroad and be traceable to you, so the money paid into the company needs the same paper trail.

A Panamanian company (sociedad anónima)

A company keeps the property separate from your personal name, makes it easier to bring in co-owners, and lets you transfer the property later by transferring shares. It is the usual choice for a rental investment. The cost is formation, a registered agent and the B/.300 annual government tax for legal entities, plus whatever reporting your home country requires for a foreign company you own. Our page on Panama corporation vs LLC vs foundation compares the vehicles.

A private interest foundation

A foundation is mainly a succession tool. The property passes under the foundation's rules rather than through your personal estate, so your family does not have to deal with a personally held Panamanian title after your death. For residency purposes, the condition matters: you must be the beneficial owner and hold the control rights. That shapes how the foundation charter and regulations are drafted, so the structure has to be designed for the visa, not adapted afterwards. See our guide to the Panama private interest foundation, cost and setup, including what US and Canadian families must report.

Decide before you close

Choose the holder before the deed is signed. Moving the title from your name into a company later means a new transfer, with new registry fees and taxes. It can also be treated as replacing the investment, which triggers the 30-day notice to MICI. When we act on the purchase and the residency together, we set up the company or foundation first, so the title is registered directly in the right name and the MICI file shows one clean chain of funds.

Citizenship, taxes and what permanent residency gives you

The golden visa gives you permanent residency, not citizenship or a passport. Panama does not sell citizenship. After five years of permanent residency you can generally apply for naturalization, which involves an exam on Spanish and Panamanian history and culture and proof of real ties to the country. Our page on Panama citizenship by investment, and what exists instead, explains the path. Law 493 of 2025 also lets qualified investors apply for a special Panamanian travel document. It does not make you a citizen or replace your own passport.

Residency is not the same as tax residency. You generally become a Panamanian tax resident only if you spend 183 days or more a year in the country. Even then, Panama taxes only Panama-source income, so foreign salaries, pensions and investment income are generally outside its tax net. Your home country may still tax you: US citizens, for example, keep filing in the US wherever they live. Our guide to Panama taxes for expats and the territorial system covers this, and we review your situation as part of the initial consultation.