Panama Qualified Investor Visa

Compare the investment routes

Executive Decree 17/2026, arts. 4, 7–9; MICI · property routes and state-bank deposits.

Property purchases: value, ownership and documents

The qualifying net value must meet the threshold: the lower of the price actually paid and the substantiated market value, less encumbrances. Financing above the minimum is possible if traceable and the net value remains sufficient. Certain corporate or registry transactions do not by themselves make a property a resale; its history must be checked. Executive Decree 17/2026, arts. 4–6.

• Public Registry certification and evidence of acquisition, ownership and actual payment.
• ANATI cadastral certification; construction or occupancy permits and other first-sale evidence where applicable.
• Evidence of foreign-source funds and any encumbrances or financing.
• If an independent appraisal is required: issued within the six months before submission, by a qualified professional meeting Article 6. It complements the evidence rather than replacing payment records or traceability.

Executive Decree 17/2026, arts. 5–6.

Off-plan purchases and purchase promises

Two routes are available: placing the required investment in a trust administered by a bank or trustee licensed in Panama, with authenticated contracts; or paying 100% to the developer or seller before construction, subdivision or registration is complete. The latter requires bank security covering the entire investment, irrevocable, unconditional and payable on first demand. It may be a stand-by letter of credit, irrevocable bank undertaking or bank performance guarantee. Executive Decree 17/2026, art. 7.

The security must remain effective, be renewed and be submitted annually to MICI until the registration conditions are fulfilled. Payments, actual value and any remaining-payment schedule must be documented. Residence supported solely by purchase promises cannot exceed three cumulative years. Developer default has a special replacement period of 180 business days and limits on using another promise; the contract and dates require review. Executive Decree 17/2026, arts. 7, 12.6.

Investing through a securities firm

The route accepts aggregate investments of B/.500,000 through a firm licensed by the Securities Market Superintendency (SMV), with capital committed for five years. Instruments must fall within Article 8: certain private-equity or venture-capital funds, Panamanian sovereign debt and registered corporate securities with national economic impact. Purchasing any foreign security is not sufficient. Executive Decree 17/2026, art. 8.

• Certification from the securities firm identifying the holder or ultimate beneficiary, amount, instruments and custodian.
• Authenticated copy of the firm’s current licensing resolution.
• Verifiable SMV registration evidence; exempt instruments require issuer, paying-agent or custodian certification identifying the acquisition and exemption.

Market fluctuations outside the investor’s control have specific treatment: no voluntary withdrawal, disposal or encumbrance and restoration of the amount within 90 calendar days of MICI’s notification. Financial investment risks remain. Executive Decree 17/2026, art. 8.

Fixed-term deposits

Deposits must be free of liens, pledges and restrictions securing third-party financing. The B/.500,000 threshold is exclusively for direct deposits with Banco Nacional or Caja de Ahorros; eligible private banks require B/.750,000. Foreign origin is evidenced through international transfers from accounts held by the applicant or their entity as ultimate beneficiary. Executive Decree 17/2026, art. 9.

• Original bank certification of the deposit, maturity, ownership, incoming foreign transfer and absence of encumbrances.
• Bank-authenticated copy of the deposit certificate.
• Maintenance for five uninterrupted years.

Executive Decree 17/2026, art. 9.

General documents and source of funds

• Power of attorney and application through counsel; passport copy certified in accordance with the rules.
• Criminal-record certificate from the country of origin or residence, subject to applicable legal exceptions.
• Health certificate from a qualified professional, issued within the three months before the application.
• Sworn personal-background declaration.
• MICI investment certificate, official-payment receipts and evidence for the chosen route.
• For a company or foundation: existence, good standing, ownership structure, ultimate beneficiary, representation and effective control.

Decree Law 3 of 2008, Article 28; Executive Decree 17/2026, arts. 2–3, 11.

The capital must be the applicant’s own, with documented foreign origin. Donations, gifts or other third-party transfers cannot make up the minimum. Evidence may include bank confirmation of sending or receiving funds, authenticated statements, or a notarised recipient letter supported by bank certification. Funds already in Panama require proof of their previous international transfer and destination. Executive Decree 17/2026, arts. 2–3, 11.

Foreign documents require apostille or legalisation and, when necessary, translation into Spanish by an authorized public translator. Forms, validity periods and each person’s details are checked before filing. Decree 320 of 2008, Article 247.

From MICI certification to the immigration decision

1. Review the route, contract, value, funds and family before structuring or completing the transaction.
2. Prepare the MICI certification file. The certificate is valid for three months and must cover the complete submission to Immigration; Article 3 governs delays not attributable to the applicant.
3. Submit the complete SNM application with the certificate and respond to checks or requests.
4. Complete biometric registration and the Foreigners Registry before receiving the card. Filing through a special attorney before entering Panama is possible.

The decree provides up to 15 business days for MICI from formal admission, and up to 30 business days for Immigration from formal receipt of the complete file, subject to suspensions. Initial review, corrections and document preparation affect the calendar; these statutory periods do not guarantee an approval date. Executive Decree 17/2026, arts. 3, 10, 13, 15–16.

Family members and later changes

Inclusion requires checking relationships, age, dependency and each person’s evidence. Prepare civil-status certificates, passports and financial-responsibility evidence as applicable; not every relative qualifies automatically. Co-ownership with a spouse or dependants in the same application may count as one investment if ownership and the applicable minimum are established. Executive Decree 17/2026, art. 3.6, 11.

After the principal approval, Article 17 allows later-born or adopted children and a spouse from a later marriage to be included: current MICI investment certification, legalised civil records, financial responsibility and the relevant payments are required. Death, divorce or other changes must be reported and decided individually; they do not cause automatic cancellation without a hearing. Executive Decree 17/2026, art. 17.

Official payments and professional fees

These payments are separate from professional fees. Certification, valuation, translation, notarial, trust or bank-security costs may also apply. The firm’s proposal specifies scope and expenses; any conditions for returning the deposit require separate examination. Executive Decree 17/2026, art. 11.

Maintain the investment and evidence it annually

The investment must remain in place for five years. Annual evidence is submitted to MICI through counsel during the 30 calendar days before the immigration decision’s anniversary. Trust investments require disbursement evidence; direct developer payments require current bank security. Executive Decree 17/2026, art. 12.

Cessation, sale, replacement or disappearance of the investment before the term must be reported to MICI within 30 calendar days. The decree allows up to 90 calendar days to establish an equivalent reinvestment and provides cancellation consequences for noncompliance. Developer default follows its special replacement rule. Review how you will maintain status before selling or changing the investment. Executive Decree 17/2026, arts. 7, 12.

Earlier investments and pending applications

• Applications filed with MICI or SNM before 16 September 2026 retain the requirements, conditions and amounts applying when filed, subject to more favourable procedural rules.
• Investments made or binding contracts concluded before that effective date may use the previous regime if the application is filed within the following six months. This is not a general extension for new investments.
• Conversion from Personal Economic Solvency residence: applicants with a pending application or valid status when the decree took effect have twelve months to request conversion and meet the requirements. Investments before 15 October 2020 are excluded.

Provide contracts, dates, transfers and filing receipts to identify the applicable provision. Executive Decree 17/2026, arts. 18–21.

Frequently asked questions