PANAMA: AMENDMENTS TO REGULATION ON PERMANENT RESIDENCE PERMIT IN PANAMA AS A QUALIFIED INVESTOR SOON TO BE ENFORCEABLE

Published on Apr 16, 2024

Our lawyers in Panama, experts in Immigration law, share this article on the modifications made to the Permanent Residence Permit as a Qualified Investor, will be enforceable this year.

Executive Decree 722 of October 15, 2020, which creates the subcategory of Permanent Resident as a Qualified Investor within the migratory category of Permanent Resident for Economic Reasons, was amended by Executive Decree 109 of October 13, 2022.

Decree 109/2022 establishes that, in order to apply for the Permanent Residence Permit as a Qualified Investor, the applicant must prove that they have made some form of investment, such as:

  1. For real estate investment reasons.
  2. By reason of real estate investment by means of a promissory note of sale.
  3. By reason of investments made through a Brokerage House with a license approved by the Superintendence of the Securities Market of Panama.
  4. By reason of investment in fixed-term deposits in the banking sector.

The important modification is that as of October 15, 2024, the requirement for real estate investment will be raised from US$ 300,000.00 to $ 500,000.00, as established in article 10. In addition, the new rules propose other formal changes in the requirements for petitioning for this type of Permanent Residence, for example, as of October, the intervention of the Notary Public will be required, who must authenticate the copies or countersign the contracts of promise of sale or trust contracts.

If you are interested or require further information on how to apply for such a type of visa, do not hesitate to contact us.

Authors:
María Cristina Fábrega - Partner, ARIAS Panama
mariacristina.fabrega@ariaslaw.com

Issa Rodríguez See - Associate, Panama
issa.rodriguea@ariaslaw.com


The information provided by ARIAS® is presented for informational purposes only. This information is not legal advice and is not intended to create, and does not constitute, an attorney-client relationship. Readers should not act upon this information without seeking advice from professional advisers.