Panama Qualified Foreign Investors Visa

Panamanian Government has a new permanent residence program for qualified foreign investors to stimulate the economy. Panama's Government intends to attract foreign investment by offering a fast track process. According to Executive Decree No. 722 of October 16th, 2020, which create this new Panama Investment Residence Program, the petition should be resolved in 30 days counting since submitting the requirements documents that proved the minimum investment. The applicant must keep the investment for a minimum of 5 years.

The program included three qualified investments as follow:

1. Real Estate Investment, which is divided into two categories:

• Real estate investments can be for units already completed. The applicant must submit the Public Registry certification that accreditated that the investment is free of encumbrance and the cadastral value certification.
• Promise to buy Real Estate, duly established in a promising contract register at the Public Registry, managed by a trustee registered in Panamá.

2. Securities Investment on the Panama Stock Exchange for a minimum amount of USD 500,000.00.

3. A time deposit with a local bank for a minimum amount of USD 750,000.00.

The Decree will allow real estate investment for a minimum of USD 300,000.

The Decree also allows investors to apply from abroad through a local Panamanian lawyer and complete the process when he is in the Republic of Panama.

The process will be handle in a single investment window of the Ministry of Commerce and Industries (MICI), in which the National Migration Service (SNM) also participates. The MICI will certify and control de maintenance of the investment.

The first steps of the process involved certified the investments at the MICI. Below you will find the requirements. Our office can assist you with this.

Requirements to obtain the certification of the investment before the National Department for Investments Promotion of the Ministry of Trade and Commerce

If you are applying by reason of real estate investment:

1. USD 300,000.00 investment, free of liens.
2. Certification from the Public Registry of Panama which proves ownership.
3. Certification from the National Land Titling Authority (ANATI) which accredits the value of the real estate.

If you are applying by reason of real estate investment through a promise of sale agreement:

1. USD 300,000.00 investment made through a trust deposit managed by a local bank or trust entity. 
2. Authenticated copy of the promise of sale agreement of the property or properties duly registered in the Public Registry.
3. Provide original or authenticated copy of the trust contract which establishes that the total amount given in trust will be disbursed in partial payments related to the payment of the obligations assumed by the trustor due to the promise of sale agreement taking place with the property company.

By reason of a minimum investment of USD 500,000.00 in securities of issuers, which business affect the national territory, through the Panama Stock Exchange Market:

1. Certification issued by the licensed brokerage agency approved by the Panama Stock Exchange Market Superintendence, stating the name of the investor, amount of the investment, the detail of the securities held, as well as the entity that holds the securities.
2. Notarized copy of the resolution granting the license to the securities firm or brokerage agency where the applicant's investment account is maintained, issued by the Panama Stock Exchange Market Superintendence.
3. Certification issued by the Panama Stock Exchange Market Superintendence in relation to the registration of the securities corresponding to such investment.

In case of investment by fixed-term deposit in the Banking Sector:

1. Minimum investment of USD 750,000.00, free of all encumbrances and liens. The deposit must be for a minimum term of validity of five (5) years.
2. Notarized copy by the issuing bank of the fixed-term deposit certificate, indicating the holder, the amount and the term of the document.
3. Bank Certificate stating the existence of the deposit, its holder, the amount, the term, and indicating that it is free of liens and that the funds come from foreign sources.

One of the following as proof that the funds used for the investment come from abroad:

1. Letter issued by the bank abroad or a local bank, certifying the transfer or receipt, respectively, of the funds. If issued abroad, the letter must be legalized by a Panamanian diplomatic or consular mission in the Foreign Service or apostilled.
2. Bank statement certificate issued by the Foreign bank, duly legalized.
3. Notarized letter, issued by the recipient of the funds, or original bank certification confirming the deposit or receipt of the transfer, which certifies that the funds for the investment were transferred from a foreign account.

Requirements to process the Permanent Residence as a Qualified Investor Permit (May be presented at the Department for Investor Relations in a simple copy for a preliminary verification - OPTIONAL)

1. Power of attorney granted by the interested party (notarized)
2. Request from the legal representative
3. Three (3) ID size photographs (4x3 cm)
4. Properly checked copy of Passport (Notary public or corresponding authority)
5. Criminal record
6. Personal background affidavit.
7. Payment to the National Treasury for USD 5,000.00.
8. Payment to the National Immigration Service ;for USD 5,000.00
9. Certification issued by the National Department for Investments Promotion
10. Medical Health Certificate

If including any dependents, additionally provide:

1. Power of attorney and joint application with the main applicant, for the dependent which is of legal age
2. Certificate proving relationship: marriage or birth (notarized and translated)
3. Notarized Letter of Responsibility
4. Letter of Authorization in case only one of the parents is presenting.
5. Medical Health Certificate.
6. Payment to the National Treasury for USD 1,000.00 (for each dependent)
7. Payment to the National Immigration Service for USD 1,000.00 (for each dependent)
8. Dependent over 18 years of age, but under 25 years of age must provide:

- Certificate from the school which accredits the status of a full-time and regular student

- Affidavit of single status before a Panamanian notary public

Legal base: EXECUTIVE DECREE N° 722 ISSUED ON OCTOBER 15, 2020

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