The Panama Qualified Investor visa has new rules. Executive Decree No. 17 of September 8, 2026 keeps the minimum real estate investment at B/.300,000 for new, first-sale properties and raises it to B/.500,000 for secondary-market properties, as part of an update to Panama’s permanent residency program for Qualified Investors.
Panama has updated the conditions of its permanent residency program for Qualified Investors, establishing different minimum investment amounts depending on the type of real estate investment.
Table of Contents
Key Facts: Panama Qualified Investor Visa under Decree No. 17
- Program: Permanent Residency as a Qualified Investor (Residente Permanente en calidad de Inversionista Calificado)
- Regulation: Executive Decree No. 17 of September 8, 2026, published in Official Gazette No. 30613 on September 16, 2026
- Replaces: Executive Decree No. 722 of 2020 and its amendments
- First-sale real estate: minimum investment of B/.300,000
- Secondary-market real estate: minimum investment of B/.500,000
- Securities market: minimum aggregate investment of B/.500,000
- Net qualifying value: the lower of the amount actually paid and the substantiated market value, minus any liens
- Funds: must come from a foreign source and be traceable
- Ownership: directly, or through a legal entity or private interest foundation meeting beneficial-owner and control requirements
- Transition: according to legal analyses of the decree, investments or binding contracts completed before September 16, 2026 may use the previous rules if the application is filed within six months
- Agencies involved: Ministry of Commerce and Industries (MICI) and National Migration Service (SNM)
- Currency: the Balboa (B/.) is at par with the US dollar (B/.1 = US$1)
| Investment category | Minimum investment |
|---|---|
| Real estate – first-sale (new) property | B/.300,000 |
| Real estate – secondary-market property | B/.500,000 |
| Panamanian securities market (aggregate) | B/.500,000 |
A New Framework for the Panama Qualified Investor Visa
Through Executive Decree No. 17 of September 8, 2026, published in Official Gazette No. 30613 on September 16, Panama replaced Executive Decree No. 722 of 2020 and its amendments, updating the rules applicable to permanent residency as a Qualified Investor. The change adds a new variable for foreign buyers who see Panama as a top Latin American relocation destination.
One of the main changes concerns real estate investment, which now establishes a distinction between first-sale properties and secondary-market properties.
B/.300,000 for New Properties
For a first-sale property, the minimum investment amount remains at B/.300,000.
The decree defines this category as the initial acquisition of a new and unoccupied property transferred by the developer, promoter, or their successor in interest.
First-sale status must be supported by the corresponding documentation, including public records, permits, and other documents that allow the property’s new status to be verified.
This provision maintains a B/.300,000 investment pathway directly linked to the primary real estate market and the acquisition of new inventory, the same segment targeted by the recent ITBI exemption on new homes.
The Secondary Market Rises to B/.500,000
The most significant change for the real estate sector concerns properties that have already been marketed.
The decree establishes a minimum of B/.500,000 for investments in secondary-market properties, defined as those that have previously been marketed, occupied, leased, or transferred to an unrelated third party.
In this way, the new framework distinguishes between the acquisition of a new property directly connected to the developer and the purchase of a property that has already been involved in a previous transaction.
The Investment Must Meet Specific Requirements
The purchase amount is not the only factor considered.
For both real estate investment categories, the decree establishes that the net qualifying value of the property must be equal to or greater than the minimum investment amount. This value corresponds to the lower of the amount actually paid and the reasonably substantiated market value, less any liens affecting the property.
Applicants must also demonstrate that the investment was effectively made, that the funds used originate from a foreign source, and that the investment is traceable.
The decree also allows the investment to be held through a legal entity or private interest foundation, provided that the ownership, ultimate beneficial owner, and effective control requirements established by the regulation are met.
The Real Estate Investment Rules Are Not the Only Change
The new framework also maintains other investment categories.
For investments structured and made through the Panamanian securities market, the minimum aggregate amount is B/.500,000, including certain investments in private equity and venture capital funds, bonds and financial instruments issued by the Government of Panama, and other registered corporate securities.
This broadens the perspective of the program: Qualified Investors can choose from different investment mechanisms depending on their strategy and the requirements established for each category.
An Important Change for the Real Estate Market
The new distinction between first-sale and secondary-market properties introduces an important variable for companies that develop, market, or broker real estate in Panama.
For new projects, the B/.300,000 threshold remains in place, while secondary-market properties must reach a minimum investment of B/.500,000 for this residency category.
This makes it particularly important to properly identify the property’s status, documentation, value, and transaction structure before presenting an investment under the program. If you are considering a property for this residency pathway, you can schedule a consultation with Liseika González to review it first.
For Panama’s real estate market and for readers following our Panama investment insights, the new decree establishes a clear distinction: B/.300,000 for new first-sale properties and B/.500,000 for secondary-market properties, subject to the conditions established under the new regulations. 🇵🇦
Frequently Asked Questions about the Panama Qualified Investor Visa
What is the Panama Qualified Investor visa?
It is Panama’s permanent residency program for foreigners who make a qualifying investment in the country. Many international buyers call it Panama’s “golden visa.” It is now regulated by Executive Decree No. 17 of September 8, 2026.
How much do I need to invest in real estate to qualify?
B/.300,000 for a first-sale (new) property bought from the developer, and B/.500,000 for a secondary-market property. In both cases, the net qualifying value, after any liens, must reach the minimum.
What counts as a first-sale property versus a secondary-market property?
A first-sale property is a new, unoccupied property transferred by the developer, promoter, or their successor, with documents proving that status. A secondary-market property is one previously marketed, occupied, leased, or transferred to an unrelated third party.
What is “residencia permanente en Panamá como inversionista calificado”?
It is the Spanish name of the program: permanent residency as a Qualified Investor (Residente Permanente en calidad de Inversionista Calificado). It is the term used in Panamanian regulations and local searches.
How does Decree No. 17 affect Panama real estate?
It favors new inventory: new first-sale properties keep the B/.300,000 threshold, while resale properties now need B/.500,000. Developers, brokers, and buyers should verify a property’s status and documentation before using it for this residency.
