NATIONAL GOVERNMENT CREATES RESIDENCY PROGRAM FOR QUALIFIED INVESTORS
Qualified Investor Visa
The National Government announced the new program of Permanent Residence for Economic Reasons for Qualified Investors, whose objective is to stimulate economic reactivation by attracting high-net-worth investors to stimulate different sectors of the economy such as real estate and construction.
According to Executive Decree No. 722 of October 15, 2020, to apply to this program, foreign investors must invest in real estate for a minimum of B /. 300,000 during the first 24 months of validity of the decree. After this time, the amount rises to B /. 500,000.
Real estate investments can be for units already completed or also through investment through promissory contracts for the sale of real estate units, through the incorporation of a trust that guarantees the purchase of the real estate.
Other investment modalities established in this decree of the Ministry of Security include the purchase of securities in the Panama Stock Exchange for a minimum amount of B /. 500,000 and establishment of fixed bank terms for a minimum of B /. 750,000. These values must have a direct impact on the national territory.
All investments must be kept for a minimum of 5 years and for the investor to obtain immediate permanent residence after the completion of the process, which is estimated to take 30 days.
For the first time, there will be a program that allows Qualified Investors to apply from abroad. That is, you can make the investment from abroad, through a local lawyer, and complete the process when you are in Panamanian territory.
Once in the country, you must continue the process at the single investment window of the Ministry of Commerce and Industries, in which the National Migration Service also participates, to ensure and ensure adequate controls of each investment in compliance with the regulations Panamanian immigration and security.
Decree No. 722 was promulgated in the Official Gazette of this Friday, October 16 and bears the signatures of the President of the Republic Laurentino Cortizo Cohen and the Minister of Security Juan Manuel Pino. Qualified Investor Visa
Source Ministry of the Presidency
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