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The Panama Qualified Investor Visa (QIV), also known as the Panama Golden Visa, grants foreign investors direct permanent residency under Executive Decree 722 of 2020 and Decree 193 of 2024. Eligible applicants qualify via USD 300,000 in Panamanian real estate, USD 500,000 in Panama-listed securities, or a USD 750,000 fixed-term bank deposit, with official processing in 30 to 90 business days.

What Is the Panama Qualified Investor Visa?

The Panama Qualified Investor Visa (QIV) is a residency by investment program established under , with substantial amendments introduced through Decree 193 effective October 15, 2024. The program is marketed under several names including the Panama Golden Visa, Panama Investment Visa, and Panama QIV.

Unlike the Friendly Nations Visa, which requires a temporary residency stage before permanent status, the QIV grants direct permanent residency from the outset. The administers all applications, and Panamanian immigration law requires submission through a licensed Panamanian attorney via duly executed power of attorney.

The QIV positions Panama as one of the more accessible residency by investment programs in Latin America, supported by territorial taxation, US dollar as legal tender, and a strong banking sector with rigorous AML and KYC standards.

How Does the Decree 193 Framework Change the Program?

Decree 193 of 2024 reshaped the QIV competitive position in Latin America. The most consequential update lowered the real estate investment threshold from USD 500,000 to USD 300,000, making Panama one of the most accessible residency by investment programs in the hemisphere.

The reduced USD 300,000 real estate threshold is a time-limited incentive that expires on October 15, 2026. After this deadline, the real estate minimum reverts permanently to USD 500,000. Applicants intending to qualify under the lower threshold must complete the investment and submit the application package before the deadline.

Decree 193 also clarified that real estate investments may be held personally, through a Panamanian private interest foundation, or via a corporate entity, provided the applicant remains the ultimate beneficial owner throughout the 5-year hold period. Promise-to-purchase structures through a trust are also recognized, subject to compliance verification.

What Are the Investment Options Under the QIV?

The QIV recognizes three qualifying investment routes under Decree 193 of 2024. Every route requires the investment to be maintained for a minimum of five years, with annual proof of continued compliance submitted to the SNM through the applicant's Panamanian counsel.

Real Estate Investment

The most popular route requires a minimum USD 300,000 equity investment in Panamanian residential or commercial property, free of liens. Properties may be held personally, through a Panamanian private interest foundation, or via a corporate entity where the applicant remains the ultimate beneficial owner. Financing is permitted for amounts above the USD 300,000 minimum equity threshold. Spouses may jointly co-own a qualifying property by each contributing USD 150,000 toward the total, anchoring both applications simultaneously.

Panama-Listed Securities

Applicants may qualify by investing USD 500,000 in securities listed on the Panama Stock Exchange, executed through a licensed brokerage firm regulated by the Superintendencia del Mercado de Valores. The portfolio must be maintained for the full five-year holding period and the underlying securities must remain on the approved list of qualifying instruments.

Fixed-Term Bank Deposit

The third route is a USD 750,000 fixed-term deposit with a bank licensed by the Superintendencia de Bancos de Panama. The bank issues certificates confirming the deposit amount, term, and program compliance. Early withdrawal, encumbrance, or pledge of the deposit during the five-year period may result in residency cancellation.

What Are the Eligibility Requirements?

The QIV applies to foreign nationals with no minimum age beyond legal majority, no nationality restrictions, and no language requirement. The core eligibility criteria are:

• Clean criminal record from country of residence, apostilled and valid within 6 months
• Demonstrable legal source of funds compliant with AML and KYC standards
• Valid passport with at least 6 months of remaining validity
• Health certificate issued by a licensed Panamanian physician confirming no serious communicable diseases
• Funds deployed in one of the three qualifying investment routes
• Application submitted through a licensed Panamanian attorney via power of attorney
• Annual proof of continued investment compliance during the 5-year hold period

Panama does not impose nationality restrictions on QIV applicants, distinguishing it from some Caribbean CBI programs that exclude specific countries on geopolitical grounds.

What Is the Application Process Step by Step?

The QIV application process is structured around an investment-first model. The typical sequence is:

1. Select the qualifying investment route and complete the investment, ensuring the public registry, brokerage account, or bank deposit reflects compliance with Decree 193 thresholds
2. Compile the supporting documentation including apostilled identity documents, source-of-funds evidence, criminal record certificates, and investment proof
3. Engage a Panamanian attorney and execute a power of attorney authorizing them to submit the application package to the Servicio Nacional de Migracion
4. Submit the application to the SNM through your legal representative, including all supporting documents and government fees
5. Receive provisional permanent residency after SNM review and approval, typically within 30 to 90 business days
6. Maintain the investment for the full 5-year period with annual compliance attestations submitted through counsel

The QIV process is conducted primarily through legal counsel, with the applicant typically required to enter Panama once during the process for biometric capture and document presentation.

How Long Does the QIV Take?

Official processing at the SNM takes 30 to 90 business days from application submission to provisional permanent residency. Real-world timelines including document apostille, bank account opening, investment execution, and biometric capture typically run 3 to 6 months end-to-end. The QIV is among the fastest residency by investment programs in Latin America, comparable to Paraguay residency in speed but with higher investment thresholds and direct permanent residency from the outset.

What Documents Are Required?

The QIV documentation package combines applicant identity records, investment proof, and government fee schedules. Foreign-issued documents must be apostilled or authenticated by a Panamanian consulate before submission.

What Are the Tax Implications for QIV Holders?

Panama operates under a territorial taxation system, meaning only income earned within Panama is subject to local tax. Foreign-source income, including dividends, interest, capital gains, and business income from outside Panama, is generally exempt even for tax residents. This combination makes the QIV particularly attractive for international entrepreneurs with global income streams.

Key tax features for Panama residents:

• Personal income tax on Panama-source income: 0% up to USD 11,000; 15% from USD 11,000 to USD 50,000; 25% above USD 50,000
• Corporate income tax: 25% on Panama-source profits
• Capital gains tax: 10% on the sale of Panama-located assets including real estate
• VAT (ITBMS): 7% standard rate; 10% on alcoholic beverages; 15% on tobacco products
• No wealth tax, inheritance tax, or gift tax
• Dividend withholding tax: typically 10%, reduced to 5% if derived from foreign-source income

Tax residency in Panama requires either 183 days of physical presence per fiscal year or a center of vital and economic interests in Panama, as defined under . This is distinct from the residency permit itself; a QIV holder can hold permanent residency without becoming a Panamanian tax resident.

Who Can Apply Together as Family Members?

The QIV allows the principal applicant to include a defined set of immediate family members in a single application. Eligible dependents include:

• Legal spouse
• Dependent children under 18 (under 25 if students)
• Dependent parents subject to age and dependency thresholds
• Disabled dependents regardless of age

Each dependent submits a separate documentation set including apostilled identity documents, police clearance, and proof of relationship to the principal. Spouses may jointly co-own real estate qualifying for the USD 300,000 threshold by each contributing USD 150,000, allowing the investment to anchor both applications simultaneously. Government fees per dependent range from USD 1,000 to USD 2,000 depending on age and the issuing authority.

What Is the Path to Panamanian Citizenship?

QIV holders become eligible to apply for Panamanian citizenship after 5 years of continuous permanent residency. Citizenship requirements include:

• Demonstrable physical presence in Panama during the qualifying years
• Basic Spanish language proficiency
• Civic and constitutional knowledge assessment
• Good conduct during the residency period with no serious criminal record
• Continued compliance with immigration obligations and tax filings where applicable

Panama does not formally recognize dual citizenship under its constitution, though it tolerates it in practice for naturalized citizens who retain their original nationality. The Panamanian passport provides visa-free or visa-on-arrival access to approximately 140 countries including the Schengen Area, the United Kingdom, Singapore, and Japan.

Common Mistakes to Avoid

• Missing the October 15, 2026 deadline for the USD 300,000 real estate threshold and being forced into the USD 500,000 minimum
• Buying property below the USD 300,000 minimum and assuming surplus payments can be added later; the equity threshold must be met at the time of application submission
• Failing to apostille foreign documents in the country of issue; Panamanian consulate authentication is not always accepted as a substitute
• Selling, encumbering, or pledging the investment before the 5-year hold period; this can trigger residency cancellation
• Engaging unlicensed advisors or attempting to submit the application directly without Panamanian legal counsel; the law requires a licensed attorney
• Confusing the QIV with the Friendly Nations Visa or the Pensionado program; these are distinct routes with different requirements and outcomes

Frequently Asked Questions

What Is the Deadline to Qualify for the $300,000 Real Estate Threshold?

The USD 300,000 reduced real estate threshold under Decree 193 of 2024 expires on October 15, 2026. After this date, the minimum real estate investment for the Panama Qualified Investor Visa reverts permanently to USD 500,000. Applicants must complete the investment and submit the application before the deadline to qualify under the lower amount. Investments executed after October 15, 2026 must meet the USD 500,000 threshold.

Can I Include My Spouse and Children in the Application?

Yes. The Panama QIV allows the principal applicant to include a legal spouse, dependent children, and dependent parents in a single residency application. Each dependent submits separate identity documentation, police clearance certificates, and proof of relationship. Children under 18 are typically eligible; those between 18 and 25 may qualify as dependent students. Government fees per dependent range from USD 1,000 to USD 2,000 depending on age and authority.

Is There a Minimum Stay Requirement to Keep My Panamanian Residency?

No. The Panama QIV imposes no minimum physical presence requirement to maintain permanent residency status. Holders can live abroad while keeping their Panamanian residency, provided the qualifying investment is maintained for the full 5-year period and annual compliance attestations are filed. However, holders who later pursue Panamanian citizenship will need to demonstrate substantial physical presence during the qualifying years before naturalization.

What Happens to My Residency if I Sell the Investment Before 5 Years?

Selling, encumbering, or otherwise disposing of the qualifying investment during the 5-year hold period without prior SNM approval and replacement investment may result in cancellation of permanent residency status. Decree 193 permits substitution of one qualifying investment for another (for example, swapping real estate for securities) provided the new investment meets the program threshold and is completed within the SNM-approved transition period.

Does Panama Allow Dual Citizenship for QIV Holders?

Panama does not formally recognize dual citizenship under its constitution, but the country tolerates it in practice for naturalized citizens. In effect, applicants who naturalize under the QIV after 5 years of residency typically retain their original nationality without enforcement of renunciation. Applicants should confirm dual citizenship implications under their home country's laws, as some nationalities restrict holding multiple passports.

How ������Ƶ Helps

������Ƶ advisors guide clients through the Panama Qualified Investor Visa process from investment selection to permanent residency approval. The team coordinates licensed Panamanian legal counsel, vets real estate developers under Decree 193 compliance, structures investment vehicles compatible with the chosen route, and manages document apostille and translation across multiple jurisdictions. ������Ƶ handles end-to-end communication with the Servicio Nacional de Migracion through trusted local partners, while also benchmarking the QIV against alternative Latin American routes such as the Argentina Investment Visa, Chile residency by investment, Colombia investment visa, and Uruguay residency under the new Law 20.446 framework.