Panama has introduced important changes to its Qualified Investor Visa in 2026, creating new rules for foreign investors seeking permanent residency through real estate or financial investment.
The changes were established by Executive Decree No. 17 of September 8, 2026, which replaces the previous regulatory framework created in 2020 and subsequently amended in 2022 and 2024. The new decree was published in Panama’s Official Gazette on September 16, 2026. Gaceta Oficial
For real estate investors, the most important change is particularly significant:
the minimum investment now depends on whether the property is a new, first-sale property or a property from the secondary market.
Under the new rules:
- New property / first sale: minimum investment of US$300,000
- Secondary-market property: minimum investment of US$500,000
This distinction changes the way foreign investors should approach property selection when their investment is also intended to qualify them for permanent residency in Panama. Gaceta Oficial
This guide explains the new rules, the investment alternatives available, what qualifies as a first-sale property, what happens with resale properties, and what foreign investors should consider before purchasing real estate in Panama.
What Is Panama’s Qualified Investor Visa?
The Qualified Investor Program — known in Spanish as Inversionista Calificado — is a special immigration category designed for foreign nationals who make a qualifying investment in Panama.
It provides permanent residency, rather than requiring applicants to pass through a temporary residency period first.
The program was originally created in 2020 as part of Panama’s strategy to attract foreign investment.
Under the new 2026 regulation, applicants may qualify through several types of investment, including:
- real estate;
- investments through Panama’s securities market;
- fixed-term bank deposits.
The investment must generally come from the applicant’s own funds originating from abroad, and its ownership, origin and traceability must be demonstrated. The decree also allows qualifying investments to be held through certain legal entities, provided the applicant can demonstrate beneficial ownership and effective control. Gaceta Oficial
For many international investors, however, real estate remains one of the most practical routes, because the investment can simultaneously provide a home, rental property or long-term asset in Panama.
And this is precisely where the 2026 reform introduces one of its most important changes.
The Major 2026 Change: $300,000 vs. $500,000
Previously, the Qualified Investor Program was commonly associated with a minimum real estate investment of US$300,000.
The new regulation introduces a distinction between two categories of property.
| Type of real estate | Minimum qualifying investment |
|---|---|
| New property / first sale | US$300,000 |
| Secondary-market property | US$500,000 |
This distinction is fundamental for anyone planning to obtain Panama residency through a property purchase. Gaceta Oficial
A foreign investor buying a qualifying new development may therefore still access the program with an investment starting at $300,000.
Someone purchasing a resale apartment or other property on the secondary market must instead meet the higher $500,000 threshold.
What Qualifies as a New or First-Sale Property?
Executive Decree No. 17 provides a specific definition.
A first-sale property is essentially a new and previously unoccupied property initially transferred by the developer, promoter or its successor.
Importantly, certain legal or administrative events do not automatically cause a property to lose its first-sale status. These can include segregation of the property, declaration of improvements, contribution to a trust, merger or corporate reorganization, provided the property has not been commercially transferred to an unrelated third party. Gaceta Oficial
This means that new developments and certain pre-construction projects can remain particularly attractive to foreign investors seeking both:
- a real estate investment in Panama; and
- permanent residency through the Qualified Investor Program.
The property’s legal history should nevertheless be verified before assuming that it qualifies for the $300,000 threshold.
What Is Considered a Secondary-Market Property?
The new decree defines secondary-market real estate as property that has previously been commercialized, occupied, rented or transferred to an unrelated third party.
For these properties, the minimum qualifying investment is:
US$500,000. Gaceta Oficial
This is particularly relevant in areas of Panama City with large inventories of existing apartments.
An investor purchasing a resale apartment for $350,000, for example, may still make a perfectly valid real estate investment — but that purchase alone would not meet the new $500,000 minimum required under this Qualified Investor real-estate subcategory.
This distinction should therefore be considered before signing a purchase agreement if residency is one of the investor’s objectives.
Why Did Panama Introduce the Distinction?
According to Panama’s Ministry of Commerce and Industries (MICI), maintaining the $300,000 threshold for first-sale properties is intended to encourage investment in new developments and stimulate economic activity associated with construction, services and commerce.
At the same time, the new rules maintain a $500,000 requirement for secondary-market properties. MICI
From an investor’s perspective, this effectively creates two different strategies.
An investor whose priority is obtaining permanent residency with a lower capital requirement may find qualifying new construction particularly relevant.
An investor whose priority is a specific resale property can still use real estate as the basis for the Qualified Investor route, but the qualifying investment must meet the higher threshold.
Can the Property Be Financed?
The new rules do allow some financing, but the net qualifying value of the investment must still meet the applicable minimum.
The decree establishes that the qualifying net value is generally the lower of:
- the price actually paid; and
- the reasonably demonstrated commercial value,
after taking into account liens or encumbrances affecting the property.
If the purchase price exceeds the minimum investment, the excess may potentially be financed, provided the financing is properly documented and does not reduce the qualifying net value below the required threshold. Gaceta Oficial
For example, a buyer purchasing a qualifying new property for $400,000 should not assume that financing $200,000 and contributing only $200,000 of qualifying equity will satisfy a $300,000 investment requirement.
The structure of the transaction matters.
This is why immigration and legal planning should ideally take place before completing the property purchase.
New Controls on Property Valuation
Another important part of the 2026 reform concerns the verification of the property’s real value.
Authorities can consider several elements, including:
- the registered cadastral value;
- the actual purchase price;
- proof of payment;
- the property’s characteristics and location;
- market conditions;
- and, where necessary, an independent commercial appraisal.
If there is a reasonable discrepancy between the declared price and market value, authorities may request a private or commercial appraisal.
When required, that appraisal must meet the conditions established by the decree, including requirements concerning the appraiser’s independence and the age of the valuation. Gaceta Oficial
In practical terms, simply declaring that a property is worth $300,000 or $500,000 is not sufficient.
The investment must be real, documented and verifiable.
Buying Pre-Construction Property Under the New Rules
The 2026 reform also provides detailed rules for investments made through a promise-to-purchase agreement, an important development for investors buying pre-construction properties.
The decree allows qualifying investment through a purchase promise, including structures involving a trust managed by a licensed Panamanian bank or fiduciary.
It also provides a mechanism involving payment to the developer for property that has not yet been constructed, segregated or registered. Gaceta Oficial
However, important safeguards apply.
Where the investment is made through full payment to the developer, the transaction must be backed by an appropriate banking instrument protecting the investor.
The decree lists instruments such as:
- a standby letter of credit;
- an irrevocable bank guarantee;
- a performance bank guarantee.
The guarantee must generally remain in effect until the property is constructed, segregated and registered in the investor’s name. Gaceta Oficial
This is an important development because it creates a clearer framework for investors who wish to use pre-construction real estate to qualify for residency.
What Happens if a Development Is Not Completed?
The new rules also address this risk.
If a purchase promise cannot be completed due to circumstances attributable to the developer, an investor wishing to maintain the residency application or status may replace the investment with another qualifying investment within the period established by the decree.
For this particular situation, the regulation provides up to 180 business days after the contractual deadline expires.
However, there are limitations on repeatedly replacing one failed purchase promise with another, and residency based solely on purchase-promise contracts cannot continue indefinitely. The decree sets a maximum accumulated period of three years for this situation. Gaceta Oficial
This makes proper due diligence on the developer and project particularly important.
Other Ways to Qualify as an Investor
Real estate is not the only route.
The new regulation maintains and expands financial investment alternatives.
Investment Through Panama’s Securities Market
A qualifying investment of at least:
US$500,000
may be made through an authorized Panamanian securities house.
The new framework allows qualifying instruments including certain private capital and venture capital funds, Panamanian government securities and other registered corporate securities, subject to the conditions established in the decree.
The capital must generally remain invested for at least five years. Gaceta Oficial
Fixed-Term Bank Deposit
The new decree introduces an important distinction here as well.
A fixed-term deposit made with a qualifying private Panamanian bank generally requires:
US$750,000.
However, the minimum is reduced to:
US$500,000
when the fixed-term deposit is placed directly and exclusively with either:
- Banco Nacional de Panamá; or
- Caja de Ahorros.
The deposit must generally remain in place for at least five years and must be free of liens or third-party financing. Gaceta Oficial
This $500,000 public-bank option is one of the other notable changes introduced by the 2026 reform.
How Long Must the Investment Be Maintained?
Qualified Investors must maintain the qualifying investment for a minimum period of:
five years.
The investor must also demonstrate annually that the investment continues to meet the program requirements.
If the investment is sold, terminated or otherwise ceases to qualify before the five-year period expires, the investor must notify the Ministry of Commerce and Industries.
The decree provides a period of up to 90 calendar days to make an equivalent qualifying reinvestment in certain circumstances. Failure to do so may lead to cancellation of the permanent residence status. Gaceta Oficial
For this reason, investors should not think of the visa simply as a one-time property purchase.
The qualifying investment has ongoing compliance requirements.
How Fast Is the Qualified Investor Process?
The program continues to offer an expedited process.
Under the new decree, once a complete investment-certification file is admitted, MICI has a maximum of 15 business days to issue the corresponding investment certification.
Once the certification has been issued and the complete immigration application is formally received, the immigration resolution must be issued within a maximum of 30 business days, subject to legally applicable suspensions. Gaceta Oficial
Applications may also be submitted through a special attorney before the applicant and dependents enter Panama, although biometric registration and immigration registration must be completed before obtaining the relevant immigration card. Gaceta Oficial
Can Family Members Be Included?
Yes.
The Qualified Investor framework allows dependents to be included in the immigration process.
The 2026 regulation also expressly addresses dependents who arise after the principal residency has already been approved, including a new spouse following a later civil marriage and children born or adopted after approval, subject to the applicable requirements. Gaceta Oficial
This makes the program relevant not only for individual investors but also for families considering long-term relocation to Panama.
Government Fees
The new decree establishes specific government payments for the principal applicant.
These include:
- B/.5,000 to the National Treasury for the immigration application;
- B/.5,000 to the National Immigration Service as a repatriation deposit.
For each dependent included in the application, the decree provides corresponding payments of:
- B/.1,000 to the National Treasury;
- B/.1,000 to the National Immigration Service as a repatriation deposit. Gaceta Oficial
These amounts are separate from the investment itself and from professional, legal, banking, appraisal or transaction expenses.
What Happens to Existing Applications and Investments?
The new decree includes transitional provisions.
Applications already submitted before the new regulation came into force generally remain subject to the requirements, conditions and investment amounts applicable when they were filed.
The decree also provides transitional protection for certain investments and binding contracts completed before the new rules entered into force, provided the corresponding application is submitted within the specified six-month transitional period. Gaceta Oficial
There is another noteworthy transitional provision.
Foreign nationals who already have a pending application or valid immigration status under the Permanent Residence for Own Economic Solvency category may, under certain conditions, request conversion to Qualified Investor status during the 12 months following the decree’s entry into force.
However, investments made before October 15, 2020 are excluded from this conversion mechanism. Gaceta Oficial
Anyone with an existing investment or immigration application should therefore obtain case-specific legal advice before assuming that the new thresholds automatically apply.
Does the New Rule Make New Developments More Attractive?
For investors whose goal includes permanent residency, the capital threshold creates a clear distinction.
Consider two hypothetical purchases:
Option A – New development
Purchase price: $320,000
Potential Qualified Investor threshold: $300,000
Option B – Resale apartment
Purchase price: $320,000
Qualified Investor threshold: $500,000
The second property may still be an attractive investment in its own right, but a $320,000 secondary-market purchase would not by itself meet the new Qualified Investor real-estate threshold.
That does not mean new construction is automatically a better investment.
Resale properties may offer advantages such as immediate occupancy, established rental history, known condominium costs and the ability to inspect the finished property.
The correct choice depends on the investor’s objectives.
But if obtaining Qualified Investor residency is one of those objectives, the new $300,000/$500,000 distinction should now be considered before selecting the property.
Qualified Investor Visa vs. Buying Property Without Residency
Foreigners do not need to obtain a Qualified Investor Visa simply to purchase property in Panama.
Foreign nationals can generally purchase real estate without using this immigration category.
The Qualified Investor Program becomes relevant when the investor wants the qualifying investment to serve as the basis for permanent residency.
Therefore, these are two separate decisions:
Which property makes sense as an investment?
and
Which immigration route best fits the investor’s circumstances?
Ideally, both should be considered together before the transaction is structured.
Frequently Asked Questions
What is the minimum investment for the Panama Qualified Investor Visa in 2026?
For qualifying real estate, the minimum is $300,000 for a new first-sale property and $500,000 for a secondary-market property under Executive Decree No. 17 of September 8, 2026. Gaceta Oficial
Can I still get permanent residency by buying a $300,000 property in Panama?
Potentially yes, if the property meets the requirements for a qualifying new, first-sale property and all other conditions of the program are satisfied. A $300,000 resale property does not meet the new $500,000 secondary-market threshold. Gaceta Oficial
Can I use a pre-construction property?
The new decree expressly regulates investment through purchase-promise agreements, subject to specific requirements concerning payment, trusts or banking guarantees and eventual registration of the property. Gaceta Oficial
Can I finance part of the purchase?
Potentially, when the purchase price exceeds the minimum threshold. However, financing or liens cannot reduce the net qualifying investment below the applicable minimum. Gaceta Oficial
How long must I keep the investment?
The qualifying investment must generally be maintained for at least five years, with annual verification. Gaceta Oficial
Is real estate the only qualifying investment?
No. The program also provides qualifying routes through Panama’s securities market and fixed-term bank deposits. Gaceta Oficial
Is the residency temporary or permanent?
The Qualified Investor category grants permanent residency, subject to continued compliance with the investment-maintenance requirements established by law. Gaceta Oficial
Planning a Real Estate Investment in Panama?
The 2026 changes make it more important than ever to coordinate the property purchase and residency strategy before signing a contract.
A property that is attractive from an investment perspective may not necessarily satisfy the requirements of the Qualified Investor Program — or may require a different minimum investment depending on whether it is a first-sale or secondary-market property.
Casa Fácil PTY assists international clients with the real estate side of their relocation and investment process in Panama, working together with qualified legal professionals for immigration and legal procedures.
Whether you are considering a new development, pre-construction opportunity or resale property, we can help you identify options that match your investment objectives and coordinate the process locally.
Contact Casa Fácil PTY to explore real estate opportunities in Panama and understand which properties may fit your residency strategy.
