Panama Residency by Investment Program: What Changed in 2026

Official resource: Executive Decree No. 17 of September 8, 2026 (Official Gazette No. 30613), full text in PDF

The Panama residency by investment program has officially changed. For months, investors and developers heard rumors that the minimum investment would rise, but nothing had been confirmed in writing. That uncertainty ended with Executive Decree No. 17 of September 8, 2026, published in the Official Gazette of Panama on September 16, 2026.

The new decree replaces Executive Decree No. 722 of 2020 and its amendments, the framework that created the Panama residency by investment program for Qualified Investors. It sets different thresholds for new and resale properties, adds a lower deposit option in state banks, tightens pre-construction rules, and introduces new benefits for families.

Why the Panama Residency by Investment Program Changed in 2026

For most of 2026, the real estate market anticipated a higher minimum investment. Some buyers rushed to close transactions, while others postponed decisions until the rules were clear.

Until September 2026, the $300,000 real estate threshold set by Executive Decree No. 193 of 2024 applied to all property types. Decree 17 now gives an official answer: the $300,000 threshold survives, but only for new properties.

The Government’s Stated Objectives

According to the decree’s recitals, the reform pursues five goals:

• Reactivate construction by favoring new inventory over resale transactions, which create fewer jobs.
• Protect investors who buy pre-construction units from developer defaults.
• Prevent inflated valuations used to reach the minimum amount.
• Strengthen the lending capacity of Banco Nacional de Panamá and Caja de Ahorros.
• Unify every rule of the Panama residency by investment program in a single legal instrument.

Real Estate New Rules in the Panama Residency by Investment Program

A new property qualifies with a minimum investment of $300,000. It must be a first sale: a new, unoccupied unit transferred by the developer or promoter.

Segregation, improvement declarations, contributions to a trust, or corporate reorganizations do not remove first sale status, as long as the unit was not sold to an unrelated third party. Proof includes a Public Registry certificate and, where applicable, construction or occupancy permits.

Does a $300,000 Resale Property Still Qualify?

No. Under the updated Panama residency by investment program, resale properties require a minimum of $500,000. A resale property is any unit previously sold, occupied, leased, or transferred to an unrelated third party.

Authorities may disregard simulated transactions designed to avoid the higher threshold. The only relief is the transitional rule for investments completed before the decree, explained below.

How the Property Value Is Now Verified

The qualifying value is the lower of the price actually paid and the supported commercial value, minus any liens. You may finance the portion above the minimum, provided the net value never falls below the threshold.

The cadastral certificate from ANATI remains mandatory. The Ministry of Commerce and Industries (MICI) may now request an independent appraisal when there is reasonable doubt about the declared value.

That appraisal must be less than six months old, signed by an appraiser recognized by Banco Nacional and Caja de Ahorros, and paid by the applicant. Before signing any contract, a full real estate due diligence review helps confirm title, value, and developer compliance.

Pre-Construction Purchases: New Bank Guarantee Rules

Pre-construction units still qualify at $300,000 through a promise to purchase agreement. The investment may be structured in two ways:

• A trust deposit with a bank or trust company licensed in Panama.
• Full payment to the developer, which must now be backed by an irrevocable bank instrument: a standby letter of credit, a bank guarantee, or a performance bond.

The guarantee must cover the full amount invested and be renewed every year until the property is registered in your name. If the developer defaults, you have 180 business days to replace the investment.

You may switch to a second promise agreement only once. In addition, residency supported only by promise agreements cannot exceed three years in total.

Fixed-Term Deposits: A New Option From $500,000

A fixed-term deposit in any private bank licensed by the Superintendency of Banks still requires $750,000 under the Panama residency by investment program. This amount did not change.

$500,000 in Banco Nacional or Caja de Ahorros

The minimum drops to $500,000 when the deposit is placed directly with Banco Nacional de Panamá or Caja de Ahorros. The government created this incentive within the Panama residency by investment program to fund agricultural and mortgage lending.

In both cases, the deposit must:

• Be opened and funded by the foreign applicant as an individual.
• Remain in place for at least five uninterrupted years.
• Stay free of liens, pledges, or blocks.
• Be funded through international SWIFT transfers from an account in the applicant’s name or a company where the applicant is the ultimate beneficial owner.

Securities Investments in the Panamanian Market

The securities route of the Panama residency by investment program keeps its $500,000 minimum. The investment must be made through a brokerage firm licensed by the Superintendency of the Securities Market.

The decree now requires the capital to remain invested for at least five uninterrupted years.

Eligible Instruments and Market Fluctuations

Qualifying investments may combine:

• Private equity and venture capital funds that invest in Panamanian companies or infrastructure.
• Bonds, treasury notes, and other debt instruments issued by the Republic of Panama.
• Registered corporate securities, including shares, corporate bonds, mutual funds, and REITs.

Market losses alone do not breach the minimum. If there are no voluntary withdrawals, sales, or pledges, the investor has 90 calendar days after MICI’s notice to restore the amount.

Your Immigration Status Under the Panama Residency by Investment Program

Yes. Applications under the Panama residency by investment program may be filed before entering Panama through a special attorney-in-fact. Biometric registration is required before the residency card is issued.

The decree also sets maximum processing times:

• MICI issues the Investment Certificate within 15 business days of admitting the file. The certificate is valid for three months.
• The National Immigration Service resolves the application within 30 business days after receiving the complete file.
• Incomplete files must be corrected within 15 business days, or they are archived.

Government fees are $5,000 for the application plus a $5,000 repatriation deposit, and $1,000 plus $1,000 for each dependent.

How Do You Keep Your Residency?

The investment must be maintained for at least five years. Through your attorney, you must prove it to MICI every year, within the 30 days before the anniversary of your residency resolution.

If the investment ends or is sold early, you must notify MICI within 30 days. You then have 90 calendar days to reinvest, or the residency will be cancelled.

A Path to Citizenship and New Dependents

The decree expressly states that Qualified Investors and their dependents may apply for Panamanian citizenship by naturalization after five consecutive years of residency. This makes the Panama residency by investment program a long-term path, not only a residency permit. Learn more in our guide to citizenship in Panama.

Investors may also add children born or adopted after approval, and a spouse married after approval, as direct dependents. Divorce, the investor’s death, or a child reaching adulthood does not trigger automatic cancellation. Each case is decided individually, with the right to be heard.

Once approved, each family member receives a Panama permanent resident card.

Applications and Investments Made Before the Decree

Applications filed with MICI or the National Immigration Service before the decree took effect follow the requirements and amounts in force when they were filed. More favorable procedural rules may still apply to them.

Investment Certificates already issued under the previous Panama residency by investment program remain valid until they expire. The new appraisal rules will not be used to reopen certified investments, except where there are objective signs of fraud or illicit funds.

The Six-Month Window for Prior Investments

Under Article 19, investments and binding contracts completed before the decree may still use the previous Panama residency by investment program rules. The condition is to file the application within six months of the decree’s entry into force.

This matters most for resale buyers. An investor who completed a $300,000 resale purchase before the decree may still qualify under the old threshold, but only if the application is filed in time.

Converting From Economic Solvency Residency

Foreign nationals who hold or have applied for Permanent Residency for Economic Solvency may request a change to the Qualified Investor category within 12 months. They must meet the new minimum amounts, and investments made before October 15, 2020 are not eligible.

Plan Your Investment With NDM Law Firm & Associates

The updated Panama residency by investment program rewards careful planning. Choosing the wrong property type, missing the six-month window, or using undocumented funds can delay or prevent your residency.

How Our Immigration Team Supports You

With offices in Panama City, Boquete, and Venao, NDM Law Firm & Associates guides investors through every stage:

• Selecting the right investment route for your goals.
• Real estate due diligence and review of developer guarantees.
• Source of funds documentation, apostilles, and translations.
• Investment Certificate, residency filing, and annual compliance.

Contact our immigration attorneys, to review your case under the Panama residency by investment program before the transitional deadlines close. You can also explore our Panama residency visa services.