Panama golden visa 2026: qualified investor visa rules

An extra $200,000 for the same visa if the apartment is not brand new. Executive Decree 17 of 8 September 2026 splits property into new builds and resales, tightens source-of-funds checks and adds an annual filing. Who is affected, who can still use the old rules and what the road to a Panamanian passport now costs.

Panama has raised the price of its flagship investor visa for anyone buying on the resale market: it was $300,000, it is now $500,000. Executive Decree No. 17 (Decreto Ejecutivo) was signed on 8 September 2026, published in Official Gazette No. 30613 and took effect on 16 September. New builds keep the old price of $300,000. That $200,000 gap is the policy: Panama wants foreign money to go into construction, not into swapping owners of existing flats.

The programme is Residente Permanente en Calidad de Inversionista Calificado, permanent resident as a qualified investor. It is one of the few schemes in the world that grants permanent residency straight away in exchange for an investment, with citizenship possible after five years. The full programme is covered on our Panama residency by investment page.

What changed in the Panama qualified investor visa

The new decree fully replaces Decree No. 722 of 2020 and its 2022 and 2024 amendments. Until 16 September any property qualified from $300,000. These are the thresholds now.

Panama's currency, the balboa, is pegged one-to-one to the US dollar, and the decree states amounts in balboas. For a buyer it makes no difference.

A new build means only the first purchase of a new, never-occupied unit from the developer, proven with an extract from the Public Registry (Registro Público, the state property title register) plus construction and occupancy permits. A flat that someone has lived in, or that has changed hands once, falls under the $500,000 rule.

Why Panama did it

Commerce and Industry Minister Julio Moltó says investment must turn into projects and jobs. The logic is simple: buying a new unit funds construction, while a resale barely touches the economy. Market players add a second reason: developers lobbied for the split because resale stock in Panama is often cheaper per square metre.

The programme itself is growing. According to MICI (Ministerio de Comercio e Industrias, Panama's ministry of commerce and industry), 268 investor certificates worth $113.6 million were issued between July 2025 and June 2026, up from 193 certificates worth $90.1 million a year earlier. That runs against the wider trend: migration service SNM (Servicio Nacional de Migración) data show Panama approved 41% fewer capital-based visas in the first half of 2026 than a year before.

What else got stricter: funds, valuations, annual filing

• Your own money only. Funds must belong to the applicant and be traceable. Gifts, including from relatives, do not count. Foreign funds must reach the Panamanian banking system by international transfer. We explain how to build that file in our piece on source of funds.
• Valuation. The qualifying amount is the lower of the price actually paid and the substantiated market value, minus any mortgage balance. If the cadastral value looks off, the ministry can demand an independent appraisal no older than six months.
• Guarantees on off-plan deals. Every payment to the developer until title transfer must be covered by an irrevocable bank guarantee such as a standby letter of credit, a bank promise to pay on first demand. If the developer fails, the investor has 180 business days to substitute the contract. Residency based only on a promise of sale cannot last more than three years.
• Annual filing. For five years, within 30 days before each investment anniversary, the resident confirms to MICI that the investment is still in place. Sell the asset and you have 30 days to notify and 90 days to reinvest, or the permit is cancelled automatically.

Who is affected right now

• You filed before 16 September 2026. Your application is decided under the old rules and the old $300,000 threshold for any property.
• You signed a contract before the decree took effect but have not filed. You have six months to file under the old rules. This is the key window for anyone who already picked a resale flat.
• You already hold a MICI certificate. It stays valid until it expires, and the new valuation rules do not apply to it unless fraud is suspected.
• You are a Solvencia Económica Propia resident (own economic solvency, residency based on a deposit or property). You have 12 months to switch to qualified investor status if your investments meet the new thresholds.
• You are still choosing. Look at new builds: $300,000 buys the same status as $500,000 on the resale market.

Timelines and costs under the decree

For the first time the decree sets deadlines for the agencies. MICI issues the investment certificate within 15 business days of admitting the application, and the certificate is valid for three months. SNM decides within 30 business days of receiving a complete file. If something is missing, the applicant has 15 business days to fix it. Filing is done in Panama through a representative with a local law licence holding your power of attorney: Murblz specialists handle this with Panamanian partners. Each new family member, such as a spouse married after approval or a newborn child, is added for a $1,000 government fee.

On top of the investment itself, budget for property transfer tax, notary fees, health insurance and translations. We quote the cost of our support after reviewing your documents. For life after the move see taxes in Panama: the country taxes only Panamanian-source income, so foreign income is not taxed.

How to get a Panamanian passport after investor residency

Article 14 of the decree allows the investor and family to apply for citizenship after five consecutive years of residence in Panama. The document is the carta de naturaleza, a naturalisation certificate signed by the president. Under Article 10 of the constitution you need five years from receiving permanent status, Spanish, an exam on Panamanian history and geography and a clean criminal record.

Two uncomfortable truths. First, applicants sign an express renunciation of their previous nationality: Panama does not formally allow naturalised foreigners to keep dual citizenship. Second, the law sets no deadline for a decision, and in practice it can take several years. If you need a second passport without giving up the first, look at Paraguayan citizenship, Argentine citizenship or Uruguayan citizenship.

Other ways to get residency in Panama

Panama's most popular route, the Países Amigos or Friendly Nations visa, is open only to citizens of 51 listed countries, and Russia is not one of them. If you already hold an Argentine, Paraguayan, Serbian or EU passport, that door is open.

For daily life in the country and its capital see our guides to Panama and Panama City.

Panama vs other golden visas

Next to Europe, $300,000 for permanent status with a path to a passport still looks cheap. Greece asks for €400,000 in most regions and €800,000 in Athens and the popular islands, yet grants temporary residency, with citizenship after seven years and an exam (Greece golden visa). Turkey grants a passport outright for property from $400,000 (Turkish citizenship). Paraguay offers residency without a large investment (Paraguay residency), Costa Rica for property from $150,000 (Costa Rica residency). For the full ranking see residency by real estate in 2026 and our residency programmes page.

Our Panama residency services

Murblz specialists run the project from choosing the route to collecting your residency card, together with locally licensed partners.

We also help with a bank account for moving the funds, see our guide to opening a bank account abroad, and prepare supporting documents such as criminal record certificates and proof of income with apostille and Spanish translation.

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