Panama Qualified Foreign Investors Visa

The Panama Qualified Foreign Investors Visa intends to attract foreign investment by offering a fast-track process.

Benefits:

1. According to Executive Decree No. 722 of October 16th, 2020, which creates this Panama Investment Residence Program, the petition should be resolved in 30 days, counting from the submission of the required documents that prove the minimum investment.
2. The Decree also allows investors to apply from abroad through a local Panamanian lawyer and complete the process when he is in the Republic of Panama.
3. The process will be handled in a single investment department of the Ministry of Commerce and Industries (MICI), in which the National Migration Service (SNM) also participates. The MICI will certify and control the maintenance of the investment.

Cons:

1. The applicant must keep the investment for a minimum of 5 years. But it can be replaced by other investments of similar value.

The program included three qualified investment programs as follows:

1. Real Estate Investment for a minimum of USD 300,000 divided into two categories:

A. Real estate investments for units already completed:

• Certification from the Public Registry of Panama, which proves ownership, free of encumbrances and liens.
• Certification from the National Land Titling Authority (ANATI), which accredits the value of the real estate.

B. Promise to buy Real Estate, duly established in a promising contract register at the Public Registry, managed by a trustee registered in Panamá.

• Authenticated copy of the promise of sale agreement of the property or properties, duly registered in the Public Registry.
• Provide an original or authenticated copy of the trust contract, which establishes that the total amount given in trust will be disbursed in partial payments related to the payment of the obligations assumed by the trustor due to the promise of sale agreement taking place with the property company.

2. Securities Investment on the Panama Stock Exchange for a minimum amount of USD 500,000.00 in securities of issuers, whose business affects the national territory, through the Panama Stock Exchange Market:

1. Certification issued by the licensed brokerage agency approved by the Panama Stock Exchange Market Superintendence, stating the name of the investor, the amount of the investment, the details of the securities held, as well as the entity that holds the securities.
2. Notarized copy of the resolution granting the license to the securities firm or brokerage agency where the applicant's investment account is maintained, issued by the Panama Stock Exchange Market Superintendence.
3. Certification from the Superintendency of the Securities Market confirming the registration of the securities.

3. A time deposit with a local bank for a minimum amount of USD 750,000.00 free of all encumbrances and liens. The deposit must be for a minimum of five (5) years.

1. Notarized copy by the issuing bank of the fixed-term deposit certificate, indicating the holder, the amount, and the term of the document.
2. Bank Certificate stating the existence of the deposit, its holder, the amount, the term, and indicating that it is free of liens and that the funds come from foreign sources.

The petitioner must prove that the funds used for the investment come from abroad, as follows:

1. A letter issued by the bank abroad or a local bank certifying the transfer or receipt, respectively, of the funds. If issued abroad, the letter must be legalized by a Panamanian diplomatic or consular mission in the Foreign Service or apostilled.
2. Bank statement certificate issued by a foreign bank, duly legalized.
3. Notarized letter, issued by the recipient of the funds, or original bank certification confirming the deposit or receipt of the transfer, which certifies that the funds for the investment were transferred from a foreign account.

Requirements to process the Permanent Residence as a Qualified Investor Permit

1. Power of attorney granted by the interested party (notarized)
2. Request from the legal representative
3. Three (3) ID size photographs (4x3 cm)
4. Properly checked copy of Passport (Notary public or corresponding authority)
5. Criminal record
6. Personal background affidavit.
7. Payment to the National Treasury for USD 5,000.00.
8. Payment to the National Immigration Service for USD 5,000.00
9. Certification issued by the National Department for Investment Promotion
10. Medical Health Certificate

If including any dependents, additionally provide:

1. Power of attorney
2. Certificate proving relationship: marriage or birth (notarized and translated)
3. Notarized Letter of Responsibility
4. Letter of Authorization in case only one of the parents is presenting.
5. Medical Health Certificate.
6. Payment to the National Treasury for USD 1,000.00 (for each dependent)
7. Payment to the National Immigration Service for USD 1,000.00 (for each dependent)
8. Dependents over 18 years of age, but under 25 years of age, must provide:
   1. A certificate from the school that accredits the status of a full-time and regular student.
   2. Affidavit of single status before a Panamanian notary public.

Maintenance of the investment:

To maintain Permanent Residence as a Qualified Investor, the investment must be held for a minimum period of five years. If the investment ceases or is no longer in existence before the fulfillment of this term, without being reinvested in accordance with the terms of this Executive Decree, it will result in the official automatic cancellation of the permanent residence granted by the National Immigration Service.

• The annual deadline for submitting each proof will start from the date the corresponding Permanent Residence Permit is approved.

• In case of a real estate investment, a certificate of ownership issued by the Public Registry should be submitted.

• In the case of a real estate investment made through a promise to purchase contract, a trust deposit, a certification issued by the trustee, must be provided annually to prove the partial disbursements made to the trust account in favor of the real estate company.

Affiliation Process (Passport Registration):

Applications under this migratory subcategory may be submitted before the entry into the national territory of the applicant and his/her dependents, through the applicant’s special attorney, with the obligation that before the issuance of any immigration Id card, the process of affiliation in the Register of Aliens of the National Immigration Service is fulfilled.

Processing Time: 

Firstly, the investment needs to be certified by the Ministry of Trade and Commerce. This process takes up to two months, or less. It will depend on the bank you are working with.

After the investment is certified, the application for a Permanent Resident Permit as a Qualified Investor must be resolved within a period not exceeding 30 business days, starting from the time the application is received, through the Special Processing Service Division of the National Immigration Service.

Legal base: EXECUTIVE DECREE N° 722 ISSUED ON OCTOBER 15, 2020

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