Residency through property
Most people buy the apartment first, then realize they need a visa to actually stay. It's worth knowing the order can run the other way: the same purchase that gets you a home in Costa del Este or Punta Pacífica can also be the thing that gets you residency — if you structure it on purpose.
There are three honest routes through property, with very different price tags and timelines, and the biggest one changed on 16 September 2026. A new decree replaced the Qualified Investor rulebook and split the real-estate route in two: $300,000 if you buy a new unit from the developer, $500,000 if you buy a resale. Which floor applies depends on the unit, not on the buyer, and a pre-construction contract with the developer also counts at $300,000. We walk through the actual articles below, including the six-month window for anyone who signed before the change. None of these visas is required just to own property in Panama City; they only matter if staying is part of your plan.
lakilé research · updated 20 September 2026
Qualified Investor
$500K
Permanent residency at once. $500K for a resale; $300K for a new unit from the developer or a pre-construction contract.
Friendly Nations
$200K
For citizens of ~50 countries. Property or a fixed deposit counts as your economic tie.
Pensionado
$1,000/mo
A lifetime pension, not an investment — the retiree route, discounts included.
What changed
Sept 16, 2026
Decree 17 of 2026 replaced the old rules a month before the date everyone argued about. Signed before then? You have until mid-March 2027 to file under the old $300K.
Investor Visa
The Qualified Investor Visa — Panama's golden visa
45 business dayson paper, certification plus resolution
The fastest route to permanent residency, and the one most tied to real estate. Since 16 September 2026 the number depends on what you buy: $500,000 for a resale, $300,000 for a new unit from the developer.
The Qualified Investor Visa (QIV) grants immediate permanent residency — no temporary stage first — to foreigners who make a qualifying investment. Real estate is the most common route, and you can apply from abroad. It's fast precisely because the threshold is high: the government moves high-value applications quickly.
What changed on 16 September 2026, and what it means if you were mid-purchase
For two years the argument was whether the $300,000 floor would expire on 15 October 2026. It did not expire. It was replaced, a month early. Executive Decree 17 of 2026, signed on 8 September and published in Gaceta Oficial 30613 on 16 September, repeals the 2020 decree and every amendment to it (article 20) and rewrites the category from scratch. It took effect the day it was published (article 21).
The real-estate route now has two sub-modalities (article 4). First sale: a new, never-occupied unit bought from the developer or its successor, minimum $300,000. Secondary market: any unit that was already sold, occupied, rented or transferred to an unrelated third party, minimum $500,000. Segregating a lot, declaring improvements, placing a unit in a trust, an inheritance or a corporate reorganisation do not count as a prior sale.
Most of what trades in Costa del Este, Punta Pacífica or Bella Vista is a resale, so the working number there is $500,000. In a tower the developer is still selling, or on a pre-construction contract, it is $300,000. Neither floor depends on who you are; it depends on the unit's history.
If you signed before 16 September 2026, article 19 keeps the old rules for you: a binding contract perfected before that date can still be filed under the previous decree, at $300,000, provided the application goes in within six months of the decree taking effect, so by mid-March 2027. Applications already filed keep the rules in force on the day they were filed, and investment certifications already issued run to their expiry.
A decree can be replaced by another decree, as this one just proved. Have your attorney confirm the text in force on the day you file. Registry timing still matters: a clean deed takes 1-3 weeks to register, longer if it bounces back for correction, and the promise-of-sale route runs on its own mechanics (table below). The full registry timeline is in our anatomy of a deal guide.
What counts as a qualifying investment
| Route | Minimum | Notes |
|---|---|---|
| New unit from the developer (first sale) | $300,000 | Never occupied, transferred by the developer or its successor. Proven with the registry certificate plus construction or occupancy permits (art. 4a). |
| Resale (secondary market) | $500,000 | Any unit previously sold, occupied, rented or transferred to an unrelated third party (art. 4b). Titled, registered in your name, the qualifying amount lien-free. |
| Pre-construction (promise of sale) | $300,000 | Funds in a trust at a licensed bank or fiduciary, or 100% paid to the developer and backed by an irrevocable bank guarantee in your favour (art. 7). Promise-of-sale status is capped at three years. |
| Stock market | $500,000 | Through a Panamanian brokerage licensed by the securities regulator, held five years (art. 8). |
| Bank fixed deposit | $750,000, or $500,000 at Banco Nacional or Caja de Ahorros | Five-year term, unencumbered (art. 9). |
Real estate is the popular route because it doubles as a home and, often, a rental. The investment can be held jointly with a spouse or dependents included in the same application and counted once (art. 3.6), and through a company or private-interest foundation where you are the final beneficiary (art. 5c).
Where the money has to come from
The decree now says it in so many words (article 2): the minimum must come from abroad, must be your own money, and gifts or donations do not count toward it. Anything above the minimum can be financed with a local mortgage, as long as no lien pushes the net value below the line (article 5b). Migración counts the lower of what you paid and the property's verified commercial value, minus any lien (article 5a). Confirm the structure with your own attorney before you wire anything.
Costs beyond the property
| Cost | Amount | Paid to |
|---|---|---|
| National Treasury fee | $5,000 | Government |
| Immigration repatriation deposit | $5,000 | Government — generally refundable |
| Legal fees | $2,000-5,000 | Immigration attorney |
| Document preparation | $500-1,000 | Varies |
| Each dependent | +$2,000 | Government |
Roughly $12,500-16,000 on top of the property itself, though the $5,000 immigration portion is a repatriation deposit you can generally recover, not a sunk fee. Each dependent pays $1,000 to the Treasury and a $1,000 repatriation deposit (article 11), and a spouse or child who arrives after approval can be added later at the same cost (article 17). A spouse, children under 18, and unmarried full-time students under 25 who depend on you qualify as dependents (Decree 320 of 2008, articles 224-225).
What permanent residency gets you
Permanent status from day one
No temporary-residency stage to clear first.
Apply from abroad
Through a special power of attorney, with biometrics once you arrive (article 16).
Family included
Spouse and qualifying children, at +$2,000 per dependent.
Territorial taxation
Panama taxes only Panama-source income — foreign income is generally outside its reach. Confirm your own situation with a tax advisor.
A path to citizenship
Eligible after five consecutive years of residence (article 14), with real conditions, covered below.
A special passport
Law 493 of 2025 provides a special passport — a travel document for QIV holders and their dependents, not a replacement for your home passport.
Migración uses the registered value, not the asking price
The QIV needs the property to be titled, free of liens, and worth the threshold by the value Migración recognises, which is the lower of what you paid and the property's verified commercial value, minus any lien (articles 5 and 6). The cadastral certificate from ANATI is still required, and the ministry can demand an independent appraisal no older than six months, at your cost, when the registered value looks out of step with the market. That is rarely the number on the listing. Before you anchor a visa plan to a specific unit, a lakilé due-diligence report ($49) confirms it's titled (not a right-of-possession parcel), surfaces any lien against the folio, and shows what the unit is actually recorded at, usually the same day. Then you commit knowing it clears the bar.
Before you commit
- Any lien or encumbrance on the property — it disqualifies the investment until cleared
- An advisor who "guarantees" approval — no residency is guaranteed
- A right-of-possession (derecho de posesión) property — it is not titled, so it does not qualify
- A resale priced right at $500,000, or a new unit right at $300,000, with no margin: closing costs and a low verified value can pull you under the line
- A "new" unit that was already occupied, rented or sold on by an investor: in the decree's eyes that is secondary market, and the floor is $500,000
Friendly Nations
The Friendly Nations Visa
$200Keconomic tie
Lower threshold, longer wait. The popular route for working expats from the ~50 eligible countries who want a foothold well below the investor-visa floors.
The Friendly Nations Visa (FNV) grants residency to citizens of roughly 50 countries — including the US, Canada, the UK, and most of the EU — who establish an economic tie to Panama. It isn't a "property visa" by name, but buying real estate is one of the accepted ties.
What it takes
An economic tie
Real estate of $200,000 or more, or a $200,000 fixed-term bank deposit (3-year term), per Executive Decree 226 of 2021. Employment or owning a Panamanian business also count.
A Panamanian bank account
Opening one as a foreigner can take 2-4 weeks — start early.
A clean criminal record
From your home country, apostilled.
Standard documents
Passport, birth certificate, and the usual apostilled paperwork.
Temporary first, then permanent
The FNV grants temporary residency first, converting to permanent after two years — so it's slower to the same destination than the QIV, at a lower entry price. One detail worth pinning down: the $200,000 that counts is the registered value on the folio, not the asking price, so a lakilé due-diligence report confirms a unit actually clears the line before you build a visa plan around it.
What the Friendly Nations route runs
| Item | Amount |
|---|---|
| Economic tie (real estate) | $200,000 minimum, by registered value |
| Government fees | About $1,050 — a $250 Treasury fee plus an $800 repatriation deposit |
| Legal fees | $2,000-4,000 |
| Document authentication | $500-1,500 |
If your property is under $200,000, the FNV door via real estate is closed — you'd qualify through employment or a Panamanian business instead. Eligible-country lists are published by Panama's immigration service and do change, so treat "roughly 50" as the shape, not a fixed count.
Pensionado
The Pensionado and other routes
$1,000/moqualifying pension
Pensionado — for retirees
If you have a guaranteed lifetime pension of at least $1,000 a month, the Pensionado may be the cheapest route of all — it asks for no investment. Buying property can even lower the bar: in practice, immigration accepts a $750-a-month floor if you pair it with titled property worth $100,000 or more, plus $250 a month per dependent. That lower figure rests on administrative practice rather than a fixed statute, so confirm the current number with your attorney. If a pension qualifies you, there's little reason to tie up $300,000 or $500,000 in a QIV.
What the Pensionado discount law gives you
Panama's retiree discounts are written into law (Law 6 of 1987) — a real part of the math, not a marketing claim.
| Category | Discount |
|---|---|
| Hotels | 50% weekday / 30% weekend |
| Flights (domestic and international) | 25% |
| Restaurants | 15-25% |
| Utility bills | 25% |
| Medical consultations | 20% |
| Hospital bills (no insurance) | 15% |
| Medicine | 20% |
Self-economic solvency
For those with capital but no pension, the Self-Economic Solvency visa accepts a $300,000 fixed-term deposit (3-year) or $300,000 in real estate plus annual income. In practice it's an alternative to the QIV for people who'd rather hold a deposit than buy. Decree 17 of 2026 also lets a Solvency resident convert to the Qualified Investor category within twelve months of 16 September 2026, if the investment meets the new minimums (article 18).
Choosing
Choosing your path
Three quick questions usually settle it: Do you have $500,000 for a resale, or $300,000 for a new unit from the developer? Are you from an eligible country? Do you have a $1,000-a-month pension?
The three main routes, side by side
| Route | Minimum | Speed to residency | Initial status | Best for |
|---|---|---|---|---|
| Qualified Investor | $500K resale · $300K new from the developer | 45 business days on paper | Permanent | Investors who want speed and permanence |
| Friendly Nations | $200K | 2-4 months, permanent after 2 years | Temporary | Working expats from eligible countries |
| Pensionado | None — $1,000/mo pension | 3-4 months | Permanent | Retirees with a guaranteed pension |
Timelines: paper law vs street reality
Every quoted timeline assumes a perfect file. Apostilles, a foreigner's bank-account opening, and immigration backlogs all add weeks — plan for the longer number.
| Visa | What's quoted | What actually happens | Your move |
|---|---|---|---|
| Qualified Investor | 45 business days: 15 for the investment certificate, 30 for the residency resolution (art. 15) | New rulebook, no track record yet. Plan for 2-3 months. | Signed before 16 September 2026? File under the old rules by mid-March 2027 (art. 19). Otherwise file when the deed is registered and the funds are documented. |
| Friendly Nations | 3 months | 4-6 months to temporary; +2 years to permanent | Open your Panama bank account 2-3 months ahead. |
| Pensionado | 3 months | 3-4 months | Get an official pension-verification letter early. |
Keeping it
Keeping your residency — and the road to citizenship
5 yrsto citizenship eligibility
Staying in good standing
| Visa | Physical presence | Other conditions |
|---|---|---|
| Qualified Investor | Visit at least once every 2 years | Hold the qualifying investment for 5 years and prove it every year (art. 12). The qualifying amount, $500,000 or $300,000, has to stay free of liens; only value above it can carry a mortgage. If you sell or the investment changes, notify the ministry within 30 days and reinvest within 90, or the residency is cancelled. |
| Friendly Nations | No strict minimum | A prolonged absence (2+ years) can trigger review. |
| Pensionado | Visit at least once every 2 years | Keep the qualifying pension in place. |
The road to citizenship
All of these routes can lead to Panamanian citizenship after five years of residence — sooner for someone married to a Panamanian or with a Panamanian child, and on a reciprocity basis for citizens of Spain and much of Latin America (the period varies by country) — but the real bar is higher than the number suggests. It generally means physical presence for most of each year (the QIV's "visit every two years" may not satisfy this — confirm with an attorney), a Spanish-language test, a Panama history-and-geography exam, and final approval that stays discretionary — every naturalization is granted by presidential decree. The application itself can add another one to five years after you're eligible. Worth knowing going in, not discovering at year five.
The residency red flags
Print this. These are the patterns that cost people their residency.
The advisor
- "Guaranteed approval" — no residency is guaranteed
- Asks for cash payments — everything legitimate is documented
- Fees that look unusually low — immigration work isn't where you save
- No verifiable track record and no written fee estimate
The property
- A right-of-possession (derecho de posesión) parcel — not titled, doesn't qualify for the QIV
- Any lien or encumbrance on the folio — disqualifies the investment until cleared
- A registered value that lands below the threshold even though the asking price is above it
The paperwork
- Documents from your home country that aren't apostilled
- A timeline that sounds too fast ("two weeks for the QIV")
- An incomplete file — any gap restarts the clock
If a residency plan rests on a single property, confirm the property first. If the title fails, the residency built on it fails with it.
Before you anchor a visa to a unit
A lakilé due-diligence report confirms a property is titled, free of liens, and what it's actually registered at — the figure Migración weighs, not the asking price. So the unit you're counting on for residency actually clears the bar. Usually the same day.
Check a unitResidency through property, answered.
The questions buyers actually ask when a purchase and a visa are tangled together — answered straight.
Can I buy property in Panama without a visa?
Yes. Foreigners can buy property in Panama with no visa at all, and on equal footing with citizens for most property. Without residency you can stay as a tourist — 90 to 180 days depending on your nationality. If you want to live here long-term, that's when a visa matters.
Does buying property automatically give me residency?
No. Owning property and holding residency are separate things. The property can be the qualifying investment or economic tie for a visa, but you still apply for the visa separately — it is never automatic.
What if my property is under $500,000?
It depends on what you are buying. A resale needs $500,000; a new, never-occupied unit bought from the developer needs $300,000 (Decree 17 of 2026, article 4). Below those, the Qualified Investor door closes. The Friendly Nations Visa accepts $200,000 in property as an economic tie, if you're a citizen of an eligible country. Below $200,000, the real-estate door closes and you'd qualify through employment, a Panamanian business, or a pension instead.
Can I apply for the Qualified Investor Visa with a pre-construction unit?
Yes, at $300,000, but the mechanics are stricter than signing a contract. Under Decree 17 of 2026 (article 7) the promise-of-sale route needs either the money in a trust at a bank or trust company licensed in Panama, or the full price paid to the developer and backed by an irrevocable bank instrument in your favour, a standby letter of credit, an aval or a compliance bond, kept alive until the unit is built, segregated and registered in your name. You cannot stay on promise-of-sale status for more than three years in total, and if the developer defaults you get one chance, within 180 business days, to move the investment elsewhere. Confirm which structure your developer actually offers before you wire anything.
I signed before 16 September 2026. Which rules apply to me?
The old ones, if you move. Article 19 of Decree 17 of 2026 lets a binding contract perfected before the decree took effect be filed under the previous rules, which means $300,000 for any titled property, resale included, as long as the application is filed within six months of 16 September 2026, so by mid-March 2027. Applications already filed keep the rules of the day they were filed, and investment certifications already issued stay valid until they expire. Miss the window and the new floors apply.
I'm buying a new unit from a private owner, not the developer. Is that a first sale?
No. The $300,000 first-sale floor is for a unit that has never been sold, occupied or rented, transferred by the developer or its successor. Once an investor has bought it and sells it on, it is secondary market, and the floor is $500,000 (article 4b), even if nobody ever lived in it. Segregation, an inheritance or moving the unit into a trust do not count as a prior sale; a sale to an unrelated buyer does.
How long can I stay in Panama without a visa?
Most nationalities get 90 to 180 days as a tourist, varying by country. After that you have to leave or hold residency. Short trips out and back are common but aren't a real long-term solution.
Can I work in Panama on these visas?
None of them is a work permit. In Panama, residency and the right to work are separate: taking a job requires a work permit from MITRADEL, and there are permit categories built specifically for Qualified Investor and Friendly Nations residents (Executive Decree 6 of 2023). Friendly Nations holders can apply during the provisional stage — no need to wait for permanent residency. What does not need a permit is running your own business or managing your own investments with no employer over you; the decree exempts independent activity of that kind. The Pensionado is built for retirees and is the most limited on the work side. If working locally is central to your plan, raise it with your immigration attorney up front.
What taxes will I owe once I'm a resident?
Panama uses territorial taxation: you're taxed on income earned in Panama, and foreign income — pensions, investments, remote work for foreign companies — is generally outside its reach. That's a general rule, not advice for your situation; confirm with a tax professional who knows both countries.
Does a right-of-possession property qualify for the investor visa?
No. The Qualified Investor Visa requires titled property registered in your name. Right-of-possession (derecho de posesión) land is not registered in the public registry, so it does not qualify — one more reason foreign buyers should stick to titled property. Confirming titled status is part of any due-diligence check before you commit.