Permananent residence program for investors.

A  permanent residence program for “qualified investors” was announced by the Panama government   on Friday, October 16

The plan is intended to stimulate economic reactivation, by attracting high net worth investors to boost different sectors of the economy such as real estate and construction.

“The applicant must make an investment in the Republic of Panama for a minimum amount of 500.000 from a foreign source, which may be personally or through a legal entity, in which the applicant is always the final beneficiary of the shares of the legal entity that holds the investment ”, says an executive decree.

Real estate investments can be for units already completed or also through investment through contracts of promise to purchase and sale of real estate units.

, the applicant must prove that they have made some forms of investment. The modalities established in this decree include real estate investment through a promise of sale contract; Investments made through a brokerage house with a license approved by the Superintendency of the Securities Market of Panama and by reason of investment in a fixed-term deposit in the banking sector.

All investments must be held for a minimum of five years.

According to the Government, for the first time, there will be a program that allows qualified investors to apply from abroad. That is, the investment can be made from abroad, through a local lawyer, and the process completed when the investor is in the isthmus.