Over the last couple of decades, Panama has become an international hotspot to either retire or invest on a second home. The country’s booming tourism industry, keen to highlight all of its natural and cultural riches, has supported this fact, so foreigners come to visit, fall in love, and wish to return.
In 2020, striving to continue its projected economic growth, the Panamanian government established its “qualified investor” immigration program by an Executive Decree. Historically, and within the international real estate and commodities industries, these kinds of initiatives constitute what is referred to as a “golden visa”, or a way to achieve a legal permanent resident status by way of a certain level of investment in these local markets.
It is a very simple process: by investing US$300,000 on a real estate property in Panama, either built or under construction, foreign investors and their families can apply for a resident’s visa, which can be available in 30 after fulfilling application and complying with the legal requisites. In 2022 this minimum investment amount will rise to US$500.000.
A US$750.000 deposit on a Panamanian bank, or a US$500.000 investment in the Panama stock market (stocks, bonds, securities), can also guarantee these benefits, requiring only that such investments be maintained for a minimum five-year period.
While keeping every action legal and transparent, this program was designed to facilitate this overall process for the investor: he or she is not required to be in Panama to apply, and the application can be submitted from their country of origin by a power of attorney or through their legal representatives.
Once this golden visa is obtained, investors and their families can take advantage of all the rights and privileges of a Panamanian citizen, including a passport.
Panama is a great place to start or expand any kind of business: its dollarized, stable economy, together with its international economic scope through the Panama Canal, and the isthmus as a regional hub for global corporations and institutions, make it a great marketplace for all kinds of products and services. Its cosmopolitan population, in Panama City specially or in other areas such as Boquete, Coronado or Buenaventura, where expats mostly live, is another key asset for foreigners wishing to establish a new community around their new home and business.
These are just some of the reasons that get you through the door, as they say. Panama’s golden visa program, together with all the other benefits the country has to offer, make for an excellent choice when considering living abroad. Just contact the expert team at Acquire to find out more.
