The Vice President of the Republic and Minister of the Presidency, José Gabriel Carrizo Jaén, recently announced that the National Government is extending its Qualified Investor Permanent Resident program requirements for a further two years.
The minimum real estate investment threshold was set to rise to $500,000 next month (October 2022). However, with their efforts across the construction industry starting to reap fruit, the government has decided to keep the threshold low in hope that it will encourage foreign investment.
The construction sector accounted for 11.7% of the country’s total GDP in 2022, up from 10.9% the previous year. Over 452 million balboas has been invested into new urban projects from July 2021 to the present, meaning there are plenty of opportunities coming onto the market for investors.
What is Panama’s “Golden Visa” Program?
With one of the fastest growing economies of Latin America, it is unsurprising that people are choosing to invest in, and relocate to, Panama.
People are enticed by the country’s warm, tropical climate, high quality of life, and access to health and education systems.
Under the Qualified Investor Permanent Resident program, foreign investors can obtain residency in Panama by investing $300,000 or more in Panamanian property.
An additional $2000 will grant residency for each dependent, and after five years the investor and their family can apply for citizenship.
Not only do visa-holders gain the right to live and work in the country, but also visa-free or visa-on-arrival access to 127 countries.
The investment must be held for at least five years. However, there is no requirement for you to remain in Panama if you do not wish to.
With this in mind, many investors choose to purchase rental properties in Panama through the Golden Visa program, gaining a residence permit alongside a solid rental income.
Equally, the country is the #1 Destination for Retirees; at the beginning of the year, Panama took the top spot in International Living’s 31st Annual Global Retirement Index.
The minimum investment amount for Panama’s Golden Visa is lower than that of other countries. Whether you’re looking to capitalise on Panama’s rental market or lay roots in this Central American paradise, we recommend taking advantage of the Visa while the investment threshold remains low.