Panama residency programs: Friendly Nations, Qualified Investor and more

Start with the route that matches your facts

Panama has several residence programs. Friendly Nations Visa (FNV, or Países Amigos) and Qualified Investor are separate routes with different entry costs, approval stages and continuing obligations. A property that works for one may not meet the other’s conditions.

Use this guide to shortlist a route before paying for a property, deposit or application. The history below explains why older articles can describe a different program. Amounts are stated in balboas (B/.); MICI publishes the Qualified Investor thresholds in USD at the same figures. Investment thresholds exclude fees and living expenses.

Immigration residence, permission to work, tax residence and citizenship are separate questions. The table is a shortlist; nationality, family circumstances and the full evidence still determine eligibility.

Official sources: SNM: current Friendly Nations checklist (PDF); MICI: Qualified Investor program and requirements; SNM: Pensionado requirements and legal basis (PDF); SNM: remote-worker visa requirements (PDF); SNM: own-solvency fixed-deposit route (PDF); SNM: forestry investment and 2021 changes (PDF).

When the programs began—and what changed

These are the main milestones relevant to the routes below. A decree’s signing date and its effective date can differ.

• 1987 — retirement framework. Law 9 of 24 June 1987, published on 2 July, established the foreign pensioner/retiree framework. Today’s Pensionado checklist also cites the 2008 immigration rules and their 2009 amendment.
• 2008–2009 — general immigration framework. Executive Decree 320 of 8 August 2008, amended by Decree 26 of 2 March 2009, provides the cited framework for own-solvency and forestry routes. These are established categories, not versions of the later Qualified Investor program.
• 2012 — Friendly Nations launched. Decree 343 of 16 May 2012 began the route. Decree 416 of 13 June 2012 replaced it; the later amendments refer to Decree 416. The original route provided a permanent-residence application with economic/professional-purpose and solvency evidence.
• 2020 — Qualified Investor created. Decree 722 of 15 October 2020, published on 16 October, created the direct permanent-residence investment route. Its property rule had a B/.500,000 standard and an initial 24-month B/.300,000 concession.
• 2021 — Friendly Nations redesigned. Decree 197 of 7 May introduced the two-year provisional stage and specified employment/property bases. Decree 226 of 20 July added the B/.200,000 fixed-deposit option, broadened permitted investment ownership structures and set 7 August 2021 as the effective date.
• 2021 — remote work and forestry changes. Decree 198 of 7 May, published on 20 May, created the remote-worker short-stay visa. Decree 199 of 7 May amended the forestry categories; the current permanent-route checklist sets out B/.100,000 and B/.350,000 options.
• 2022 — Qualified Investor concession extended. Decree 109 of 13 October 2022 extended the property concession from 24 to 48 months from the program’s original entry into force. This is the origin of older references to an October 2024 deadline.
• 2024 — Qualified Investor property rules rewritten. Decree 193 of 15 October 2024 put B/.300,000 into the operative property rule and replaced the former transitional article. It also introduced a developer-payment option with a bank guarantee and provisions for qualifying family co-ownership.

Official sources: Procuraduría: Law 9 of 24 June 1987; SNM: Pensionado requirements and legal basis (PDF); SNM: own-solvency fixed-deposit route (PDF); SNM: forestry investment and 2021 changes (PDF); SNM: 2012 decrees, including 343 and 416; Decree 197 of 7 May 2021 (PDF); Decree 226 of 20 July 2021 (PDF); Decree 198 of 7 May 2021 (PDF); Decree 722 of 15 October 2020: MICI-hosted English translation (PDF); Decree 109 of 13 October 2022 (PDF, pages 5–8); Decree 193 of 15 October 2024 (Spanish PDF); MICI: Qualified Investor program and requirements.

Friendly Nations Visa: the current FNV route

Who it serves: nationals of the countries and jurisdictions named in the decree, including Canada, the United Kingdom and the United States. Residence in an eligible country is not the same as holding its nationality. Use Decree 226’s actual list when checking other citizenships.

Residence stages: an initial two-year provisional permit, followed by a separate permanent-residence application with the applicable evidence. The second stage is not an automatic conversion.

Choose one qualifying basis

• Employment: a qualifying Panama employer supplies a job letter, company-registration and operating documents. The applicant and employer must address the MITRADEL work-permit process. Incorporating a company alone is not a substitute for meeting this basis.
• Real estate: at least B/.200,000 in qualifying Panama property. The published rule permits financing through a local bank and allows specified personal, company or private-interest-foundation ownership with the required beneficial ownership.
• Fixed deposit: at least B/.200,000 at a bank with a general licence in Panama, free of liens, for at least three years. The three-year banking commitment differs from the two-year provisional permit.

What changed in 2021: the older direct permanent-residence application became a staged process with these specified bases. A bank balance or company used for an older application does not by itself establish eligibility now. Someone with an older permit should have their own grant and transition position checked.

Dependants: prepare relationship records, responsibility and support evidence; adult children have additional age, study and marital-status requirements. Each family member’s ability to work needs its own review. The current SNM checklist also distinguishes the permanent-stage documents.

Budget: the initial checklist lists B/.250 to the Treasury and B/.800 to SNM. Those B/.1,050 in listed charges are not the total cost: obtain a quote for both application stages, cards, legal work, translations, family applications and any investment.

Official sources: Decree 226 of 20 July 2021 (PDF); Decree 197 of 7 May 2021 (PDF); SNM: current Friendly Nations checklist (PDF); MITRADEL: work-permit categories.

Qualified Investor: investments, fees and continuing duties

Created in October 2020. This is a direct permanent-residence route for qualifying foreign investors. It does not use FNV’s eligible-nationality list, but identity, background, entry and investment checks still apply. MICI certifies the qualifying investment; SNM decides the immigration application.

The current investment options

• Property — at least B/.300,000: the qualifying paid amount must meet the lien-free requirement. A higher purchase price can have the excess financed by a local bank. Prepare title/value certifications and evidence that the qualifying funds came from abroad.
• Eligible securities — at least B/.500,000: investments must meet the prescribed Panama securities-market and licensed-brokerage conditions, with the required issuer, custody and regulatory certifications. An existing overseas brokerage balance is not enough.
• Fixed deposit — at least B/.750,000: a qualifying general-licence bank in Panama, a term of at least five years and no liens. This is a different threshold and term from FNV’s deposit option.

What the 2024 amendment changed for property

Decree 193 made B/.300,000 the operative property threshold. For a qualifying promise-to-purchase arrangement, the rules now provide for a licensed trust structure or a full payment to the developer/promising seller backed by the required bank performance guarantee.

The developer-payment option has detailed conditions: the guarantee must cover the investment, remain effective through completion and registration, and be presented annually to MICI. A reservation payment or the developer’s assurance alone is insufficient. If the purchase fails, the decree provides a qualifying substitution mechanism; failing to complete or replace the investment can lead to cancellation.

The amendment also allows qualifying co-ownership between spouses or dependants under its certification conditions. It does not make an unrelated group purchase automatically eligible.

Plan beyond approval

• Holding and reporting: maintain the qualifying investment for at least five years and arrange the annual evidence of its continued existence. Selling or withdrawing early without a compliant reinvestment can jeopardize residence.
• Physical visits: MICI currently instructs investors to visit Panama at least once every two years to maintain permanent residence. Confirm absence rules for your case. This visit guidance does not establish Panama tax residence.
• Processing: Decree 722 sets a 30-working-day resolution period from receipt through the special processing service. Document preparation, investment completion, certification and registration add time; do not treat it as a guaranteed end-to-end moving date.
• Applying from abroad: submission through an attorney can begin before entry, but the decree requires registration before an immigration card is issued.
• Fees and family: Decree 722 lists B/.5,000 to the Treasury plus B/.5,000 to SNM for the principal applicant, and B/.1,000 to each for every included dependant. Confirm all current charges and which family members qualify.

Official sources: Decree 193 of 15 October 2024 (Spanish PDF); Decree 722 of 15 October 2020: MICI-hosted English translation (PDF); MICI: Qualified Investor program and requirements.

Friendly Nations versus Qualified Investor

Official sources: SNM: current Friendly Nations checklist (PDF); Decree 193 of 15 October 2024 (Spanish PDF).

Pensionado: a retirement route with roots in 1987

Law 9 of 24 June 1987 is the historic pensioner framework. Use the current SNM checklist, which also cites the 2008 regulations and 2009 amendment, for today’s financial and documentary tests.

The principal applicant generally needs a lifetime pension of at least B/.1,000 monthly from a qualifying government, international organisation or private provider. Additional dependant support is B/.250 monthly per dependant and can be evidenced as the checklist permits. Private pensions require extra provider and payment records.

Where qualifying Panama property was acquired personally for more than B/.100,000, the stated minimum pension can fall to B/.750. The checklist also permits spouses to combine pensions for the stated minimum. Savings or a portfolio withdrawal plan alone do not prove a lifetime pension.

The principal permit is indefinite. Dependent children have separate temporary status and study/age rules; do not assume the whole family receives the pensioner’s status. Ask separately about work restrictions and any discounts or import concessions you intend to use.

Official sources: Procuraduría: Law 9 of 24 June 1987; SNM: Pensionado requirements and legal basis (PDF).

Remote-worker visa: launched in May 2021

Decree 198 of 7 May 2021, effective on publication on 20 May, created this non-resident short-stay visa. It lasts nine months and can be extended once for the same period, subject to meeting the requirements again.

The route requires qualifying remote work whose effects are abroad and at least B/.36,000 in annual foreign-source income. Employed and self-employed applicants provide different employer/business, client and income evidence, plus health insurance covering their Panama stay.

The visa authorises the approved remote activity without an additional work permit for that activity. It is not a general permission to serve the local market: applicants make a declaration against accepting local work or services under the decree’s terms, and representing the foreign company in local activities can lead to cancellation.

A consultant planning a nine-month stay should map their actual clients and work before applying. Someone seeking indefinite family residence should compare a residence route too; two short-stay periods do not automatically produce permanent residence.

Official sources: Decree 198 of 7 May 2021 (PDF); SNM: remote-worker visa requirements (PDF).

Other programs worth screening

Own economic solvency (Solvencia Económica Propia)

These categories sit in the 2008 regulations, with 2009 amendments. Published requirements include a B/.300,000 property route and a B/.300,000 fixed deposit of at least three years. The deposit checklist expressly describes two years before applying for permanent residence. A mixed property/deposit category also exists; obtain its current calculation and ownership requirements from SNM before structuring a combination.

These routes are separate from Qualified Investor even when a property headline says B/.300,000. Compare stages, charges, ownership, foreign-funds evidence and the permanent-stage documents—not just the investment amount.

Official sources: SNM: own-solvency fixed-deposit route (PDF); SNM: own-solvency property route (PDF); SNM: complete immigration-permit directory.

Forestry investor (Inversionista Forestal)

The current checklist traces the route to the 2008 rules and identifies Decree 199 of 7 May 2021 as the material amendment. It lists B/.100,000 in qualifying reforestation/forestry activity for the provisional route, or B/.350,000 for the direct permanent route. Ministry of Environment registration, direct-investment evidence and corporate/ownership records matter.

The checklist requires at least five years of investment maintenance and annual evidence, and lists an additional B/.2,000 per dependant, which may be evidenced by a local bank reference. Confirm the exact subcategory and stages. Buying ordinary rural land is not proof of an eligible forestry project; review project risks and exit terms independently.

Official sources: SNM: forestry investment and 2021 changes (PDF).

Nationality, qualifications and family can open other routes

• Panama–Italy treaty route: a separate indefinite residence category for Italian nationals. The checklist cites Law 15 of 1 February 1966 and Resolution 4803 of 30 March 2012, and requires economic/professional-purpose and solvency evidence.
• Foreign professional: created under Decree 804 of 9 October 2012. The checklist requires a suitable university qualification, recognition of a foreign diploma and a profession not reserved to Panamanians. Check professional licensing and work permission separately.
• Family and employer routes: marriage to a Panamanian, qualifying family relationships, sponsored employment and special economic-zone employment have their own categories. Use the official directory for the basis that actually matches your circumstances.

Official sources: SNM: Panama–Italy treaty route (PDF); SNM: foreign-professional route (PDF); SNM: complete immigration-permit directory.

Before you choose, collect these answers

1. Confirm the legal route and version. Ask the lawyer to name the subcategory, controlling decree, amendments and current checklist, and explain which rule applies to your intended filing date.
2. Get a family and work plan. List each person’s citizenship, age, relationship, study status and intended work. Confirm their permit and any separate MITRADEL or professional-licensing requirements.
3. Prepare documents in the right order. Expect passport, police/background, health and personal-history records, plus route-specific evidence. Check validity periods, apostille or consular legalisation, and authorised Spanish translations before ordering records.
4. Trace money and ownership. Confirm the source-of-funds trail, title, beneficial ownership, bank licence, liens and financing. Get written confirmation that the proposed asset and structure fit the chosen route before transferring money.
5. Price the full process. Separate the investment from government payments, legal fees, cards, certification, translations, property transaction costs, family applications, a later permanent stage and annual compliance.
6. Calendar what follows approval. Record renewal/permanent-stage dates, investment holding periods, annual filings and absence limits. Keep immigration upkeep separate from tax residence and income-source questions. Residence approval does not itself grant citizenship or a passport.

Your next step is to complete the route-comparison worksheet below and bring the unresolved points to a Panama immigration lawyer. For the practical move itself, continue with the first 90 days checklist.

Official sources: SNM: current Friendly Nations checklist (PDF); MICI: Qualified Investor program and requirements; MITRADEL: work-permit categories; SNM: complete immigration-permit directory.