Panama Golden Visa

Quick Visa Facts
Visa length Permanent residency
Possible to extend? Not needed
Who can apply? Foreign investors and dependents
Minimum Income Requirements Must show financial self-sufficiency
Time for visa applications 30–60 working days
Want to know if you can apply?
Complete a visa quiz and see if you qualify!
Dreaming of living, investing, or retiring in a country where tropical beaches meet modern opportunity? Panama’s Golden Visa program opens the door to permanent residency, and potentially citizenship, through qualified investment. Backed by one of Latin America’s most stable economies and a welcoming business environment, Panama offers investors a secure way to live, work, and grow in the heart of the Americas.
Whether you’re seeking a strategic base for international business or a peaceful second home surrounded by natural beauty, the Panama Golden Visa provides a straightforward path to residency with real, long-term benefits.
Panama Golden Visa Overview
Panama’s Qualified Investor Visa (commonly called the Golden Visa) is a program created to attract foreign capital and stimulate economic development. It allows qualified foreign nationals to obtain permanent residency in Panama in exchange for making a substantial investment under defined terms.
This visa was established by Executive Decree No. 722, issued on October 15, 2020, which created a new residency category: Permanent Resident as a Qualified Investor under the broader category of Permanent Resident for Economic Reasons. In October 2024, Decree No. 193, also effective October 15, 2024, modified some of the investment thresholds and expanded flexibilities.
Who Is It For?
Foreign nationals who wish to permanently reside in Panama by making a qualifying investment.
High-net-worth individuals or investors seeking stable residency, often to enjoy Panama’s business environment, tax regime, lifestyle, or as a base of operations.
Applicants who can provide funds from abroad (foreign source funds) to meet the minimum investment requirements.
Dependents: typically included are spouse, children (under certain age/type of study), and sometimes parents or other dependent family members.
What Does It Allow You to Do?
Gain permanent residency in Panama from day one (once approved).
Live, work, and study in Panama under the rights of a permanent resident. You and your approved dependents can move to Panama and reside there without needing special work permits.
Access to a Panamanian identity card (cédula) once permanent residency is granted, which enables many of the civil and administrative benefits of residency.
Apply for Panamanian citizenship after maintaining residency for five years, subject to meeting legal requirements.
Flexibility in some investment types: you can invest via real estate (free of liens), stock exchange securities, or fixed-term bank deposits. Under Decree 193, there are updated minimum amounts and more options, such as promise of sale contracts, co-ownership, etc.
Fast processing: once all documentation is in order, approval times are relatively short (around 30 working days) under many implementations of the program.
Panama Golden Visa Requirements
Here are the documents and other requirements you must have to apply for Panama’s Qualified Investor. Some are standard, others are special or more stringent.
Basic documents required:
Valid passport (copy of all pages), with a minimum validity of at least 6 months.
Apostilled or authenticated copy of the passport if applying from abroad.
Completed application forms (including personal history/background declaration)
Passport-size photos (typically five)
National criminal record/police clearance certificate from the country of origin or residence; valid, apostilled, or authenticated.
Certificate of good health, showing absence of contagious diseases; sometimes must be issued within a recent timeframe.
Declaration of personal background/affidavit of personal history.
Proof of payment of government fees: payments to the National Migration Service and to the National Treasury.
If applying with dependents: documents proving relationship (marriage certificate for spouse, birth certificates for children), proof of address, possibly single status or student status certificates for older dependents.
Proof of Investment and Source of Funds
To qualify for Panama’s Golden Visa, applicants must make an eligible investment using funds transferred from abroad. According to Executive Decree No. 193 of 2024, there are three main options. The minimum investment for real estate is USD 300,000 (B/. 300,000), which may be made through a property purchase or a notarized promise of sale backed by a trust.
Those investing through Panama’s securities market must commit at least USD 500,000 (B/. 500,000) in securities purchased via a licensed brokerage firm. A third option is a fixed-term bank deposit of USD 750,000 (B/. 750,000) placed in a regulated Panamanian bank. All investments must be maintained for at least five years and be free of liens or encumbrances.
Applicants also need to prove the foreign origin of their funds, providing certified bank letters, transfer receipts, and statements to confirm that the money was legally obtained and transferred from abroad. All financial documents must be apostilled or authenticated, and any non-Spanish documents must include certified translations.
Proof of Financial Self-Sufficiency
Applicants must show they can support themselves and any dependents while living in Panama. This is typically done through bank statements, investment summaries, or income proof from abroad. All documents issued outside Panama must be apostilled or authenticated, and translations into Spanish are required if necessary. The goal is to demonstrate stable finances beyond the required investment, ensuring residents can cover living expenses without relying on local assistance.
Private Health Insurance
Another important requirement is private health insurance coverage. While Panama has a strong public healthcare system, foreign residents are typically expected to maintain private insurance to cover medical expenses, especially during their initial years of residency. Applicants should submit proof of an active private health insurance policy valid in Panama, issued either locally or by an international provider. This requirement ensures that residents will not become a financial burden on the Panamanian healthcare system.
Travel insurance is not accepted; it must be long-term residency health insurance. You can find our recommendations for the best health insurance plans for digital nomads here.
Document Authentication and Translation
All documents issued outside Panama, such as criminal records, marriage certificates, and bank letters, must be legalized through a Panamanian consulate or apostilled under the Hague Convention. Any document written in a language other than Spanish must be accompanied by a certified translation prepared by a licensed Panamanian translator. Without proper authentication and translation, the National Migration Service will not accept the paperwork for processing.
How to Apply for the Panama Golden Visa – Step-by-Step Instructions
Applying for the Panama Golden Visa is a structured process that ensures all legal, financial, and documentation requirements are met.
Step 1: Prepare Your Documents
Before starting your application, gather all required documents. This includes a valid passport, police clearance certificate, medical certificate, proof of investment, and evidence of financial self-sufficiency. Any documents issued abroad must be apostilled or authenticated, and documents not in Spanish should be accompanied by a certified translation. Dependents’ documents, such as marriage or birth certificates, should also be prepared.
Step 2: Make the Qualifying Investment
Choose one of the approved investment options: real estate, securities, or a fixed-term bank deposit. Ensure the investment meets the minimum threshold established by Executive Decree No. 193 (2024) and that all funds come from abroad. Obtain official receipts, bank confirmations, or notarized contracts as proof of your investment.
Step 3: Complete the Application Forms
Fill out the official Panama Golden Visa application forms, providing accurate personal, financial, and family information. Include all declarations of personal history, background, and any affidavits required by Panamanian immigration authorities. Ensure that the forms are complete, signed, and ready for submission.
Step 4: Submit Your Application
Submit your application to the Panama National Migration Service or through a licensed Panamanian immigration attorney. Include all documents, investment proofs, and government fee payments. If applying with dependents, attach their documentation as well. The National Migration Service will review the submission and may request additional information if needed.
Step 5: Application Review and Approval
Once submitted, the authorities will verify your investment, check your documentation, and perform background checks. This process usually takes several weeks. Upon approval, you will receive confirmation of your permanent residency status and instructions on completing any remaining formalities.
Step 6: Finalize Residency
After approval, complete any final steps such as registering property deeds, confirming bank deposits, or obtaining your Panamanian cédula (identity card). Once these steps are complete, you can officially move to Panama and enjoy the benefits of permanent residency under the Golden Visa program.
Stay Requirements
The Panama Golden Visa allows holders to maintain permanent residency without a strict minimum stay requirement. Unlike some other residency programs, there is no obligation to live in Panama for a set number of days each year, making it ideal for investors who wish to divide their time between countries. However, to maintain the validity of certain benefits, such as eligibility for Panamanian citizenship, applicants are generally expected to maintain ties to the country, which can include periodic visits, property ownership, or continued investment activity.
While residency is flexible, it is important to comply with local regulations, file any required taxes, and ensure your investment remains active throughout the residency period. This flexibility allows Golden Visa holders to enjoy Panama as a second home or business hub without the pressure of continuous physical presence, while still keeping the pathway open for long-term benefits such as citizenship after five years.
How Much Does the Panama Golden Visa Cost?
The total cost of obtaining a Panama Golden Visa includes several components, covering the required investment, government fees, and additional administrative expenses. The primary cost is the qualifying investment, which depends on the option chosen: real estate requires a minimum of USD 300,000 (B/. 300,000), investing in securities starts at USD 500,000 (B/. 500,000), and a fixed-term bank deposit must be at least USD 750,000 (B/. 750,000).
In addition to the investment itself, applicants must pay government processing fees to the Panama National Migration Service and the National Treasury. These fees typically range between USD 1,000 and USD 2,000 for the main applicant, with additional fees for each dependent included in the application.
Other costs may include notarization and apostille services, certified translations, lawyer or immigration service fees, and medical or background check certificates. While these vary depending on individual circumstances, applicants should budget an additional USD 3,000–5,000 to cover all associated administrative and professional services.
Overall, while the main investment represents the largest portion of the cost, it is important to account for these additional fees to ensure a smooth and compliant application process.
Taxes for People With a Panama Golden Visa
Holders of the Panama Golden Visa benefit from Panama’s territorial tax system, which means they are generally taxed only on income generated within Panama. Foreign income, such as earnings from investments, salaries, or business activities outside Panama, is not subject to Panamanian income tax. This makes the Golden Visa particularly attractive for international investors and expatriates who want to maintain financial flexibility while residing in the country.
Residents are still required to comply with local tax regulations if they earn income within Panama. This includes reporting Panamanian-sourced income and paying the applicable income tax, which ranges from 15% to 25% depending on the level of earnings. Panama also has other taxes, such as property taxes and certain municipal fees, which apply to residents who own real estate or conduct business in the country.
It is important for Golden Visa holders to maintain proper records of both domestic and foreign income, particularly if they are subject to taxation in other countries, to ensure compliance with international tax obligations. Consulting a local tax advisor is recommended to navigate these requirements efficiently and take advantage of Panama’s favorable tax framework.
Living in Panama with the Golden Visa
Living in Panama with the Golden Visa offers a unique combination of financial freedom and lifestyle benefits. Holders of the visa can reside permanently in the country, enjoying access to modern cities, world-class healthcare, and a stable economy while maintaining their international investments. The visa also allows for the inclusion of dependents, making it an ideal option for families seeking a safe and flexible base in Central America. With no strict minimum stay requirement, residents can divide their time between Panama and other countries while keeping their permanent residency status active.
In addition to flexibility, Panama provides a welcoming environment for expatriates, with diverse cultural experiences, excellent infrastructure, and a growing expat community. Residents can explore tropical beaches, mountain retreats, and cosmopolitan urban centers, all while benefiting from a low cost of living compared to other North American or European countries. The Golden Visa makes it easy for investors and their families to fully enjoy the lifestyle, work, and educational opportunities available in Panama, creating a secure and comfortable foundation for long-term residence.
Best Cities to Live in Panama
Panama City
Panama City, the country’s vibrant capital, is the economic and cultural hub of Panama. It offers a modern skyline, world-class shopping, fine dining, and an international business environment. Residents enjoy easy access to healthcare, education, and transportation, including Tocumen International Airport for global connectivity. The city’s cosmopolitan lifestyle is balanced by nearby historic sites such as Casco Viejo and lush green spaces, making it ideal for those seeking a dynamic urban experience.
Boquete
Nestled in the highlands of Chiriquí Province, Boquete is a picturesque town known for its cool climate, coffee plantations, and natural beauty. It attracts retirees and expats seeking a slower, more relaxed lifestyle while still enjoying modern amenities. Boquete offers excellent outdoor activities, including hiking, birdwatching, and river rafting, as well as a welcoming international community, making it a top choice for families and retirees alike.
Coronado
Coronado, located on Panama’s Pacific coast, is a popular beach town for expatriates and investors looking for a coastal lifestyle. With easy access to Panama City and high-quality gated communities, Coronado combines convenience with leisure. Residents enjoy beaches, golf courses, and a growing selection of restaurants and shops, making it ideal for those who want both relaxation and modern comforts. Its sunny climate and strong expat network make it a great option for families, retirees, and remote workers.
Cost of Living
The official currency of Panama is the Panamanian Balboa (PAB). 1 PAB = 1 USD.
The average net monthly salary in Panama is around $734 USD, which equates to approximately 734 PAB.
Here’s a rundown of what you should expect to pay in different cities:
Panama City
Rent (1 bedroom in city center): Approximately $1,050 USD per month.
Rent (3 bedrooms outside city center): Around $1,300–$1,800 USD per month.
Basic Utilities: Typically $100–$150 USD per month.
Wi-Fi: Generally $30–$60 USD per month.
Public Transport: Bus fares are about $0.35 USD per ride.
Groceries (2 people): Approximately $300–$500 USD per month.
Boquete
Rent (1 bedroom in city center): Around $700–$900 USD per month.
Rent (3 bedrooms outside city center): Approximately $1,200–$1,500 USD per month.
Basic Utilities: Typically $50–$100 USD per month.
Wi-Fi: Generally $50–$100 USD per month.
Public Transport: Local buses are about $1.75 USD per ride.
Groceries (2 people): Approximately $400–$500 USD per month.
Coronado
Rent (1 bedroom in city center): Around $800–$1,200 USD per month.
Rent (3 bedrooms outside city center): Approximately $1,500–$2,000 USD per month.
Basic Utilities: Typically $100–$150 USD per month.
Wi-Fi: Generally $30–$50 USD per month.
Public Transport: Buses to Panama City cost about $2.50 USD each way.
Groceries (2 people): Approximately $350–$450 USD per month.
FAQs
What is the Panama Golden Visa?
The Panama Golden Visa, also known as the Qualified Investor Visa, is a program that grants permanent residency to foreign investors who make a qualifying investment in Panama. It offers flexibility, family inclusion, and a pathway to citizenship after five years.
How much do I need to invest for the Golden Visa?
Applicants must invest a minimum of USD 300,000 in real estate, USD 500,000 in securities, or USD 750,000 in a fixed-term bank deposit, all using funds from abroad. The investment must be maintained for at least five years.
Do I have to live in Panama to keep the Golden Visa?
No strict minimum stay is required. Visa holders can divide their time between Panama and other countries, although maintaining ties to Panama is important for long-term benefits, such as citizenship eligibility.
Can my family join me with the Golden Visa?
Yes. Dependents, such as a spouse, children, and sometimes parents, can be included in your application, allowing the entire family to obtain permanent residency.
What taxes do Golden Visa holders pay in Panama?
Panama operates a territorial tax system, so residents are generally taxed only on income earned within Panama. Foreign income is typically exempt, making the program attractive for international investors.
Author
Nadia Dardón is a content creator from Guatemala. She has worked fully remotely for the past six years as a copywriter, editor, and content creator, working for different industries. She started her digital nomad journey in 2022 and currently lives as an expat in Spain.