The Executive Branch of the Republic of Panama informed through official means that nationals of friendly countries, as is the case of the Republic of Peru, may request a provisional resident permit in Panama, which will be valid for two years, either for work reasons, investments in real estate or fixed-term deposits in the banking sector, reported the newspaper La Estrella de Panamá.
To opt for the permanent residency mentioned above, applicants must apply to the qualified investor program, signed by President Laurentino Cortizo Cohen under Executive Decree No. 722 of October 15, 2020, which indicates that, in order to apply for this program, foreign investors must invest in real estate properties for a minimum of B/. 300,000 during the first 24 months of the decree’s effectiveness. After this time, the amount rises to B/. 500,000.
The objective of these new regulations is to stimulate economic reactivation by attracting high net worth investors and thus stimulate different sectors of the economy such as real estate and construction in Panama.