The decree was signed on September 8 and published in Official Gazette 30613 on September 16, which is when it took effect. It does not amend the previous regime: it replaces it entirely, with 21 new articles. If you were about to buy, the first thing to settle is whether your property counts as new or as resale.
What changes in the amounts
The general minimum investment is still US$300,000. What changes is which investment that figure buys. The middle column shows the rule that applied until September 15.
| Route | Until Sep 15, 2026 | From Sep 16, 2026 |
|---|---|---|
| New property, first sale | US$300,000 | US$300,000 |
| Resale property | US$300,000 | US$500,000 |
| Purchase promise | US$300,000 | US$300,000 |
| Securities through a brokerage | US$500,000 | US$500,000 |
| Fixed deposit at a private bank | US$750,000 | US$750,000 |
| Fixed deposit at Banco Nacional or Caja de Ahorros | US$750,000 | US$500,000 |
The increase that had been announced for October arrived earlier and narrower than expected. It does not hit every property, only those that have already been on the market. The state also adds a discount for deposits placed in its two banks, meant to give them liquidity.
New property or resale property
The decree calls a first sale the initial purchase of a new, unoccupied property transferred by the developer or its successor. The property keeps that status after a subdivision, a declaration of improvements, a transfer into a trust or a corporate reorganization, as long as it was never sold to an unrelated third party.
A resale is any property previously sold, occupied, rented or transferred to an unrelated third party. Inheritance, subdivision or a merger do not count as a prior sale. The authorities can, however, disregard a sham transaction designed to look like a first sale and pay less.
A first sale is proven with a Public Registry certificate and, where relevant, construction or occupancy permits. Ask for them before you sign, not after.
How your investment is valued
Until now it was enough to pay the minimum and prove the property's value with the national land authority, ANATI. Now the amount that counts is the lower of the price actually paid and the property's market value, minus any liens on it.
The Ministry of Commerce and Industries may also require a commercial appraisal when it has reasonable doubts about the price. The appraisal must be less than six months old, signed by an appraiser recognized by Banco Nacional and Caja de Ahorros, and paid by the applicant. If you paid above market value, market value is what counts.
Anything above the minimum can be financed, and it no longer has to be a local bank. The financing only needs to be documented and traceable, and no mortgage may push the net value below the minimum.
Off-plan purchases and purchase promises
A purchase promise still requires US$300,000, either through a trust or by paying the developer in full. In the second case the decree keeps the bank guarantee requirement, but it must now be an irrevocable instrument in the investor's favor: a standby letter of credit, a bank guarantee or a performance bond, renewed every year with the Ministry of Commerce and Industries.
The fallback is what gets stricter. If the developer defaults, you have 180 business days to replace the investment, and only once with another promise. If the second one also fails, only completed investment routes remain. And nobody can hold residency on purchase promises alone for more than three years.
One point is left open. The previous rules banned assigning the rights under the promise without notifying the Ministry first, and the new decree is silent on it. Do not read that as permission: assigning the promise can break the traceability the decree itself requires.
Rules that apply to every route
These are the changes that affect any form of investment:
- Your own money. Donations and gifts from third parties do not count, even from abroad.
- Money already in Panama. It counts if you show it arrived by international transfer in your name or your company's.
- The Ministry's certificate. It is valid for three months and must be current when you file with Immigration.
- Deadlines. The Ministry has 15 business days to certify and you have 15 to fix anything it asks for, or the file is closed. Immigration decides within 30 business days.
- Family added later. Children born and spouses married after approval can be added directly as dependants.
Keeping your status also works differently. If the investment ends before five years, you must report it within 30 days and you get 90 days to reinvest, with cancellation on hold meanwhile. The annual proof of investment is now filed by you, through your lawyer, 30 days before the anniversary of your approval.
The decree also mentions naturalization for the investor and dependants after five consecutive years of residency. That door is governed by the Constitution and the law, not by this decree, so treat it as a more orderly procedure rather than a lower bar.
If you had already started
The transition rules are where you can save the most money. An application filed with the Ministry or with Immigration before September 16 follows the previous rules. Investment certificates already issued remain valid until they expire.
Holders or applicants of Economic Solvency residency have twelve months to switch to Qualified Investor, under the new amounts. Investments made before October 15, 2020 are not accepted for that switch.
What does not change
Government fees stay the same: US$5,000 to the National Treasury and a US$5,000 repatriation deposit for the main applicant, and US$1,000 and US$1,000 for each dependant. The investment must still be held for five years, Immigration still decides within 30 business days, and you can still file from abroad through a lawyer.
The Friendly Nations visa does not change either. It is a different route under a different decree and still asks for US$200,000 in exchange for two years of provisional residency. For the full picture of the program, the guide to the Panama Qualified Investor visa starts from the beginning.
What to do now
If you are about to invest, the order of steps matters more than ever:
- Confirm with the Public Registry that the property is a first sale before you sign.
- Compare the price with market value: anything you overpay does not count.
- If you buy off-plan, get the bank guarantee written into the contract, not afterwards.
- If you bought or signed before September 16, file no later than March 16, 2027.
- Gather your foreign documents early, especially proof that the funds are yours and come from abroad.
If you are buying in order to reside, the guide on buying property in Panama for residency walks through the purchase. And remember that this permit is about immigration: tax residency follows different rules.