Our lawyers in Panama, MarÃa Cristina Fábrega and Issa RodrÃguez, experts in immigration matters, share this article with us about the modifications made to the Permanent Residence Permit as a Qualified Investor, which will come into effect this year.
. Decree 109/2022 establishes that, to apply for the Permanent Residence Permit as a Qualified Investor, the applicant must prove having made some form of investment, such as:
- For real estate investment reasons.
- Due to real estate investment through a promise of sale contract.
- Due to investments made through a Brokerage House with a license approved by the Superintendency of the Securities Market of Panama.
- Due to investment in Fixed Term Deposit in the banking sector.
Now, as of October 15, 2024, the law increases the requirement for real estate investment, which will go from US$ 300,000.00 to US$ 500,000.00, as established in article 10. Additionally, the new rules propose other formal changes in the petition requirements. For this type of Permanent Residence, for example, starting in October, the intervention of the Notary Public will be required, who must authenticate the copies or endorse the promise of sale contracts or the trust contracts.
If you are interested in applying for this type of visa, or if you have questions about how to apply these changes, do not hesitate to contact us.
Authors:
mariacristina.fabrega@ariaslaw.com
Issa.Rodriguez@ariaslaw.com
