Contents of this guide
What the rule requires by property type
Executive Decree 17 of September 8, 2026 was published in Gaceta Oficial 30613 on September 16, 2026 and replaces Executive Decree 722 of 2020 and its amendments. It was signed by President José Raúl Mulino and Public Security Minister Frank Alexis Ábrego. The number that circulates in the press matches the official text. Article 4 separates two real estate sub-modalities:
- First sale, B/.300,000.00 minimum: the initial purchase of a new, unoccupied property transferred by the promoter, developer or their successor.
- Secondary market, B/.500,000.00 minimum: a paid transfer of a property that was previously marketed, occupied, rented or transferred to an unrelated third party.
There is also a route through a purchase promise contract, with a B/.300,000.00 minimum (article 7), meant for units that are not yet built or registered. The applicable amount therefore depends on the property’s history, not on the buyer’s preference. A property that already had a first buyer, was occupied or was rented falls in the B/.500,000.00 category even if the building is recent. The Ministry of Commerce and Industries (MICI) announced the reform in its September 21 statement, and Radar summarized the amounts for the other routes in the article on the qualified investor decree.
New versus resale: comparison table
The table sets out what the decree says and the due diligence points that follow from it. It includes no market prices, which vary by project and are not set by the decree.
| Aspect | New property (first sale) | Resale property (secondary market) |
|---|---|---|
| Legal minimum | B/.300,000.00 (article 4, letter a) | B/.500,000.00 (article 4, letter b) |
| Required condition | New, unoccupied and transferred by promoter, developer or successor | Previously marketed, occupied, rented or transferred to an unrelated third party |
| How the condition is shown | Public Registry certification and, as applicable, construction or occupancy permits and tax records | Documented paid transfer; the Public Registry shows the chain of owners |
| Value that counts | The lower of the price actually paid and the documented market value, minus the balance of real liens (article 5) | Same rule: the net value must equal or exceed B/.500,000.00 |
| Due diligence risk | That the new and unoccupied status cannot be proven; in off-plan purchases, that the project is not registered on time | Liens and mortgages that reduce the net value; a gap between cadastral value, price and market that leads to an appraisal request |
| Off-plan purchase | Purchase promise route (article 7): trust deposit, or 100% paid to the developer with an irrevocable bank instrument; three-year cap | Not applicable as such: the property already exists and is transferred |
| Advantage under the rule | Lower entry threshold | A finished, registered property, so title and liens can be checked before paying |
| Drawback under the rule | More paperwork on the property’s origin and, off-plan, yearly guarantees | A threshold B/.200,000.00 higher and more weight on the appraisal and liens |
The decree’s exceptions keep certain acts from changing the category. Subdivision, a declaration of improvements, a contribution to a trust or a corporate reorganization with no sale to a third party do not remove first-sale status. In the secondary market, subdivision, inheritance, a trust contribution or a merger with no marketing to a third party do not count as a prior sale. The authority keeps the power to disregard simulated acts or acts meant to avoid the applicable amount.
What to check before buying
The decree does not replace a legal review of the property, but it points to several items that MICI’s National Investment Directorate examines when it issues the certification. A list ordered by what the text requires:
- Confirm the property’s category. If it is a first sale, the Public Registry certification and, as the case may be, construction or occupancy permits show that it is new. If it already had an owner or occupants, the B/.500,000.00 minimum applies. The guide to searching the Public Registry online explains how to see properties and mortgages.
- Review the title and liens. The net computable value deducts the balance of every real lien on the property. A registered mortgage reduces what counts toward the minimum.
- Obtain the cadastral certification. The National Land Authority (ANATI) certifies the cadastral information, and that certification remains required (article 6).
- Plan for an appraisal. MICI may request an independent private or commercial appraisal when there is reasonable doubt about value. It must be less than six months old, signed by a qualified professional recognized by Banco Nacional de Panamá and Caja de Ahorros, and the appraiser must be independent of the parties. The applicant pays for it.
- Document the payment and the source of funds. The funds must come from abroad, belong to the applicant and be traceable. Donations and free transfers from third parties do not count (article 2).
- Decide who appears as owner. The investment may be held through a company or private interest foundation, provided the beneficial owner and effective control are shown. In co-ownership, each principal applicant must show the minimum, except for joint investment with a spouse and dependents on the same application.
- File the application on time. The Investment Certification is valid for three months from issue and must be in force when the complete application is filed with Immigration.
Buying property as a foreigner also has its own steps and costs, which Radar covers in the guide to buying property in Panama as a foreigner. Legal Solutions Panamá, a firm based in Panama City, states on its investor residence permit page that it assists with reviewing sales contracts and registering the property in the Public Registry. The firm’s residence permits page lists the other categories.
How long the investment is held
Article 12 sets a minimum holding period of five years. The resident acts through an attorney and must show MICI each year that the investment remains in place, with documents filed within the 30 calendar days before the anniversary of the immigration resolution, until the five years are complete.
If the investment ends, is sold, is replaced or ceases to exist before that period, the resident must notify MICI within 30 calendar days. The Ministry grants up to 90 calendar days to show an equivalent reinvestment. If that is not done, the permanent residency granted by Immigration is cancelled ex officio. While that period runs, any action to cancel it is suspended.
Off-plan purchases have their own rules. If the deal is not completed because of the developer’s breach, the investor has 180 business days to replace the investment, and that option can be used only once. The time accumulated with immigration status based only on purchase promises cannot exceed three years, continuous or not. After five consecutive years of residency, a qualified investor and dependents can also apply for Panamanian citizenship by naturalization, in line with the Constitution (article 14). Article 15 sets processing limits: up to 15 business days for MICI’s certification and up to 30 business days for the immigration resolution, counted as the decree provides. For how these work in practice, Radar collects the processing times for immigration procedures.
Common mistakes
- Assuming “new” depends on the construction date. The rule speaks of a first sale by the promoter, not the age of the building. A unit already sold or rented is secondary market.
- Counting the list price as the investment. What counts is the lower of the amount paid and the documented market value, minus real liens. A price set well above reasonable value is not counted in full.
- Overlooking the effect of a mortgage. The part above the minimum can be financed, but no lien may bring the net value below the applicable minimum.
- Paying with funds that do not come from abroad. The decree requires own funds from a foreign source with traceability; third-party donations do not count.
- Letting the certification expire. It lasts three months and must be in force when the application is filed with Immigration.
- Selling without notice. Within the five years, selling the property requires notifying MICI in 30 days and reinvesting within at most 90.
- Treating the appraisal as a substitute for the other documents. The decree treats it as a complement: it does not replace proof of actual payment, the foreign source of funds or ownership.
Which option fits which profile
The rule recommends neither option; the decision criteria come from its provisions. A guide by profile, without market prices:
| Profile | Option that usually fits | Why, under the decree |
|---|---|---|
| Budget close to the minimum and willingness to wait for delivery | First sale, including the purchase promise | B/.300,000.00 threshold; a promise requires a trust or bank guarantee and caps status based only on the promise at three years |
| Wants a finished, registered property from day one | Resale | Title, liens and occupancy can be checked before paying, with a B/.500,000.00 minimum |
| Prefers not to depend on a project being built | Finished property, new or resale | Replacement after a developer’s breach has a deadline and can be used only once |
| Buying with a partner or associates | Either, with attention to ownership | In co-ownership, each principal applicant shows the minimum, except for joint investment with a spouse and dependents |
| Considering financing part of the price | Either, with the excess financed | Financing only counts above the excess and cannot lower the net value below the minimum |
Readers weighing other routes, such as securities, term deposits or Friendly Nations, will find the full picture in the eight residency routes compared and in the article on residency in Panama by investment.
Legal Solutions Panamá handles investor residency applications and reviews property purchase contracts before the file is submitted.
Frequently asked questions
How much must be invested in property for Panama residency?
B/.300,000.00 if the property is a first sale, meaning new, unoccupied and transferred by the developer, and B/.500,000.00 if it is secondary market. This is set by article 4 of Executive Decree 17 of September 8, 2026.
Does a resale property qualify for the investor visa?
Yes. The decree accepts it as a secondary-market investment, with a B/.500,000.00 minimum. The value that counts is the lower of the price paid and the documented market value, minus real liens.
Can the property be financed with a mortgage?
In part. When the purchase value exceeds the minimum, the excess can be financed if the financing is documented and traceable and no lien reduces the net computable value below the minimum (article 5).
How long must the investment be held?
A minimum of five years, with an annual check with MICI through the attorney. If the investment ends or is sold earlier, MICI must be notified within 30 calendar days and up to 90 days are allowed to reinvest (article 12).
What documents does Immigration ask for to prove the property?
The property is proven to MICI, which issues the Investment Certification that Immigration then receives. It includes a Public Registry certification, an ANATI cadastral certification, proof of payment and of the foreign origin of the funds and, if requested, an independent appraisal less than six months old.
The information in this guide is general and does not replace the advice of a qualified attorney for the specific case. The decree does not set guaranteed approval times, and each file is assessed on its own.
Related articles
- Qualified investor in Panama: new amounts, routes and timelines under the September decree
- Residency in Panama by investment: Qualified Investor, Friendly Nations and Pensionado compared
- Buying property in Panama as a foreigner: process, taxes and exemptions
- How to search Panama’s Public Registry online: companies, properties and mortgages
- Economic Solvency Residency: How to Move to Qualified Investor in Panama
- Family Reunification in Panama: Who Can Apply, What It Requires and What Slows It Down
- Work Permit for Foreigners with Family Reunification Residency in Panama
- Panama Residency for US and Canadian Citizens: Routes, Documents and Common Mistakes
Sources
All sources were checked on October 6, 2026. Official sources are in Spanish.
- Gaceta Oficial Digital 30613, September 16, 2026: Executive Decree 17 of September 8, 2026 (articles 2 to 8, 12 to 15 and 18 to 21).
- MICI, Panama expands the Qualified Investor program (September 21, 2026).
- MICI, new Qualified Investor decree (September 28, 2026).
- Legal Solutions Panamá, investor residence permit.
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