Contents of this guide
What the rule says about switching
Executive Decree 17 of September 8, 2026, published in Gaceta Oficial 30613 of September 16, created the current Qualified Investor regime and replaced Executive Decree 722 of 2020 in all its parts. Its article 18, titled “Transitional Provision on Category Conversion,” says that foreigners with pending applications or a valid status as permanent residents by own economic solvency (solvencia económica propia) may ask, within the following twelve months, to move to the subcategory of Permanent Resident as a Qualified Investor, provided they prove the minimum amounts and other applicable requirements.
Three conditions come from the text itself. The first is the window: after those twelve months, applications follow the general rules in force when they are filed. The second is the investment: only those made on or after October 15, 2020 are considered, and they must meet the decree’s traceability, ownership and value requirements. The third is that this is an application, evaluated by the Ministry of Commerce and Industries (MICI) and decided by the National Immigration Service. The article does not declare a conversion by operation of law. For the wider picture, Radar’s piece on the Qualified Investor visa and its new amounts covers the whole decree.
Economic solvency compared with Qualified Investor
Both categories are permanent residence for economic reasons, but the demands differ. The solvency column reflects the original text of Executive Decree 320 of 2008 published in Gaceta Oficial 26104, without any later amendments that may exist; the Qualified Investor column reflects the 2026 decree.
| Aspect | Own economic solvency | Qualified Investor |
|---|---|---|
| Legal economic requirement | B/.300,000.00 in real estate, a fixed-term deposit or both (article 191) | At least B/.300,000.00 from foreign sources, with a scale by type of investment (article 2) |
| Real estate | Property worth B/.300,000.00 or more, free of liens (article 193) | B/.300,000.00 if first sale; B/.500,000.00 if secondary market (article 4) |
| Fixed-term deposit | B/.300,000.00 in a general-license bank, at least three years (article 192) | B/.750,000.00 in a private bank; B/.500,000.00 in Banco Nacional or Caja de Ahorros; five years (article 9) |
| Securities | Not listed among the 2008 regulation’s options | B/.500,000.00 through a licensed brokerage, five years (article 8) |
| How long the investment is held | Fixed-term deposit of at least three years | Five years, with an annual check before the MICI (article 12) |
| Key documents | Bank certification or Public Registry certificate, plus the common requirements of article 28 of Decree-Law 3 of 2008 | MICI Investment Certification, proof of funds from abroad and the article 28 requirements, except item 4 (article 11) |
| Regulated deadlines | No deadline appears in the text reviewed | Up to 15 business days for the certification and up to 30 business days for the decision (article 15) |
| Who it suits | Someone who already holds the B/.300,000.00 investment and wants to keep it | Someone who reaches the new regime’s amounts and wants its filing and maintenance scheme |
One practical difference: the 2026 decree counts a property at the lower of the price paid and the documented market value, minus real liens (article 5). A full comparison of options is in Radar’s guides to residency by investment and the eight residency routes compared.
Steps under the decree
The decree does not describe a separate procedure for the switch. What it sets are the rules of the destination subcategory, which apply to anyone requesting the change. In order:
- Confirm the case falls under article 18: a valid permit as own economic solvency, or a pending application, as of September 16, 2026, and an application filed within the twelve months.
- Check the current investment against the amount for the chosen type, and confirm it was made on or after October 15, 2020, with provable ownership, traceability and value.
- Gather proof that the funds came from abroad: a bank letter, a legalized account statement or a notarized letter with bank certification (article 3). The MICI may ask for additional documents.
- Obtain the Investment Certification from the MICI through its electronic platform. It is valid for three months and must be valid when the complete application is filed with Immigration (article 3).
- File the application with the National Immigration Service with the article 28 requirements of Decree-Law 3 of 2008 and the payments in article 11. It may be filed through a special attorney-in-fact, with biometric registration before any card is issued (article 16).
- Wait for the decision, which the decree sets at up to 30 business days from formal receipt of the complete file.
The article 11 payments are B/.5,000.00 to the National Treasury and B/.5,000.00 as a repatriation deposit for the main applicant, and B/.1,000.00 plus B/.1,000.00 for each dependent. These are state charges, not legal fees. Radar’s piece on what a lawyer does in each phase of a residence permit explains who handles each stage.
What to check before deciding
- The investment date. Only investments made on or after October 15, 2020 count (article 18).
- The amount against the type. A second-sale property of B/.300,000.00 meets solvency, but the 2026 decree requires B/.500,000.00 for the secondary market.
- The source of funds. The decree requires the applicant’s own funds from foreign sources and does not accept donations or free transfers from third parties (article 2).
- Ownership. If the asset is held by a company or foundation, beneficial ownership and effective control must be proven with legalized or apostilled documents (article 2).
- The current fixed-term deposit. Solvency requires three years; the new regime asks for five years of maintenance and an annual check.
- Liens. The net computable value deducts mortgages and other real liens (article 5).
- When the window closes. The twelve months run from the decree taking effect; it applies from promulgation, published on September 16, 2026.
Common mistakes
- Assuming the permit converts by itself. Article 18 lets holders ask for the change; it does not grant it automatically.
- Counting investments made before October 2020. The article itself excludes them.
- Letting the window close. After twelve months the general rules at the time of filing apply.
- Letting the Investment Certification expire. If it lapses before filing, a new one must be requested (article 3).
- Mixing amounts from different regimes. The B/.300,000.00 for solvency is not the minimum for every option in the 2026 decree.
- Reading the 2026 decree as cancelling permits already issued. It does not cancel existing permits; it offers an optional route to switch.
When switching may not make sense
The rule offers the switch as an option, not an obligation. Someone who already holds permanent residence by economic solvency, and whose investment meets what was required when it was granted, can in principle keep that status without doing anything new; the 2026 decree does not order a change of category. Switching may not suit when the current asset falls short of the destination amount, when the investment predates October 15, 2020, when the origin of funds is hard to document to the new standards, or when a five-year commitment with annual checks does not fit the holder’s plans. In the 2026 decree, articles 4 to 9 regulate the options of real estate, purchase promise contracts, securities and fixed-term deposits.
Legal Solutions Panama, a firm based in Panama City, presents on its investor residence page the route through a fixed-term deposit or real estate of $300,000 or more, and assists foreigners with the investor residence permit. Its other categories are on its residence permits hub. The information in this piece is general and does not replace the advice of a qualified lawyer for the specific case.
To see how the firm presents investor residence, through a fixed-term deposit or real estate, the information is on its investor page.
Frequently asked questions
Can economic solvency residency be converted into Qualified Investor?
Yes, during a temporary window and through an application. Article 18 of Executive Decree 17 of 2026 allows the change to be requested within twelve months of its taking effect by anyone with a valid permit as own economic solvency or a pending application, if they prove the applicable amounts and requirements.
What new requirements apply?
Those of the destination subcategory: a minimum investment of B/.300,000.00 from foreign sources with a scale by type, a MICI Investment Certification, proof of funds, five years of maintenance with an annual check, and the article 11 payments. Only investments made from October 15, 2020 count.
Is the time already spent as a resident lost?
The decree does not say. Article 18 does not explain how earlier residence time is counted, and at the time of writing no official source confirms it. The only reference to years of residence is article 14, which speaks of five consecutive years to apply for naturalization under the Constitution.
How long does the switch take?
The decree sets maximum deadlines for the destination regime: up to 15 business days for the Investment Certification and up to 30 business days for the immigration decision, counted from when the file is complete and admitted. There is no specific deadline for the conversion, and those deadlines do not include corrections or legally valid suspensions.
Which documents must be filed?
Proof of the investment and its ownership, proof that the funds came from abroad (a bank letter, a legalized account statement or a notarized letter with bank certification), the MICI Investment Certification, the common requirements of article 28 of Decree-Law 3 of 2008 and the article 11 payments. Foreign documents must be legalized or apostilled.
Related articles
- Panama’s qualified investor visa: new amounts, routes and timelines
- Residency in Panama by investment: Qualified Investor, Friendly Nations and Pensionado compared
- Panama’s eight residency routes compared
- How long each immigration procedure takes in Panama
- New or Resale Property: How Much to Invest for Panama Residency by Investment
- Family Reunification in Panama: Who Can Apply, What It Requires and What Slows It Down
- Panama Residency Through a Panamanian Child: Requirements, Age and Permit
- Panama Residency by Marriage to a Panamanian: Provisional, Permanent and What Happens in a Divorce
- Work Permit for Foreigners with Family Reunification Residency in Panama
Sources
All sources were checked on October 6, 2026. Official sources are in Spanish.
- Gaceta Oficial Digital 30613 of September 16, 2026: Executive Decree 17 of September 8, 2026, articles 2 to 5, 8, 9, 11, 12, 14 to 16 and 18 to 21.
- Gaceta Oficial Digital 26104 of August 13, 2008: Executive Decree 320 of 2008, articles 191 to 195.
- Legal Solutions Panama, investor residence permit and residence permits.
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