The eight programmes in one table
| Country | Minimum investment | Residency | Presence to keep it | Citizenship | Taxes |
|---|---|---|---|---|---|
| Panama | 300,000 dollars in a new property; 500,000 in resale, stock exchange or state bank; 750,000 in a private bank | Direct permanent; 30-day resolution; hold 5 years | One entry every two years | 5 years; Spanish and exam | Territorial; personal income up to 25% |
| Paraguay | 70,000 dollars in a company with five jobs; 150,000 in tourism; 200,000 in real estate or securities | Direct permanent with the April 2026 investor pass | Maximum absence of three years | 3 years; court procedure | Territorial; personal income 8 to 10% |
| Dominican Republic | 200,000 dollars in property, company or certified project | Direct permanent; official resolution in 45 working days | No verified minimum | Naturalisation by investment with six months of residency | Territorial; foreign financial income taxed from the third year |
| Costa Rica | 150,000 dollars in real estate, shares or projects | Temporary 2 years; permanent after 3 | Maximum absence of two years | 7 years; 5 for Ibero-Americans | Territorial; personal income up to 25% |
| Colombia | About 150,000 dollars in property or 650 minimum wages in a company | Migrant visa up to 3 years; resident after 5 years | Maximum absence of six months on the migrant visa | 5 years; 2 for Latin Americans by birth | Worldwide; personal income up to 39% |
| Uruguay | No immigration threshold; tax residency with a property of about 380,000 dollars; tax holiday from 2026 with about 2 million | Direct permanent; legal deadline 90 days, real over a year | Maximum absence of three years | 3 years with family, 5 without | Territorial with exceptions; foreign capital income 12% |
| Portugal | 500,000 euros in investment funds or a company; 250,000 in culture; real estate route removed | Renewable temporary; permanent after 5 years; real wait of one to two years | 7 days the first year, 14 every two years | 10 years since May 2026; 7 for Portuguese-speaking countries | Worldwide; personal income up to 48% plus solidarity surcharge |
| Spain | Golden visa repealed in April 2025; non-lucrative alternative with 28,800 euros of annual income | Temporary 1 year, renewable; long-term after 5 | Maximum absence of six months a year | 10 years; 2 for Ibero-Americans | Worldwide; personal income up to 47% or more by region |
Amounts and timelines in force as of September 2026 according to official sources and recognised firms in each country. Dollar equivalents for Colombia and Uruguay are approximate.
Where Panama stands
On money, in the middle
Paraguay, Costa Rica, Colombia and the Dominican Republic ask between 70,000 and 200,000 dollars; Panama asks 300,000 in new housing; Portugal 500,000 euros in funds; Uruguay, if the goal is the tax holiday, about two million since 2026. Panama does not compete on price with its neighbours, and its September 2026 decree did not lower the threshold: it redirected it towards new construction.
On speed and certainty, at the top
Panama is the only one of the eight with a regulated and short resolution deadline, 30 days with a complete file, and it grants permanent residency from the start. Costa Rica is dragging a crisis in its immigration directorate with waits of four to eight months; Uruguay, one to two years; Portugal, one to two years just for the first card. Paraguay promises its certificate in five working days and is the fastest alternative on paper, but the programme is five months old.
On required presence, the most flexible alongside Portugal
Panama requires one entry every two years; Portugal, seven days the first year and fourteen every two. Spain requires no absence longer than six months a year and Colombia the same during the migrant visa. For anyone not moving immediately, the difference is decisive.
On citizenship, in the middle
Five years with effective residency, Spanish and an exam. The Dominican Republic, with six months, and Paraguay, with three years, are faster; Portugal moved to ten years in 2026 and Spain keeps ten, except the two years for Ibero-Americans, which in practice makes Spain the shortest route for Latin Americans wanting a European passport, although now without investment.
On taxes, territorial
Panama, Paraguay, Costa Rica and the Dominican Republic do not tax foreign-source income. Colombia, Portugal and Spain tax their tax residents’ worldwide income at marginal rates of 39 to 54%. It is the variable that weighs most for an investor with income outside the country, and the one that explains why the European golden visas closed without reducing Latin American demand.
Comparing programmes is the first step; the second is checking whether a specific profile fits Panama’s rules, which require funds from abroad and certification by the Ministry of Commerce. A firm that handles the category, such as Legal Solutions Panamá, details on its investor permit page which proof of source of funds and which investment documents are filed.
What nobody has answered yet
- How many investors have used the Paraguayan pass? The government reported 31 million dollars mobilised in August 2026, without a number of residencies granted.
- What is Panama’s real processing time under the new decree? The 30 days are regulated; there is no public compliance statistic.
- What will happen to Portugal’s pending golden visas? About 50,000 inherited files were still queued in early 2025 and the new nationality law counts the wait from the first card, not from the application.
Frequently asked questions
Which Latin American country offers the cheapest residency by investment?
Paraguay, with 70,000 dollars in a company creating five formal jobs, through the investor pass launched in April 2026. Costa Rica asks 150,000 and the Dominican Republic 200,000.
How much must you invest in Panama for residency?
300,000 dollars in a new property or purchase promise, 500,000 in a resale property, stock exchange or state bank deposit, or 750,000 in a private bank deposit, under the decree in force since 16 September 2026.
Do Spain and Portugal still have golden visas?
Spain repealed it on 3 April 2025. Portugal keeps it only for investment funds, companies and culture, from 250,000 euros, with no real estate route since 2023, and since May 2026 requires ten years for citizenship.
Which countries do not tax foreign income?
Panama, Paraguay, Costa Rica and the Dominican Republic have territorial systems. Uruguay offers an eleven-year tax holiday for new residents meeting the investment threshold. Colombia, Portugal and Spain tax worldwide income.
Related articles
- Residency in Panama by investment
- Panama’s eight residency routes compared
- Taxes a company pays in Panama
Sources
- Panama Ministry of Commerce and Industries, Executive Decree 17 of 2026.
- Paraguay Ministry of Industry and Commerce, Paraguay Investor Pass.
- Paraguay Congress Library, Migration Law 6984.
- UNHCR, Dominican Republic Decree 631-11, article 55.
- Costa Rica Legislative Assembly, Law 9996.
- Costa Rica Supreme Electoral Tribunal, naturalisation by residency.
- Colombia Foreign Ministry, investor migrant visa.
- Colombia Función Pública, Law 2332 of 2023 on nationality.
- Government of Uruguay, permanent legal residency.
- Uruguay Tax Directorate, tax residency criteria.
- AIMA, residence permit for investment in Portugal.
- Diário da República, Organic Law 1/2026 on Portuguese nationality.
- Noticias Jurídicas, Organic Law 1/2025 repealing Spain’s golden visa.
- PwC Tax Summaries, personal taxes by country.
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