Requirements for applying for a permanent resident permit for reasons of financial solvency and real estate (PPT-SEP-IBM)

Article 193: Foreigner who invests the minimum sum of three hundred thousand balboas (300,000.00) in real estate and demonstrates that the funds come from abroad.

This Permit will be for a period of two (2) years, after this period the applicant may opt for permanent residence.

In case of bringing dependents, you must increase the investment to two thousand balboas (B/.2,000.00) for each dependent, which can be justified by a local bank reference.

1. Power of Attorney (notarized) and Application. The power of attorney must include the names and nationalities of the applicant's parents.

2.Three (3) photographs.

3. Duly certified copy of the passport (corresponding Notarized or Authenticated).

4.Criminal Record Certificate.

5. Health Certificate.

6. Certified Check for B/.250.00 in favor of the National Treasury.
7. Certified Check for B/.800.00 in favor of the National Immigration Service.
8. Personal Background Affidavit Form.
9. Certification from the Public Registry proving the ownership of the real estate, in the personal name of the applicant, with a minimum value of three hundred thousand

(B/. 300,000.00). The certification must indicate that the property is free of liens.

10. In case of dependents:

10.1. Letter of responsibility.

10.2. Proof of kinship.

10.3. Proof of address.

10.4. Over 18 years of age must present a certificate of single status and certified studies.

EXCEPTIONS TO THE RULE:

1. When the property is in the name of a private foundation, a foreigner may apply for this permit provided they demonstrate that the founder and themselves or their dependents are the beneficiaries. The Public Registry certificate must show the designation of the founder and beneficiary.
2. In the event that the applicant proves that he has paid the net sum of three hundred thousand balboas (B/.300,000.00) for a property and this is of a value greater than required, he may finance the remainder through mortgage loans from a local bank.
3. If the real estate is held in the name of a corporation, a foreigner may apply for this permit provided the shares are registered and in the name of the applicant and his or her dependents. Bearer shares will not be accepted.

PERMANENT STAY FOR REASONS OF ECONOMIC SOLVENCY THROUGH INVESTMENT IN REAL ESTATE (PRP-SEP-IBM)

To apply for permanent residence, the above requirements must be submitted, with the exception of the Criminal Record Certificate and checks.

LEGAL BASIS: Political Constitution of the Republic of Panama, Decree Law 3 of February 22, 2008, Executive Decree No. 320 of August 8, 2008, Article 193, amended by Executive Decree No. 26 of March 2, 2009, Law 38 of 2000.

*Source: https://www.migracion.gob.pa/permisos-migratorios/ 

National Migration Service, Ministry of Public Security, Republic of Panama.