Permanent residence as a qualified investor in Panama II
Through Executive Decree No. 722 of October 15, 2020, Panama has created the subcategory of Permanent Resident as a Qualified Investor. This is for those foreigners who invest at least $ 500,000.00 from a foreign source, which can be in a personal capacity or through a legal entity.
Advantage:
- Simplify and facilitate the procedures, guaranteeing a shorter time compared to the usual immigration procedures. This is possible because applications are processed through the Special Processing Service Division of the Ministry of Commerce and Industries (MICI) and a period of no more than 30 business days is established for their resolution, counted from the date of receipt. of the request.
- The investor is allowed to start the application process without necessarily having entered the country, which allows the investment to be made before entering Panama, through his lawyer on his behalf, to start the residency process.
- When the real estate investment is managed through a trust, the foreigner may prove it through the contract of promise of sale, even if the transfer of the property has not yet been registered, which shortens the time to apply for this residence.
- When the investor makes a real estate investment, he can benefit from a reduction of US $ 200,000.00 in the required investment if he applies for residency for the next two (2) years.
Written by Carla Borges.
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