How Investing in Panama Real Estate Can Give You Permanent Residency

Getting a residency in Panama through real estate investment is a popular option for those looking to move to the country. Panama provides diverse options for obtaining temporary and permanent residence permits, a couple of these processes include real estate purchasing.

In this article we show you some steps and requirements you must follow to gain residency in Panama by buying a property.

How to obtain residence in Panama with real estate

When compared to other immigration processes in Latin America, the process in Panama is straightforward and can be completed in a relatively short period of time.

The first step in obtaining the resident carnet through real estate investment is quite clear: you have to buy a property in Panama. This can be done through a variety of different options, including buying a pre-existing property or purchasing a new one.

Of course, you cannot buy any property that is available, it is important to note that the property must be valued at a minimum of $300,000 and that the investment is permanent.

Also, as we explained before in our Friendly Nations Visa article, If you have citizenship of a country that belongs to the Friendly Nations Visa agreement, the real estate value required for purchase is $200,000.

Once the property has been purchased, the next step is to apply for residency. This can be done through the Panamanian Immigration Department, and the process typically takes around 8-10 weeks, but it can delay if there are found issues in your documentation.

We recommend contacting a Law Firm specialized in Immigration in Panama so the process can go smoothly, since the application might require a number of documents, such as a copy of the property title (the one purchased in Panama), a copy of the applicant’s passport, a police clearance certificate, health certificate, and other additional documents.

Once the application has been approved by the immigration department the applicant will be required to go to Panama and complete the process by obtaining a residency card in the Immigration department, and a few weeks after this, you will also have to be present tramit the permanent residency carnet known as  “cedula” in the Tribunal Electoral building.

This card will serve as proof of residency and will allow you to live in Panama, and also work (additional processes take for the work permit).

Benefits of obtaining residency in Panama

In addition to obtaining residency, there are more benefits to investing in real estate in Panama.

The country has no income tax if there is proof of such income being made outside of the country, there are other tax benefits in terms of capital gain and inheritance, making it an attractive option for those looking to take care of their investments.

Additionally, Panama has a strong and growing economy, with a great infrastructure and affordable cost of living, making it an attractive place to invest in real estate.

When it comes to choosing the perfect location to buy a property, there are some factors to consider. Some popular options include Panama City, which is the country’s capital and largest city, and the beach towns of Coronado, Chame, Playa Caracol or even Buenaventura.

As we have said before, Panama City is a modern, urban city with a thriving business scene and plenty of cultural attractions. Beach towns such as Coronado or Buenaventura, on the other hand, are great beach destinations with plenty of amenities for the visitors, and they are not that far from the capital.

Another great option for those looking to invest in real estate in Panama City can be the areas of Costa del Este or Santa María. There are a variety of properties available, from houses to luxury condos, and if Costa del Este there are also some more affordable alternatives, and these areas are expected to continue growing in popularity and appraising in value.

As you can see, obtaining residency in Panama through real estate investment or through Friendly Nations Visa are great options for those looking to relocate to the country. The process is relatively easy when compared to other countries.

With the many benefits of investing in real estate in Panama, such as the tax benefits, modern infrastructure and a dollarized economy, it is definitely a great place to invest in real estate.