Economic Solvency for Investment in Real Estate

As a law firm specializing in immigration law, LEGAL@work is pleased to inform potential clients of the opportunity to obtain permanent residency in Panama through investment in real estate. The Republic of Panama's Ministry of Public Security and National Migration Service offer a Permanent Resident Permit for Economic Solvency through Real Estate Investment(PPT-SEP-IBM) for foreigners who invest a minimum of three hundred thousand balboas (B/. 300,000.00) in real estate and can demonstrate that the funds used for the investment come from abroad.

This permit is valid for a term of two years, after which the applicant can opt for permanent residency. To include dependents, an additional investment of B/. 2,000.00 per dependent is required, which can be justified through a local bank reference. To apply for this permit, the following documents are required:

• Power of Attorney and application (notarized)
• Three (3) photographs
• Copy of passport (notarized or certified by the corresponding authority)
• Criminal background check
• Health certificate
• Certified check of B/. 250.00 made out to the National Treasury
• Certified check of B/. 800.00 made out to the National Migration Service
• Form of Declaration of Personal Background
• Certification from the Public Registry proving ownership of the real estate, in the personal name of the applicant, with a minimum value of three hundred thousand balboas (B/.300,000.00). The certification must indicate that the property is free of liens.
• In the case of dependents: Letter of responsibility, Proof of relationship, Proof of residence, If over 18, certificate of single status and certified education

Exceptions to this rule include:

• When the property is under the name of a private interest foundation, the foreigner can apply for this permit as long as they can demonstrate that they or their dependents are the beneficiaries, and the Public Registry certification shows the designation of founder and beneficiary.
• If the applicant can prove they have paid a liquid sum of three hundred thousand balboas (B/. 300,000.00) in a property of greater value, they may finance the remainder through mortgage loans from a local bank.
• Applications for permanent resident permits on the grounds of economic solvency may be considered for foreigners who have invested in real estate in the national territory, with a minimum sum of two hundred thousand balboas (200,000.00) and less than three hundred thousand balboas (300,000.00), and who, due to force majeure or fortuitous event, were unable to prove ownership before the implementation of this regulation.
• This last exception must be supported by documentary evidence and verified by the National Migration Service.

The cost for these services will vary depending on the complexity of the case and the number of dependents, but an estimation of costs exclusive of legal fees would be around B/ 1,050.00 and additional B/ 2,000.00per dependent.

We at LEGAL@work are committed to providing accurate and professional legal services to guide our clients through the process of obtaining a Permanent Resident Permit for Economic Solvency through Real Estate Investment in Panama.