MICI grants the first certification of the Residency Program for Qualified Investors

Since the National Government announced the implementation of the new Permanent Residence program for Economic Reasons for Qualified Investors, businessmen of various nationalities have expressed their interest in applying for the benefits granted by this initiative, reported Richard Kilborn, National Director of Investment Promotion (DNPI) of the Ministry of Commerce and Industries (MICI) when announcing that the first certification by which the realization of the investment is proven and the permanent residency process continues, was granted last Wednesday to a South American businessman.

 

This program created in Executive Decree No. 722 of October 15, 2020, signed by President Laurentino Cortizo Cohen, has among its objectives to stimulate economic reactivation by attracting investors to boost different sectors of the economy such as real estate and construction, emphasized the director of the DNPI.

“It is undoubtedly an important step, given that it is the first time that the country has a program of this level where the qualified investor can apply from abroad, with the support of a local lawyer, and complete the process when they are in Panamanian territory, ”Kilborn said, while explaining that the approval of the certifications requires compliance with the requirements established in Decree No. 722.

The documentation will depend on the type of investment to be made and the duration of the process is estimated at 30 days after the approval of the first certification. In each phase, appropriate controls will be given for each investment and compliance with Panamanian immigration and security regulations will be ensured, he explained.

Program requirements

To apply for this program, foreign investors must invest in real estate for a minimum of B /. 300,000 during the first 24 months of the decree. After this time, the amount rises to B /. 500,000.

 

Real estate investments can be for units already completed or also by investing in those that are under construction.

 

Other investment modalities established in this Decree include the purchase of securities on the Panama Stock Exchange for a minimum amount of B /. 500,000 and establishment of fixed bank terms for a minimum of B /. 750,000. These values ??must have a direct impact on the national territory.

 

The investor will obtain his permanent residence immediately after completing the process, but all investments made by the client must be maintained for a minimum of 5 years.

 

The details of the requirements to apply to the program can be found on the MICI website, at the address: https://bit.ly/3hbDIZj.