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Permananent residence program for investors.

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Posted 16/10/2020

A  permanent residence program for "qualified investors" was announced by the Panama government   on Friday, October 16

The plan is intended to stimulate economic reactivation, by attracting high net worth investors to boost different sectors of the economy such as real estate and construction.

"The applicant must make an investment in the Republic of Panama for a minimum amount of 500.000 from a foreign source, which may be personally or through a legal entity, in which the applicant is always the final beneficiary of the shares of the legal entity that holds the investment ”, says an executive decree.

Real estate investments can be for units already completed or also through investment through contracts of promise to purchase and sale of real estate units.

, the applicant must prove that they have made some forms of investment. The modalities established in this decree include real estate investment through a promise of sale contract; Investments made through a brokerage house with a license approved by the Superintendency of the Securities Market of Panama and by reason of investment in a fixed-term deposit in the banking sector.

All investments must be held for a minimum of five years.

According to the Government, for the first time, there will be a program that allows qualified investors to apply from abroad. That is, the investment can be made from abroad, through a local lawyer, and the process completed when the investor is in the isthmus.

 

https://www.newsroompanama.com/business/permananent-residence-program-for-investors

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Gobierno anuncia la creación de un programa de residencia para inversionistas calificados

Getzalette Reyes
16 oct 2020 - 11:05 AM

https://www.prensa.com/economia/gobierno-anuncia-la-creacion-de-un-programa-de-residencia-para-inversionistas-calificados/

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Real Estate: Incentives for Foreigners

Foreigners who invest a minimum of $300,000 in real estate in Panama may apply for the Permanent Residence Program for Economic Reasons for Qualified Investors.

Monday, October 19, 2020

In order to stimulate economic reactivation by attracting high net worth investors to boost different sectors of the economy such as real estate and construction, the government created a new program.

See "Central America: Is the Real Estate Market Moving?"

According to Executive Decree No. 722 of October 15, 2020, to apply for this program, foreign investors must invest in real estate for a minimum of $300,000 during the first 24 months of the decree's effective date. After this time, the amount increases to $500,000.

You may be interested in "Real Estate Supply: How do Prices Behave?"

The real estate investments can be for units already finished or also through the investment by means of contracts of promise to buy and sell real estate units, through the incorporation of a trust that guarantees the purchase of the real estate, explains an official statement.

The document issued by the Ministry of the Presidency explains that "... other investment modalities established in this decree of the Ministry of Security, include the purchase of securities in the Panama Stock Exchange for a minimum amount of $500,000 and the establishment of fixed banking terms for a minimum of $750,000. These securities must have a direct impact on the national territory. All investments must be maintained for a minimum of 5 years and for the investor to obtain immediate permanent residence after the process is completed, which is estimated to take 30 days".

 

https://www.centralamericadata.com/en/article/main/Real_Estate_Incentives_for_Foreigners

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