Panama changed its investor residency rules on 16 September 2026. The Panama Qualified Investor Visa still offers a $300,000 route to permanent residency. However, that route now applies to a much narrower set of properties. As a result, the gap between new construction and resale has widened considerably.

Below, we cover what the decree says, what it means in practice, and how one Panama City project sits inside the new rules.

What Decree 17 actually says

Panama published Executive Decree No. 17 of 8 September 2026 in Official Digital Gazette No. 30613. The decree took effect on 16 September 2026, and it replaces Executive Decree No. 722 of 2020 and its amendments (Icaza, Gonzalez-Ruiz & Aleman, 17 September 2026).

The regulation consolidates the Panama Qualified Investor Visa rules across four areas. First, it sets out the investment modalities. Second, it addresses ownership structures. Third, it tightens value verification. Finally, it covers investment maintenance and the addition of new dependents.

For most of this year, the market expected the $300,000 threshold to disappear. Instead, Panama kept it and attached a condition.

The two-tier property market

The Panama Qualified Investor Visa now recognises two property categories.

A new, unoccupied property that qualifies as a first sale carries a $300,000 minimum. The buyer must acquire it from the developer, the promoter, or their successor in interest. By contrast, secondary market property requires $500,000.

The secondary market category is broader than most buyers assume. It captures any property that someone has previously sold, occupied, leased, or transferred to an unrelated third party. Therefore, the test turns on the status of the property itself. It does not turn on whether the buyer already owns a home elsewhere.

In practice, this creates a $200,000 gap between two apartments in the same building.

The net value test most buyers miss

Price alone does not settle the question. The computable net value must reach the required minimum.

Panama calculates that figure in three steps. First, take the price actually paid. Second, compare it against the reasonably substantiated commercial value, and use whichever is lower. Third, subtract the outstanding balance of any liens.

For example, a buyer pays $550,000 for a resale valued at $480,000. That purchase fails the $500,000 test, even with no liens attached.

Moreover, the decree strengthens verification. ANATI cadastral certification remains mandatory. In addition, the authority may request an independent commercial appraisal where objective factors raise doubt about market value. Any such appraisal must date from the previous six months.

How pre-construction qualifies for the Panama Qualified Investor Visa

Pre-construction still works, and it still starts at $300,000. Buyers can use a promise of sale through one of two routes.

The first route uses a deposit held in trust with a licensed bank or trust company. The second route involves paying the full property value directly to the developer.

That second route carries a safeguard worth understanding. Where the property is not yet built, subdivided, or registered, the developer must provide a banking instrument in the investor’s favour. It must be irrevocable, unconditional, and payable on first demand. Furthermore, it must cover the full investment and stay in force until the property reaches the investor’s name. A standby letter of credit, an irrevocable bank guarantee, or a bank performance bond all qualify.

Two limits apply. Cumulative status based on promises of sale cannot exceed three years. Also, a buyer may substitute one promise of sale only once.

Transition rules for deals already underway

Timing matters here. Applications for the Panama Qualified Investor Visa filed before 16 September 2026 follow the old rules.

Separately, investments and binding contracts perfected before that date may still qualify under the prior regime. However, the applicant must file within six months of the effective date.

Why Panama, beyond the residency rules

Residency rules are a mechanism. They are not a reason.

The currency question is settled. Panama fixes the balboa one to one against the dollar. In addition, the country taxes only Panama-sourced income, which leaves foreign-source income outside the net.

The macro picture looks steady rather than spectacular. Growth recovered to 4.4% in 2025 on the strength of services, and the World Bank projects roughly 4% ahead. Meanwhile, the IMF puts 2026 growth slightly lower, at 3.8% (IMF World Economic Outlook, April 2026). Risks remain, including trade tensions, climate effects on canal operations, and tighter global financing.

Then there is position. Panama connects North and South America, and it runs on the dollar. Consequently, the country carries banking, legal, and logistics infrastructure that a resort market never develops.

Buyers often underweight that last point. Panama City works as a business capital first and a lifestyle destination second.

Where MOVA Residences sits

MOVA Residences by B&B Italia occupies a site in Obarrio, close to offices, shopping, and restaurants. The Cinta Costera and Casco Viejo sit nearby.

The development includes one, two, and three bedroom residences of roughly 67 to 200 square meters. Interiors feature kitchens, closets, and cabinetry specified by B&B Italia. In addition, residences carry Miele appliances, Lutron lighting, and integrated climate control.

More than 40 resident amenities appear in the plans. These include a rooftop pool and jacuzzi, spa facilities, fitness and yoga areas, coworking space, a cinema, art and podcast studios, bowling, sports simulation, and pet facilities. Ground-floor commercial and hospitality space sits below.

Le Comble describes the project as the first fully branded B&B Italia residences in the city. On 13 September 2026, Le Comble reported the project at 75% sold during pre-construction, with delivery projected for 2028.

How to read a 75% sell-through figure

A sell-through number carries real information. Still, it carries less than most readers assume.

It tells you about demand at a given price, in a given window. By contrast, it tells you nothing about resale depth, rental performance, or delivery risk.

Buyers who treat one number as a proxy for all three tend to feel disappointed later.

What to ask before you sign

Four questions apply to any branded project at this stage.

First, what is the buyer mix between end users and investors? That ratio shapes how much inventory returns to the market at delivery. Second, what does the delivery schedule actually commit to, and what remedy applies if it slips?

Third, what does the annual carrying cost of forty-plus amenities look like, spread across how many units? Fourth, what does the brand licence cover, for how long, and what happens at renewal?

Answers vary by project. Above all, they separate a branded residence that holds its premium from one that simply paid for a logo.

The Panama Qualified Investor Visa needs local advice

If residency forms part of the thesis, the new decree makes timing concrete rather than theoretical.

Qualification depends on the specific unit, the contract structure, the payment trail, and the net value test. Therefore, a Panamanian immigration attorney should review the file before anyone signs anything. Investors must also maintain the investment for five years and verify it annually with MICI.

We will keep covering how the Panama Qualified Investor Visa performs in practice. The first-sale advantage represents a genuine distortion, and distortions tend to move prices.

Talk to Le Comble

For those exploring residences that meet this standard.

hello@lecomble.com  |  www.lecomble.com

 

LE COMBLE — A higher way to live.