Under Executive Decree 17 of 2026, qualifying for Panama's Qualified Investor Visa through real estate now takes $300,000 if you buy first-sale, directly from the developer (new construction or pre-construction), or $500,000 if you buy resale property on the secondary market. This is not a scheduled increase and there is no deadline attached to it: it's a permanent split by property type, in force nationwide since September 16, 2026, not a rule tied to any one neighborhood or project.
I'm writing this after reading the full signed text in Official Gazette No. 30613, not from secondhand blog summaries. That distinction matters right now. In the two days since this decree was signed, several sites are already repeating the exact myth that got a previous article on this blog deleted under the 2024 decree: that $300,000 is a "temporary" window before it rises to $500,000 on some future date. That claim doesn't appear anywhere in the decree text. It never did. If you're reading a headline about an "October threshold increase" or a "limited window" before the price jumps, that source didn't read the decree, or it's recycling 2024-era content.
What Changed With Executive Decree 17 of 2026?
Decree 17 of 2026, published September 8 and effective September 16, 2026, fully replaces Decrees 722 of 2020, 109 of 2022, and 193 of 2024. This isn't a minor update. It's the single governing framework for the Qualified Investor Visa going forward.
Two changes matter more than anything else for a foreign buyer evaluating property in Panama with the visa in mind:
- The real estate route now has two thresholds based on property type, not one flat number (Art. 4).
- Promise-of-sale contracts now require an irrevocable bank guarantee covering the full committed amount, renewed annually until the property is registered or built (Art. 7).
If you're planning to buy pre-construction, which is how most projects in Santa María are structured, these two points determine whether your purchase actually qualifies for the visa, and what paperwork you'll be carrying through the process.
How Much Do You Need to Invest: $300,000 or $500,000?
It depends on whether you're the first owner of the unit or the second. $300,000 applies to first-sale property, bought directly from the developer, whether pre-construction or newly completed but never previously sold. $500,000 applies to resale property, meaning any unit that already had a prior owner on the secondary market.
The logic behind the split isn't arbitrary. Panama is using the residency program to steer foreign capital toward new supply, not toward speculation in the existing resale market. For a foreign buyer, that translates into something simple: buying pre-construction or new developer inventory is the lowest entry point into the program.
If you're coming from Colombia, Venezuela, or Argentina, where currency volatility turns any 5-year financial plan into a guessing game, this is worth stating plainly: Panama runs on the US dollar. The amount you invest today in dollars is the same amount, in the same currency, five years from now. No conversion, no devaluation eating into your compliance threshold.
Comparison Table: First-Sale vs. Resale Property
| First-Sale (New-Construction / Pre-Construction) | Resale (Secondary Market) | |
|---|---|---|
| Minimum investment | $300,000 | $500,000 |
| Buyer relationship | Directly from developer | From a prior owner |
| Typical inventory | Projects under construction in Santa María, Costa del Este, or anywhere else in Panama | Completed units with prior ownership history |
| Minimum hold period | 5 years | 5 years |
| Compliance proof | Annual, filed with MICI | Annual, filed with MICI |
| Promise-of-sale contract | Allowed, requires irrevocable bank guarantee (Art. 7) | Depends on contract structure |
Why Santa María Fits the $300,000 First-Sale Tier
Santa María Golf & Country Club is, in practice, the market where the first-sale route makes the most sense to evaluate, because it's where Panama's new-construction development is concentrated in this price range. Three current listings, all first-sale directly from the developer, all qualifying comfortably above the $300,000 minimum, not as entry-level units priced at the threshold but as inventory that clears it with room to spare:
- ÉBANO, from $538,571.
- Appartamenti Bosco, from $684,500.
- ARENA, from $825,000.
None of these three is positioned as a bare-minimum unit for the program. They're evidence that real, available inventory in Santa María today qualifies through the first-sale route with margin to spare, without a buyer needing to hunt for the cheapest available unit just to clear the program's floor. If your target is the exact $300,000 threshold, entry-level units exist within these same projects and others under construction; check the pre-construction hub for the full range of available inventory by project. And while Santa María is where I hold most of my own inventory, the $300,000 first-sale threshold applies the same way if you buy in Costa del Este or anywhere else in Panama; I can advise on the evaluation regardless of where you end up buying.
The New Bank-Guarantee Requirement for Promise-of-Sale Contracts
This is the second major change, and the one getting the least coverage in secondary press so far. Under Decree 17, if you're buying pre-construction through a promise-of-sale contract (the standard structure for buying before a project is finished), the decree requires the buyer to post an irrevocable bank guarantee, a standby letter of credit or equivalent bank aval, covering the full amount committed in the contract.
That guarantee isn't a one-time filing. It must be renewed every year for as long as the property remains unregistered in your name or under construction. This is a stricter requirement than what existed under the prior decree, and it changes the conversation you need to have with your attorney and the developer before signing any promise-of-sale agreement. For a buyer used to pre-sale contracts handled as private agreements without this level of formal guarantee (common across much of Latin America), this is the point where it's worth spending real time with a Panama-licensed immigration attorney before you sign anything.
What Happens to Applications Already in Progress Under the Old Decree?
Decree 17 expressly repeals Decrees 722 of 2020, 109 of 2022, and 193 of 2024, not as a complement, but as a full replacement. The text includes transitional windows for applicants who were filing under the prior Solvencia Económica Propia category, and for deals already perfected before the new decree took effect. The exact mechanics of those transitional windows are primary-source legal detail that varies based on when your filing started, so if your process is already underway, the practical move is to have your immigration attorney check it directly against the Decree 17 text in Official Gazette No. 30613, not against secondhand summaries or what applied under Decree 193 of 2024.
Other Qualifying Routes: Securities and Fixed-Term Deposits
Real estate isn't the only path, though it's the one most buyers already evaluating Panama as a property market tend to choose. Decree 17 keeps two additional routes:
- Securities: a minimum $500,000 through a licensed Panama brokerage, with the same 5-year holding period.
- Fixed-term deposit: $750,000 at a general-license bank, or $500,000 if the deposit is placed at Banco Nacional de Panamá or Caja de Ahorros.
For a buyer already looking at property in Santa María, Costa del Este, or anywhere else in Panama, the first-sale real estate route is usually the more capital-efficient choice: the same money that would qualify you through securities or a deposit instead buys a tangible asset you can live in, rent out, or resell, something neither the securities nor the deposit route offers.
Which Route Fits You?
If you've already decided to buy in Santa María, Costa del Este, or anywhere else in Panama, and your budget sits between $300,000 and $500,000, the first-sale route is the more financially efficient choice: the same capital that would qualify you through securities or a fixed-term deposit instead buys property you can actually use. If your budget already clears $500,000 and you're set on a specific resale unit for its location or features, that route stays open, just at the higher threshold.
What doesn't change depending on your route: the bank guarantee if you use a promise-of-sale contract, the 5-year minimum hold on the investment, and annual proof filed with MICI. Before signing anything with the visa in mind, talk to a Panama immigration attorney who has read the full Decree 17 text in the Official Gazette, and confirm current program requirements directly with MICI, the ministry that administers it. If you're looking at specific property to qualify through the first-sale route, whether in Santa María, Costa del Este, or anywhere else in Panama, check the international buyers page or reach out directly on WhatsApp.