Panama has three main residency routes for foreign nationals. The Qualified Investor Visa (the Panama Golden Visa) asks for an investment held five years, from $300,000 for new-build or off-plan property. The Friendly Nations visa is open to nationals of listed countries, including the United States, and is reported at $200,000 or a job offer. The Pensionado visa asks for a lifetime pension of at least $1,000 a month. All three are residency, not citizenship.
The three routes side by side
| Item | Qualified Investor | Friendly Nations | Pensionado |
|---|---|---|---|
| Basis | Qualifying investment held five years | Job, property or deposit, for listed nationalities | Lifetime pension income |
| Amount | $300,000 new-build or off-plan property; $500,000 resale property or securities; $750,000 private bank deposit ($500,000 state bank) | Reported at $200,000 for property or deposit; or a Panamanian job | $1,000 a month, plus $250 per dependant |
| Status on approval | Permanent residency | Two-year provisional residency, then permanent, per practitioner guides | Permanent residency |
| Work in Panama | Confirm with a Panamanian attorney | Separate work permit reported to be needed | Not for a Panamanian company |
| Nationality | Any | Listed countries only | Any |
| Legal basis | Executive Decree No. 17 of 2026 (in force 16th September 2026) | Executive Decree 226 of 2021, as reported | Pensionado law, as reported |
Qualified Investor Visa
This is the route called the Panama Golden Visa. It grants permanent residency without a temporary stage, in return for an investment held for five years. Executive Decree No. 17 of 2026, in force from 16th September 2026, split the property route. A new-build or off-plan purchase stays at $300,000, and a resale property is now $500,000.
Securities are $500,000 and a bank deposit is $750,000, or $500,000 at a state bank. The full detail is in the Panama Golden Visa guide and in what Executive Decree No. 17 changed.
Friendly Nations visa
This route is limited to nationals of a list of countries. The list includes the United States. Practitioner guides describe three economic routes since the 2021 reform: a Panamanian employment contract, $200,000 of Panamanian real estate, or a $200,000 fixed-term bank deposit.
It starts as a two-year provisional residency that converts to permanent status. Several guides add a Panamanian bank account, a health certificate and a criminal record check. Sources disagree on details such as the deposit term, and the official country list should be checked, so the current position needs confirming with a Panamanian attorney.
Pensionado visa
The Pensionado visa is the retirement route. It needs a lifetime pension of at least $1,000 a month. 401(k) and IRA withdrawals are reported not to count on their own. There is no investment. See the Panama retirement visa guide.
What all three have in common
- They are residency, not citizenship. Naturalisation is a separate process with continuous residence, Spanish and civics exams.
- Applications go through a licensed Panamanian immigration attorney.
- None gives any right to live, work or study in the European Union.
- Panama taxes income sourced in Panama. US citizens remain taxable in the US wherever they live.
Which route fits which profile
These are the usual patterns, set out as options and not as a recommendation. An investor with capital to place and no pension tends to look at the Qualified Investor Visa. A national of a listed country with a smaller sum or a Panamanian job offer can look at Friendly Nations. A retiree with Social Security or a defined-benefit pension can look at the Pensionado visa.
For a comparison with Europe, see Panama vs Portugal for Americans. Panama sits in the Beyond Portugal part of this site. Portugal remains the main focus, and Panama introductions are made in partnership with Mercan.
Panama live session, 25th November
Jason covers Panama and Portugal for US investors in a free live session on Wednesday 25th November 2026 at 12:00pm US Eastern. Register for the Panama webinar.
