Panama: The Rising Investment Gem of Latin America — Learning from Portugal, Shaping Its Own Success

• 25 December, 25

Since its establishment in 2020, Panama’s Qualified Investor Program (QIP) has been positioned as a Residency-by-Investment (RBI) pathway designed for worldwide investors seeking flexibility, clarity, and long-term security.

Over the past decade, Portugal Golden Visa has demonstrated how a well-structured residency-by-investment program can evolve into a powerful global magnet for capital and international investors. As investor priorities increasingly favor efficiency, predictability, and capital preservation, Panama’s Qualified Investor Program is beginning to follow a comparable trajectory — within the context of Latin America’s investment migration landscape.

“We want to emulate Portugal,” said Eduardo Arango, Vice Minister of Commerce and Industry of Panama in an interview with IMI Daily, when outlining the government’s vision for positioning the investor visa as a simplified and predictable route to citizenship. At the same time, he stressed that Panama’s objective is not imitation, but adaptation—building a model aligned with Panama’s own economic and institutional strengths.

From Market Validation to Scalable Growth

The Qualified Investor Program is currently processing around 25 applications per month, reflecting steady and controlled demand. With growing international visibility, expectations are that capacity will scale toward 150 applications

Much like Portugal during its early growth phase, Panama’s appeal lies in its simplicity:

• Minimal physical presence requirements, with entry required only once every two years
• A clear five-year pathway to citizenship, offering long-term certainty for investors and their families

These characteristics position Panama’s residency-by-investment framework as both accessible and scalable for a globally mobile investor base.

Expanding Global Reach with Mercan Group

As the program continues to mature, Panama’s Qualified Investor Program is increasingly aligned with investors focused on geographic flexibility and asset diversification, rather than relocation alone. Current demand is led by North American investors, particularly from the United States and Canada, with Colombian nationals also ranking among the top participating investor groups.

Through its partnership with Mercan Group, Panama is working to broaden its investor base beyond core markets. Leveraging Mercan’s global distribution platform and institutional experience, the program is positioned to expand into new investor corridors, including Asian markets, while maintaining a selective and well-regulated approach. This evolving investor profile reflects Panama’s growing role as a hub for cross-regional mobility and diversified capital placement.

Panama Qualified Investor Program: Market Traction

As of September 2025, the Panama residency-by-investment program had approved 237 applications, with an approval rate of approximately 96%, underscoring regulatory clarity and processing efficiency.

The most common investment route is a USD 300,000 real estate investment, alongside alternative options such as securities and fixed-term bank deposits. While demand remains concentrated among U.S. and Canadian investors, Asian markets remain underrepresented, pointing to meaningful growth potential for the Panama investor visa in the next phase of expansion.

Panama’s Distinct Investment Advantages

Beyond program design, Panama’s investment appeal is underpinned by a rare combination of macroeconomic stability and institutional advantages. In 2024, Panama recorded a total GDP of USD 87.69 billion, with GDP per capita of USD 17,137, ranking 45th globally out of 155 countries by GDP (PPP) per capita and second-highest in Central and South America, highlighting its relative economic strength within the region. This foundation is further supported by a fully USD-denominated economy, a territorial tax system that exempts foreign-sourced income from local taxation, and near-zero inflation (-0.02%), reinforcing long-term price stability.

Strategically, the Panama Canal, facilitating approximately 5% of global shipping, anchors Panama’s role in international trade and logistics, while a clear legal pathway from residency to citizenship enhances its positioning as an investor-friendly jurisdiction.

From Portugal to Panama: The Road Ahead

Mercan’s experience in Portugal demonstrated how effective a cooperation can transform residency-by-investment frameworks into sustained economic value. With Panama applying a similar collaborative approach — while leveraging its own fiscal stability, dollarized economy, and strategic location — the outlook for the Panama Qualified Investor Program is increasingly constructive.

By learning from Portugal’s market success without replicating its constraints, and by partnering with Mercan Group to expand global reach, Panama is positioning itself as Latin America’s emerging investment gem — a jurisdiction defined not by imitation, but by distinct competitive advantages.

Cre: IMI Daily