Panama’s QIPR and Independent Means Visas on Track for Record Year

Newly released figures from Panama’s immigration authorities reveal strong demand for the country’s various residence by investment programs. Panama’s independent means visa and the Qualified Investor Permanent Residency Program (QIPR) categories may set all-time records in 2024.

Investor visa approvals in 2024 appear to be stabilizing following the surge in applications for the Friendly Nations Visa (FNV) in late 2021 and 2022, driven by the program’s price increase from $5,000 to $200,000. The FNV saw 1,312 approvals in the first five months of 2024, indicating a plateauing demand after the price adjustment.

The QIPR registered 105 applications in the first five months of 2024, putting it on track to reach 252 approvals by year's end, a significant increase on the 187 approvals in 2023.

The QIPR's minimum investment threshold will rise from $300,000 to $500,000 in October of this year, which could lead to a surge of applications before the new price takes effect.

Panama's independent means visa - Jubilados and Pensionados - maintains its momentum from 2023, with 819 approvals in the first five months of 2024 alone. This strong performance suggests the category could surpass the previous year's record of 1,627 approvals.

Panama's approval rates for both investor and independent means visas remain exceptionally high in 2024, consistent with the trend seen in recent years, where approval rates have continuously surpassed 95%. 2024 marks the highest approval rates during the last three years in all visa categories except the QIPR, which dropped from 99% to 98%.

The data reveal that Panama's impressive average approval rates have improved, reaching 98%, surpassing 96% in 2022 and 2023. The Fixed Deposit Investor Visa registered a 100% approval rate in 2024.

FNV approvals peaked at 4,318 approvals in 2021 following the price increase announcement. Since then, the numbers have gradually decreased, with 2,544 approvals in 2022 and 2,120 in 2023. The first five months of 2024 saw 1,312 approvals, suggesting that the FNV will maintain a stable interest level, albeit lower than the 2021 peak.

The share of investor immigrants among all approved immigrants in Panama reached 15% so far in 2024, matching the country's long-term average over the past seven years.

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