Panama and Paraguay: permanent status by investment

Panama and Paraguay grant an investor permanent residence at once, with no temporary stage. The rules of both programmes changed in 2026, so information from earlier reviews is out of date.

Panama: new rules from 16 September 2026

Executive Decree No. 17 of 8 September 2026 (Official Gazette No. 30613) replaced the earlier Decree No. 722 of 2020 with all its amendments. The main change for property buyers: the threshold now depends on whether the property is new or on the secondary market.

• The investment is kept for at least five years; it is confirmed every year, within the 30 days before the anniversary of the residence decision.
• The funds must belong to the applicant, originate abroad and have a documented trail. Gifted amounts are not counted.
• The value of real estate is taken as the lower of two figures - the price paid and a substantiated market valuation - minus outstanding liens.
• Stated timing: up to 15 business days to certify the investment and 30 business days to decide the application once the complete file is received.

Transition: applications filed before 16 September 2026 are decided under the previous rules. Investments completed before that date are accepted on the previous terms if the application is filed within six months.

Paraguay: Investor Pass

The Foreign Investor Certificate opens a direct route to permanent residence through the state SUACE system. The basis is Law No. 6984/2022 and Resolution No. 283/2026 of the Ministry of Industry and Commerce. Under the regulation the certificate is issued within five business days of the complete application.

The lowest threshold applies not to a passive investment but to an operating production project with jobs. For an investor who does not intend to run a business, the real threshold is USD 200,000.

For Russian citizens

Reviews of both acts mention no restriction by the applicant's nationality. We have not studied the full texts of the Panamanian decree and the Paraguayan resolution, so eligibility is confirmed with a local lawyer before any payment. The statuses of these countries do not lift the EUR 100,000 limit on deposits of Russian citizens in EU banks.

What to check before the deal

• The wording of the rules in force on the filing date: both programmes changed in 2026.
• Which local bank will open an account and accept a transfer from abroad; without it the investment cannot be completed.
• For Panama - whether the property is a first sale: this decides the threshold, USD 300,000 or USD 500,000.
• For Paraguay - whether the job conditions can be met if the production project is chosen.
• Tax consequences: permanent residence and tax residency are different statuses, and the second is settled separately with a tax adviser.

Sources

1. Official Gazette of Panama No. 30613 of 16 September 2026 (Executive Decree No. 17)
2. Icaza, Gonzalez-Ruiz & Aleman: review of Decree No. 17 of 2026
3. Quijano & Associates: review of Decree No. 17 of 2026
4. Paraguay Ministry of Industry and Commerce: guide for foreign investors (in Spanish)
5. Ferrere: Paraguay launches the Investor Pass
6. IMI Daily: the terms of Paraguay's Investor Pass
7. European Commission: FAQ on Article 5b of Regulation 833/2014

This material is for reference only and is not legal, tax or investment advice. Programme terms change: verify them against the primary source before deciding.