Panama’s QIPR and Independent Means Visas Poised for a Record Year

Panama’s QIPR and Independent Means Visa programs are on track for a record-breaking year. These visas, aimed at attracting foreign investors and financially independent individuals, have become incredibly popular. With more people choosing Panama as their new home, the country is setting records for welcoming international residents. The easy application process and appealing incentives make Panama an even more attractive place to invest or settle in a vibrant, diverse environment.

Recent numbers show that Panama’s residence-by-investment programs are seeing record interest in 2024. The Independent Means Visa and Qualified Investor Permanent Residency programs are both set to hit all-time highs this year. On the other hand, approvals for the Friendly Nations Visa (FNV) are leveling off after a big surge in applications when the price jumped from $5,000 to $200,000. With 1,312 FNV approvals so far this year, it’s clear that while interest remains strong, it’s no longer skyrocketing like it did right after the price increase.

In the first five months of 2024, the Qualified Investor Permanent Residency (QIPR) program has seen 105 applications, putting it on track to potentially reach 252 approvals by the year’s end—up from 187 in 2023. The anticipated rise in the minimum investment threshold from $300,000 to $500,000 in October could lead to a rush of applications before the new requirement kicks in.

Panama’s Independent Visa for Jubilados and Pensionados is maintaining its impressive performance from last year, with 819 approvals in the first five months of 2024. If this momentum keeps up, the program is likely to surpass the previous year’s record of 1,627 approvals.

In 2024, Panama’s approval rates for investor and independent means visas are still impressively high, continuing a trend of exceeding 95% in recent years. This year, the average approval rate has risen to 98%, up from 96% in 2022 and 2023. The Fixed Deposit Investor Visa even achieved a perfect 100% approval rate. The only slight dip was seen with the Qualified Investor Permanent Residency (QIPR), which dropped from 99% to 98%.

After peaking at 4,318 approvals in 2021 due to a price increase, the number of Friendly Nations Visa (FNV) approvals has been steadily decreasing, with 2,554 in 2022 and 2,120 in 2023. So far in 2024, there have been 1,312 approvals, showing that while interest in the FNV is holding steady, it hasn’t reached the highs of 2021. Additionally, investor immigrants make up 15% of all approved immigrants this year, which aligns with Panama’s long-term average over the past seven years.

In 2024, 15% of all approved immigrants in Panama have been investor immigrants. This percentage aligns with the country’s long-term average over the last seven years.

In short, 2024 is turning out to be a big year for Panama’s residence-by-investment programs. The Qualified Investor Permanent Residency (QIPR) and Independent Means Visa programs are seeing record numbers, showing that more people than ever are choosing Panama as their new home. The country’s streamlined application process and attractive incentives are clearly paying off. Although the Friendly Nations Visa (FNV) approvals have slowed since the price increase, overall interest in Panama remains strong. With high approval rates and a potential surge in QIPR applications before the threshold rises, Panama is clearly a top choice for investors and those seeking a dynamic, welcoming place to settle.