Imminent changes in Panama’s Red Carpet Visa policy have sparked a surge of interest in the popular residency program.
The Red Carpet Visa, essentially Panama’s version of a “golden visa,” is one of the best deals in international real estate. For a $300,000 investment, a real estate buyer has a clear path to a full-time residency visa, including all the benefits enjoyed by expats in Panama.
But there is a catch. The $300,000 minimum for the visa — also known as the Qualified Investor Visa — is only temporary. The government has already announced plans to raise the minimum to $500,000.
Word has clearly gotten out. At Punta Pacifica Realty we’ve seen a boost in inquiries about the visa in recent months, with many of our clients researching properties that meet the criteria.
The interest is coming from a wide variety of countries, but primarily the United States, Colombia and Canada. Motivations also differ, but most are investors who see an opportunity to diversify their portfolio, generate income and make Panama part of their lifestyle. New, existing and pre-construction properties are eligible for the program, which means there’s a lot of flexibility.
The Red Carpet Visa offers many attributes that make it a smart choice for second-home buyers and investors. One of the biggest: it’s easy to apply. Forms can even be submitted remotely. The process can take as little as 30 days. The visa is also easily renewable.
But the $300,000 deal is not going to last. The limit was always intended to be $500,000 and the government seems intent on raising it to that level in the near future.
Want to learn more about the Red Carpet Visa? Click here.