New fast-track visa may pull in panama property buyers

Photo credit:  Erubbey Cantoral

A new scheme offering visas to buyers of property in Panama is hoped to give investment in the country's real estate a boost.

After years of the government restricting visas to investors planning to retire in the country, the new Immediate Permanent Resident Visa scheme, introduced in May, lets anyone who owns a property apply for permanent residency.

Applicants for the fast-track visa, International Living explains, also need to make a $5,000 deposit in a local bank account, while also possessing a clean police record and valid passport.

22 countries that "maintain friendly, professional, economic, and investment relationships with the Republic of Panama" are eligible for the scheme.