I’d worked hard to build what I had, and I didn’t want everything tied to one country and one property market. I knew I wanted to diversify, but I also wanted the process to be clear and manageable.
Immigrant Invest helped me understand what would work, what it would cost, and what I needed to do at each stage. That made the whole decision much easier.
Ethan
Investor from the US
Clients’ names and photos have been changed to protect their privacy.
Case at a glance
Applicants
Investor and his wife
Strategic goal
Preservation of capital
Current citizenship
United States
Chosen status
Panama Golden Visa
The idea came to Ethan as he reviewed the figures from the sale of a property in Tampa. In his early 50s, after years of building his wealth carefully, he had begun to think less about maximising growth and more about preserving what he had.
All of Ethan’s assets were tied to the US, but after inheriting the Tampa property and deciding to sell it, he saw an opportunity to diversify rather than reinvest everything in the same market. His wife, Gloria, supported the idea of moving part of his capital abroad and creating more options for their future.
Ethan was not looking to leave the United States. He wanted a practical way to diversify his wealth while keeping the investment understandable and useful. That was how the search for the right destination began.
Search for opportunities beyond the US
Ethan had spent much of his career around investments and business, so he was comfortable with valuations and long-term planning. Now, he wanted to diversify in a tangible way by owning a property abroad.
As Ethan and Gloria began comparing destinations, they considered several options. Europe felt too far away, while Canada did not seem to offer the combination of investment opportunities and diversification they were looking for.
Gloria suggested turning their attention to Latin America. As a second-generation Latina, she felt a personal connection to the region and liked the idea of owning property there. For the couple, that added a lifestyle dimension to what had started as a financial decision.
As Ethan and Gloria explored Latin American markets more closely, Panama began to stand out for several reasons:
- Close proximity to the US.
- Familiar financial environment with the US dollar in circulation.
- More affordable real estate than in Tampa.
- Potential to generate rental income.
The difference in property prices was particularly relevant to Ethan. In Panama City, residential property prices are around $2,700 per square metre{{source: Source: Global Property Guide — Square Meter/Square Foot Prices in Panama Cities}}, compared with more than $3,100 per square metre in Tampa{{source: Source: Realtor.com Economic Research — Tampa, FL Housing Market & Rental Trends}}.
And there was another possibility Ethan had not initially treated as the main objective: qualifying for permanent residence through the Panama Qualified Investor Visa, or Panama Golden Visa.
Still, Ethan knew that liking the logic of an investment and executing it safely were two different things. Buying property abroad meant dealing with unfamiliar rules, legal checks, and immigration requirements. And because residence was part of the equation, the investment could not be considered in isolation.
That was the point at which Ethan approached Immigrant Invest.
Turning an investment idea into a residence strategy
The Immigrant Invest team first clarified Ethan’s priorities. Capital preservation came first, rental income was an additional benefit, and permanent residence offered more flexibility for the future.
The expert then explained the Panama Golden Visa in detail, outlined each stage, and provided a full cost calculation so Ethan could understand the investment and related expenses before making a decision.
Immigrant Invest also has access to a database of properties in Panama selected for investment and suitable for obtaining permanent residence, which allowed the team to offer Ethan relevant options without starting the search from scratch.
From there, the specialists guided him through the legal and administrative process and coordinated the necessary documentation.
‘I wanted to understand the decisions I was making,’ Ethan says. ‘But I didn’t want to spend weeks working out every procedural detail myself.’
Examples of properties eligible for the Panama Golden Visa
Panama, Panama City
$447,000 — $1,043,000
Luxury apartments and town houses, Panama City
102 m² — 235 m²
2—3 
2—3 
Panama, Panama City
$628,000+
Villas, apartments and houses with private pools, Santa Maria, Panama City
135 m²2—3 2—3 
Panama, Distrito de Balboa
$137,000 — $260,000
Elegant apartments, Distrito de Balboa
22 m² — 54 m²1 1 Selecting a property in Panama City
Once Ethan had decided to proceed with the Panama Golden Visa, the next step was to choose the right property from the options available through Immigrant Invest.
The search focused on 4 main priorities:
- property in an established area of Panama City;
- strong potential for long-term rental income;
- sufficient liquidity for a possible future resale;
- opportunity for remote management from the US.
Panama City is a major destination for foreign property buyers, with an average gross rental yield of around 7.6%{{source: Source: Global Property Guide — Gross rental yields in Panama: Panama City, Oeste, and Coclé}}
Based on Ethan’s priorities, the Immigrant Invest team narrowed the options and helped him compare the shortlisted properties from both an investment and legal perspective, including the seller, documentation, rental potential, and transaction structure.
Once the shortlist was ready, Ethan and Gloria travelled to Panama to view the properties in person and make the final choice. Immigrant Invest coordinated the local specialists, lawyers, and agents throughout the process, so Ethan could focus on selecting the property rather than managing the transaction himself.
Investors ultimately chose a 2-bedroom apartment in Costa del Este, Panama City, for $320,000. The modern apartment had an open-plan living area, a balcony, and large windows overlooking the neighbourhood. Located in an established residential and business district, the apartment offered the rental potential Ethan was looking for while remaining easy to manage from the US.
Eymi Castro,
Investment Migration Expert
At the time of purchase, Ethan was not required to pay any property transfer taxes or stamp duties. Under Panamanian law, the 2% Real Estate Transfer Tax is paid by the seller rather than the buyer.
After the purchase, Ethan will be liable for annual property tax, with the applicable rate depending on whether the apartment is treated as his primary residence. If the investor decides to rent the property out, the rental income will also be taxable in Panama at progressive rates of up to 25%.
How Ethan and Gloria obtained permanent residence
Immigrant Invest guided Ethan through the sequence of steps, helping to keep the property investment aligned with the immigration requirements and coordinating the documentation needed for his application.
Ethan served as the main applicant; his wife was included as a dependant. The entire process took 8 months, and here is how it unfolded.
September 5th, 2025
Preliminary Due Diligence
Immigrant Invest conducted a preliminary Due Diligence check to identify any circumstances that might lead to the denial of Ethan's application. The process was fully confidential.
Upon successful completion of the check, Immigrant Invest prepared a service agreement to provide further support.
Immigrant Invest conducted a preliminary Due Diligence check to identify any circumstances that might lead to the denial of Ethan's application. The process was fully confidential.
Upon successful completion of the check, Immigrant Invest prepared a service agreement to provide further support.
+ 3 weeks, $3,480
Preparation of documents
Immigrant Invest lawyers provided Ethan with a list of required documents, including the following:
After Ethan and his wife collected the papers, the lawyer helped certify them and arrange translations into Spanish, which cost around $2,000. Additional programme-related fees and health insurance amounted to $1,480 for the couple.
Immigrant Invest lawyers provided Ethan with a list of required documents, including the following:
After Ethan and his wife collected the papers, the lawyer helped certify them and arrange translations into Spanish, which cost around $2,000. Additional programme-related fees and health insurance amounted to $1,480 for the couple.
+ 2.5 months, $326,000
Property selection and completion of investment
With the Immigrant Invest’s Ethan chose and purchased a property in Panama City for $320,000.
The lawyer coordinated the purchase agreement and prepared the documents confirming the investment. Transaction execution costs, including registry, notary and Due Diligence expenses, were around $6,000.
With the Immigrant Invest’s Ethan chose and purchased a property in Panama City for $320,000.
The lawyer coordinated the purchase agreement and prepared the documents confirming the investment. Transaction execution costs, including registry, notary and Due Diligence expenses, were around $6,000.
+ 1 day, $12,000
Application submission
The lawyer filed the application with the competent authorities, including the required certified documents.
At this stage, Ethan paid the following charges:
- government fees to the National Migration Directorate — $5,000 for himself, plus $1,000 for his wife;
- government fees to the National Treasury — $5,000 for himself and $1,000 for his wife.
The lawyer filed the application with the competent authorities, including the required certified documents.
At this stage, Ethan paid the following charges:
- government fees to the National Migration Directorate — $5,000 for himself, plus $1,000 for his wife;
- government fees to the National Treasury — $5,000 for himself and $1,000 for his wife.
+ 2 months
Approval
After submission, the application entered the official review. Ethan received initial approval and provisional residence status within around 2 months, and the process then proceeded towards permanent residence.
After submission, the application entered the official review. Ethan received initial approval and provisional residence status within around 2 months, and the process then proceeded towards permanent residence.
May 11th, 2026, $400
Issuance of permanent residence cards
Ethan and Gloria received their E-cédula cards, the national foreign resident ID cards. Issuance and final affiliation costs were $200 per person.
Ethan and Gloria received their E-cédula cards, the national foreign resident ID cards. Issuance and final affiliation costs were $200 per person.
Beyond the financial return
At the beginning, Ethan had thought almost entirely in financial terms. By the end of the process, the investment had given him something else as well: more options for the future.
The Panama Golden Visa gives Ethan and Gloria more flexibility for the future. For now, they still spend most of their time in the United States, while the apartment is rented out on a long-term basis, generating $1,800 in gross rental income per month.
Calculation of Ethan’s annual rental income and taxes
Later, the couple may choose to spend longer periods in Panama, particularly during the colder months, and permanent residence could also support a longer-term naturalisation strategy if Ethan and Gloria’s plans evolve.
With Immigrant Invest handling the legal and residence process step by step, Ethan was able to diversify his assets, secure permanent residence and create an additional source of income without having to navigate the complexities of the process himself.
You too can obtain legal residence abroad and build an investment strategy around your long-term goals. Contact Immigrant Invest to discuss the options available to you.
