Investor
Decree 17 of 2026: Buying a resale property in Boquete is no longer the same as qualifying as an investor
Published on September 26, 2026. Lic. Moisés Iván Ríos Beitia
Decree 17 of 2026 sets the minimum at B/. 300,000 only for new properties. In Boquete, the minimum for resale properties is B/. 500,000 if you are seeking a residence as an investor.
On September 16, 2026, Executive Decree No. 17 took effect. The minimum of B/. 300,000 applies only to properties being sold for the first time. In Boquete, most properties are on the secondary market.
Foreigners who buy property in Boquete usually ask two questions during the same conversation: whether the property is in good standing and whether the purchase qualifies them for residency.
Until Executive Decree No. 17 of September 8, 2026—published in the Official Gazette on September 16—many people treated those two questions as one and the same. Not anymore.
The decree replaced the framework established by Decree 722 of 2020 and its amendments. Permanent residency as a qualified investor remains in effect. What has changed is what types of real estate qualify and the required investment amount.
What Stayed the Same and What Went Up
First-time sale of real estate: The minimum price of B/. 300,000 remains in effect. The property must be new, unoccupied, and purchased from the builder, developer, or their successor.
Resale property or secondary market: the minimum is now B/. 500,000. This applies if the property has already been sold, occupied, leased, or transferred to a third party not associated with the development.
The investment, regardless of the method, must be maintained for five years.
Anyone who had already invested or finalized a binding contract before September 16, 2026, may qualify under the previous regime if they submit their application within six months of the decree taking effect.
In Boquete and the rest of Chiriquí, most of the farms, mountain homes, and plots of land offered to foreigners are not being sold for the first time. They are resales. That is why the change is not merely theoretical.
A good purchase, in and of itself, does not constitute a valid immigration application
A property priced at B/. 350,000 may have a clean title, clearly defined boundaries, and proper access and water connections. That does not make it a qualifying investment under the new rules.
The opposite is also true: a new project costing B/. 300,000 can be used as a residence and, at the same time, require the same due diligence as always. The initial sale does not replace the title search.
Before signing, it's a good idea to distinguish between three things:
What am I buying? Registered title or right of possession.
Why am I buying it? To live there, to invest, or to take up residence.
Does the transaction qualify as a first sale or a resale?
If the purpose of the transaction includes residency, the third question must be answered before the preliminary sales agreement is signed. It is more expensive to correct it afterward.
Other avenues that the decree leaves open
Real estate is not the only option. The program also allows for investment in securities (B/. 500,000), a time deposit at Banco Nacional or Caja de Ahorros (B/. 500,000) and a deposit in a private bank (B/. 750,000), held for five years.
Real estate investments may be made in one’s own name, through a corporation, or through a private interest foundation, provided that the applicant proves that he or she is the ultimate beneficiary and retains effective control. This does not eliminate the requirement to register ultimate beneficiaries or any other applicable obligations.
Funds must be traceable and from a foreign source. Donations or gratuitous transfers from a third party do not count toward the minimum.
What to Look for When Viewing a Property in Boquete
Whether the property is new and has never been occupied, or whether it has had a previous owner, tenant, or buyer.
If there is certification from the Public Registry and, where applicable, from ANATI.
If the price paid, net of taxes, reaches the threshold applicable to that category.
Whether the contract was signed before or after September 16, 2026.
Whether the ownership structure (individual, corporation, or foundation) will be responsible for both the purchase and, if applicable, the residency application.
The decree also specifies processing deadlines: investment certification by the MICI within 15 business days and an immigration decision within 30. This streamlines the process. It does not replace the quality of the transaction being submitted.
If you are considering a property in Boquete and are unsure whether it is a first sale, a resale, or still subject to the transitional regime, it’s a good idea to verify this before signing.
Moisés Iván Ríos Beitia, B.A.
legal@moisesirios.com