EXTENSION OF THE PERMANENT RESIDENT PROGRAM OF QUALIFIED INVESTOR IN REAL ESTATE INVESTMENT

The construction sector has made a vital contribution with the gradual increase and reactivation of private projects.

The Vice President of the Republic and Minister of the Presidency, José Gabriel Carrizo Jaén, announced that the National Government has decided to extend for an additional period of 24 months (October 2024), the amount of real estate investment to qualify for the Permanent Resident Investor program. Qualified, that is, from 300 thousand balboas, in order to continue strengthening the construction sector.

The Permanent Resident Qualified Investor program has managed to attract more than 100 certified investments for an amount of 55 million balboas and among the largest certified investors are the citizens of Peru, Colombia and Canada.

Activities such as construction have such a high value for the economy, both in real and symbolic terms. “Construction, the generation of public infrastructure, as well as private development, is one of the activities that generates the most direct and indirect jobs, that achieves the greatest distribution of resources among the people with the greatest needs, and that brings the best benefits to development. from the country".

The construction sector has made a vital contribution, with the gradual increase and reactivation of private projects and with its participation in the execution of significant public investment in infrastructure works.

“This is reflected in the partial recovery of the relative weight of the construction sector in the composition of the Gross Domestic Product (GDP), going from 10.9% in 2021 to 11.7% in 2022, according to data from the first quarter of this year. The figures for the sector are encouraging," he said.

Data from the National Institute of Statistics and Census reveal that the construction and real estate sector has exceeded 20% year-on-year growth for four consecutive quarters, which is reflected in the positive level of home sales at the local level, with a positive balance in the mortgage credit. In this sense, the bank has increased the placement of loans by 3.9%, with an increase of 4.4% in the amounts placed and a portfolio balance of 19,204 million balboas until the month of June 2022. “This is reason so that we can all have a lot of optimism”.

On the other hand, it was highlighted that between July 1, 2019 and July 31, 2022, a total of 353 new urban projects were registered through the Solidarity Housing Fund Program, managed by MIVIOT, with a total of 45,090 housing solutions nationwide, for an investment of 452 million, 27 thousand 250 balboas. "In this same period, a grand total of 19,024 resolutions were issued for an investment amount of 190 million, 715 thousand 600 balboas that benefit 66,584 Panamanians with the acquisition of their own home."

Source:

https://www.laestrella.com.pa/economia/220901/vicepresidente-carrizo-anuncia-extension-monto-inversion-inmobiliaria-programa-residente-permanente-inversionista-calificado