Panama's Historic Millionaire Migration: Why 300 Ultra-Wealthy Individuals Are Relocating to Panama in 2025

Panama currently hosts 7,500 millionaires with net worth exceeding $1 million, 35 centimillionaires worth $100+ million, and 3 billionaires according to Henley & Partners' latest wealth migration analysis. This represents a 4.2% annual growth rate in high-net-worth individuals, contrasting sharply with wealth flight from Brazil (-800 millionaires), Colombia (-300), and Mexico (-400) in 2025.

The incoming millionaire cohort demonstrates truly global diversity: 60% originate from North America (primarily United States and Canada), 25% from Asia (led by China and Japan), 10% from Europe, and 5% from other Latin American countries. This international composition validates Panama's emergence as a premier wealth management jurisdiction beyond regional migration patterns.

Panama's territorial tax system creates exceptional advantages for ultra-wealthy residents. The country imposes zero inheritance or succession taxes, potentially saving wealthy families millions in estate transfer costs compared to US rates up to 40%. Capital gains taxation remains among the world's lowest at approximately 15% for most transactions, while foreign-sourced income faces no Panamanian taxation.

Pension income received in Panama is completely tax-exempt, making it particularly attractive for affluent retirees. The US dollar-based economy eliminates currency risk, while Panama's removal from international money laundering gray lists in 2023 has enhanced financial transparency and legal security for wealth management activities.

Premium residential markets in Panama City's Costa del Este, Punta Pacifica, and Casco Viejo are experiencing 15-25% annual appreciation driven by millionaire demand. Luxury condominiums with Panama Bay views now command $800-1,200 per square foot, while exclusive gated communities in Coronado and Santa Maria offer villa estates ranging from $2-15 million.

Commercial real estate benefits significantly from increased millionaire business establishment, with Class A office space in Panama City's financial district reaching $35-45 per square foot annually. Mixed-use developments and luxury hospitality projects are proliferating to serve the growing ultra-wealthy population and their lifestyle requirements.

The Qualified Investor Visa requires minimum investments of $500,000 in Panama real estate or approved economic activities, offering permanent residency and pathway to citizenship after five years. Processing typically takes 6-9 months with proper documentation and legal representation.

Friendly Nations Visa provides streamlined residency for citizens of 50+ countries with diplomatic ties to Panama, requiring only $5,000 bank deposit and economic activity proof. The Pensionado Visa serves affluent retirees with minimum $1,000 monthly pension income, while self-economic solvency visas accommodate entrepreneurs and investors with various capital thresholds.

Panama's position as the geographic bridge between North and South America, combined with the Panama Canal's global trade significance, creates unmatched connectivity for international business operations. Tocumen International Airport offers direct flights to 80+ destinations, while modern telecommunications infrastructure supports digital nomad millionaires and tech entrepreneurs.

The country's advanced healthcare system includes internationally accredited facilities like Johns Hopkins Panama and Hospital Punta Pacifica, providing medical services comparable to major US metropolitan areas at 60-70% lower costs. International schools such as Metropolitan School of Panama and International School of Panama serve expatriate families with US and European curriculum standards.