Panama Residency for Spanish Citizens: Routes, Tax Residency and Inheritance
Spaniards can access Panamanian residency easily. The real question is when the Spanish Tax Agency stops treating you as resident.
Spanish citizens received 654 approved residence permits in 2025, the tenth nationality by approvals out of 33,262. Source: National Immigration Service of Panama, residence permits 2025 (preliminary figures as of December 31, 2025; includes temporary, provisional, permanent permits and extensions).
Residency routes
- Friendly Nations: Spain is on the official list (Executive Decree 416 of 2012, as amended by Executive Decree 16 of 2026). It is the Friendly Nations permit: an economic tie to Panama, such as an investment from USD 200,000 or a job contract with a Panamanian employer; it starts with a 2-year provisional residence before permanent status.
- Golden Visa: the Qualified Investor Golden Visa (Executive Decree 17 of 2026, in force since September 16, 2026): new real estate (first sale) from USD 300,000; resale real estate USD 500,000; securities USD 500,000; or a 5-year fixed-term deposit of USD 500,000 at Banco Nacional or Caja de Ahorros, or USD 750,000 at a private bank. Immigration resolves in up to 30 business days once the file is complete; that is a reference timeline, not a guarantee. Spain itself stopped granting golden visas on April 3, 2025; see our Panama vs. Europe comparison.
- Pensionado: the Pensionado (retiree) visa, open to all nationalities: a lifetime pension of at least USD 1,000 a month, or USD 750 if you buy your own property worth more than USD 100,000.
Filing details are in this Panama visa guide for Spanish citizens (in Spanish). Spanish public documents are apostilled in Spain; any issued in Catalan, Basque, Galician or another language need an official translation in Panama into Spanish.
Spanish tax residency
Spain treats you as tax resident if you spend more than 183 days a year in Spain (sporadic absences count unless you prove tax residency elsewhere), if your main economic interests are in Spain, or, unless proven otherwise, if your non-separated spouse and dependent minor children live in Spain. Any one criterion is enough. A Panamanian tax residency certificate and a real move of your economic interests matter more than a change of address.
Is Panama a tax haven for Spain?
Currently, no: Panama is not on Spain's list of non-cooperative jurisdictions (Order HFP/115/2023, consolidated version of June 2026), and both countries have a double taxation treaty. This matters because Spain's quarantine rule, which keeps Spanish nationals who move to a listed jurisdiction resident for the year of the move and the next four, applies to listed countries. Lists change, so check the version in force, and review other issues such as exit tax on high-value shareholdings with your advisor. Panama's territorial tax system generally leaves foreign-source income outside Panamanian income tax.
Forced heirship and inheritance tax
Spain's Civil Code reserves a forced share for certain heirs, with regional variations, and inheritance and gift tax may apply depending on the heirs' residence and where assets are. A Panama Private Interest Foundation (Law 25 of 1995, from USD 10,000) distributes the assets it holds without a Panamanian probate, but it does not by itself override Spanish forced heirship or taxes, can be challenged if used in fraud of creditors, and its beneficial owner is reported.
Frequently asked questions
Can Spanish citizens apply for Panama's Friendly Nations visa?
Yes. Spain is on the official list. You need an economic tie to Panama, such as an investment from USD 200,000 or a job contract, starting with a 2-year provisional residence.
Is Panama on Spain's tax haven list?
Not currently. Panama is not on Order HFP/115/2023 (consolidated June 2026) and there is a double taxation treaty. Check the list in force before moving.
Do I stop paying tax in Spain if I move to Panama?
Only if you stop being Spanish tax resident: fewer than 183 days in Spain, no main economic interests there and no family presumption applying.
Can I retire in Panama on a Spanish pension?
Yes, through the Pensionado visa: a lifetime pension of at least USD 1,000 a month, or USD 750 with your own property worth over USD 100,000.
This content is general information and does not constitute legal, tax or immigration advice. Requirements, amounts and timelines may change and depend on each case and on the authorities. Review your home-country tax position with a qualified tax advisor before acting.