Second Passport & Residency in Panama If you need a second Passport Panama is a good choice. The passport is good in many countries, and can be used as a basis to apply to for visas to other countries. Panama residents, have no trouble getting visas approved for travel to countries like the USA, Canada etc.
What countries accept a Panama Passport? Can I actually use this passport? The answer is a resounding yes. This passport supports countries from all parts of the world including France, Paraguay, Chile, Argentina, Finland, Luxembourg, Spain, Columbia, Honduras, Portugal, Peru, Holland, Greece, Bolivia, Israel, Nicaragua, Ecuador, Sweden, Austria, Korea, England, Poland, El Salvador, Hungary, Guatemala, Denmark, Dominican Republic, Germany, Uruguay, Costa Rica, Brazil, Norway, Belgium and Switzerland. Quite a big list, huh? And if you need to travel to other countries, you can always apply for a visa based on your Panama passport. Panama Passport Requirements To grant a Residence Visa & Passport with an independent Retired Status here in Panama at the National Directorate of Inmigration and Naturalization, is given to all those foreigners that earn a minimun monthly income of Seven Hundred Fifty (US750.00), that proceeds exclusively from the interest of a five year period time deposit at "Banco Nacional de Panama" (National Bank of Panama). Your Wife, Parents and Kids get a Passport and Residency too! The petitioner (you) can bring his (her) dependents into the country. Dependents are considered to be the parents, spouse or children under legal age or those who are of legal age but under 25 years, single and without children that are attending regular studies, at a Study Centre duly recognized by the Ministry of Education. The permit is granted for five extendable years and the Panamanian passport is issued for the same length of time. How much do I pay for my dependents to get a Passport and Residency?You will need to earn $75 more per dependent from the money you deposit in the General Bank of Panama. The requirement is that you earn $750 interest monthly from your investment + $75 interest monthly per dependent. So if you have 3 dependents, you will have to deposit enough money to earn$750+($75x3) = $975 per month in interest income. At the time of this writing, you will need to deposit $23,000 more per dependent in the National Bank of Panama. How fast is "Instant"? In spite of the title, this passport does take a little time to get, but it is as close to intant as you will find anywhere in the world today. It takes about 1-2 months for this passport to be issued. Not quite instant, but not that slow compared to other programs either. How much money do I really need?You have to find enough money to invest in the National Bank of Panama, to earn $750 in interest. The interest earnings are yours to keep. You never lose the money you invested, but you must keep it invested for as long as you want to keep your Panama passport. Exactly how much money do I need to invest?
At the time of this writing the amount required to invest in the National Bank of Panama to generate $750 of income is approximately $230k. Offshore Legal Tip: Some people may find it hard to provide this amount of money for a five year period. These people may need to get creative in their financing. For example, why not borrow against the money you have invested. Use the $750 per month you are earning to finance a loan backed by the money you invested, for the entire amount you invested. (so you get all your money back!) Since the banks offer competitive interest rates for money that is locked in, you will only pay about a 2% premium or less. The cost of such a loan is $975. But you are earning $750. So your total cost is only $975-$750 = $225 per month!
How long is the Panama Passport good for? After five years your passport will expire, but you can renew it, under the same program as long as you keep your money invested. If this program not really working for you, take your money back and go somewhere else, no problem. If it is, feel free to keep the money in the national bank of Panama and keep using your passport. A short-term commitment to say the least! What happens if the interest rates change? Now remember that seven-hundred and fifty dollars a month? That is yours for as long as your money is in Panama. If the interest rates can change, so you could start getting more than that on the same amount of money. If the interest rates go down, you do NOT need to increase the amount invested. As long as you keep your money in the bank, you never have to live in Panama or become a citizen (although you can if you wish). That is all it takes to get this passport.< |
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