Special Features: 2nd Passport and Residence
By means of Law Decree 3 of 22nd February, 2008 and Executive Decree 320 of August 8th, 2008, the Panamanian government approved new immigration regulations that will be in force as of August 26th, 2008. These regulations modify existent visa programs and create new programs in accordance to existent economic and political situation of Panama.
About the Panama Second Passports, if you are looking to obtaining a second passport quickly, the only immigration program that provides that is the Panama Second Passport Program. This passport is excellent because is granted almost immediately and it lasts for 5 years, renewable..
By means of Executive Decree No. 320 of August 8th, 2008, Panama grants a second passport and residence to applicants that establish a time deposit at National Bank of Panama, provided that this deposit produces a minimum of only US$750.00 per month in interest.
We have found that this Panama Second Passport has been useful for Russian Republics, Middle East and other nationalities with restricted entry into EU. With the Panama Second Passport, they can enter most EU countries without Visa and without any invitation letters.
One important advantage when they travel with this Passport is that Panama has Visa-Free agreements with 40 countries. A list is here Visa Free Countries
Right now, the deposit must be for US$615,000 to produce the US$2,000 in monthly income that you need to show to the government. Please note that the amount of this deposit will depend on the rate of interest paid by the Bank at the moment when the time deposit is created and we recommend you to always consult with us to confirm this.
This deposit for US$615,000 covers the Principal (father/husband) and dependants.
This passport also grants permanent residence. After 5 years of permanent residence, the person can apply for citizenship.
The time deposit must be for 5 years to match the duration of the passport. The passport can be renewed every 5 years, if you renew the time deposit for an equal period.
The advantage of this program is that the client will get a passport almost immediately and the time deposit as well as the interest income is in their name. The deposit is secure in the National Bank of Panama which is the state bank of the Republic of Panama.
If you wish to view a summary of all requirements and benefits, please Click Here.
If you want to learn the requirements for the Panama Second Passport, please Click Here.
| Comparison of Permanent Residence Programs | ||
|---|---|---|
| Visa Program | Basic Requirement |
Benefits |
| 2nd Passport | Open a CD deposit that produce US$ 2,000.00 interests per month. |
|
| The CD deposit must be opened at The National Bank of Panama for a minimum period of 5 years | ||
| Current Interest rate for 5 years: 4% | ||
| Self Sufficient Funds | Option 1: Open a CD deposit of US$ 300,000.00 for 3 years in a Panamanian Bank |
|
| Option 2: Real Estate investment of US$ 300,000.00 (if property value is higher than 300K, petitioner is entitle to obtain a mortgage for the remaining amount) | ||
| Option 3:Mix investment: CD deposit and Real estate investment is allowed as long they reach the amount of US$300K | ||
| Pensionado | Letter from a government pension entity, private pension administration, mutual funds administration stating that the petitioner receives a monthly pension of US$ 1,000.00 for life |
|
| If petitioner purchase a Real estate property of US$ 100,000.00 or more , the pension could be of US 750.00 | ||
| The combine pension of a marriage can be presented as long as they comply with the minimum amount of US$ 1,000.00 | ||
| If the pension is paid by a private entity, the petitioner must furnished a letter from the mutual administration, pension funds administration stating that the pension are going to be paid for life | ||
| Reforestation | Investment of US$ 80,000.00 or more on his name or through a Panamanian corporation in a reforestation field |
|
| Large Investor | Required Investment of US$ 160,000.00 through a Panamanian corporation |
|
| Type of investment: all, excluding activities restricted by Panamanian constitution | ||
| Company must be registered at the Social security program | ||
| 5 Panamanian employees as minimum | ||
The Business Panama Group offers you a Complete Second Passport Solution
by providing you with the following services:
- All legal and other services for representing you before Panamanian immigration and other authorities and preparing and filing all documents
- All necessary contacts and arrangements to identify real estate or business opportunities in Panama related to the investment in which you may be interested
For fees and more information, please click here to contact us
