Second Passport Panama
I’ve spent a fair amount of time on this blog talking about visas and travel documents, my quest for residency and my ultimate goal of securing a second passport — or at least finding out what is necessary in order to get one issued. So some people have said that Uruguay is ‘easy’ – although it takes time.
So what are the other easy second passports available out there?
I see alot of people talking about second passports from Ireland, Italy, Spain, Greece, Panama, the Dominican Republic, Dominica, and of course St. Kitts like our friend Neil Strauss got in the book “Emergency”. I’d like to focus on Panama for a minute because I saw a headline that was brilliantly done which promised an ‘instant’ passport — and then some specifics to make it seem more believable
Panama Passports
A law firm, who not surprisingly is from Panama City, is advertising an “Instant Second Passport & Residency for $225 per month: The Panama Passport Program”
The law firm recommends that for those in need of second passports, Panama is a fine choice. The reasons? Well, first of all, a second passport in Panama works in order for people who currently hold passports from countries with extreme restrictions on travel to get travel documents and visas. Residents of Panama are able to obtain travel visas for the US, Canada, UK and other more difficult countries.
Countries that will accept a Panama Passports and travel documents include in South America:
- Peru
- Paraguay
- Chile
- Argentina
- Colombia
- Bolivia
- Uruguay
- Brazil
- Ecuador
In Central America:
- Honduras
Nicaragua
Costa Rica
El Salvador
Guatemala
The Dominican Republic in the Caribbean. Korea in Asia.
And, in Europe:
- France
Finland
Luxembourg
Spain
Portugal
Holland
Greece
Israel
Sweden
Austria
England
Poland
Hungary
Denmark
Germany
Norway
Belgium and
Switzerland.
How do you Get an Easy 2nd Passport from Panama?
The “trick” it seems is be declared a ‘pensionado’ it seems. A pensionado is someone who is declared a retired person by the Panamanian government. Retired people receive a lot of other benefits as well. The “challenge” with the pensionado solution is that if you aren’t a baby boomer who is lucky enough to have a fixed benefit plan paying out towards your retirement or at a minimum social security kicking in soon, amassing enough savings to ensure a “fixed income” which will satisfy the requirements can be a little bit expensive. Let me share with you the details
Minimum Income Requirements for Panamanian passport program
In order to obtain a residence visa and passport as an independent retired person Residence Visa & Passport with an independent Retired Status in Panama as a foreigner, you must be able to prove to the National Directorate of Immigration and Naturalization that you have a minimum monthly interest income or ‘pension’ income of 750 USD from the interest gained only from the a 5 year CD from the National Bank of Panama (Banco Nacional de Panama). Qualifying individuals will be able to secure residency and passports for their entire immediate family including their spouse.
A qualifying applicant can travel with their dependent children or students under 25 years of age or dependent parents
The petitioner (you) can bring his (her) dependents into the country.
Do additional Second Passports Cost More?
To qualify your children or spouse for residency and a passport you will be required to make 75USD more per month per dependent from your deposit with the bank.
How Long Does it Take to Get the Passport?
Well, the Panamanian Law firm uses the word “instant” to get your attention. When we looked into it a little bit deeper, the relent and admit that it will take a coupe of months to get your Panamanian passport issued. This is, however, in the grand scheme of things, incredibly fast. But, you are basically buying your way into the country and buying this convenience. So, how much will it cost you?
How Much Does the Panamanian Passport Cost?
Well, you’ll need to have enough invested in the NBP or “National Bank of Panama” to earn 750/mo in interest plus another 75 for your spouse and any dependents.
Apparently, the interest is yours to keep, however, you have to leave the principal invested in the bank for as long as you want the passport. If you are forced to withdraw your money for any reason, you would lose your passport.
At the time the Panamanian law firm wrote their advertisement they placed the price at about 230k, plus another 23k per dependent, so 1/4 of a million for you and your spouse.
Does the Panama Passport Expire?
Yes. It’s only good for five years. However, it’s renewable for as long as you maintain your deposit with the National Bank of Panama.
Is there a Residency Requirement?
No. There is no residency requirement. However, you must visit Panama in order to register with the “migratory movement department” before applying with the National Directorate of Immigration and Naturalization for your passport.
Does Having My Panamanian Passport mean I have to Give up My Home Country Passport?
No. Many people use their Panama Passport as a nice, safe, second passport for easier travel and access to banking and investment opportunities that wouldn’t otherwise be available.
