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PANAMA PASSPORT, VISA, RESIDENCY AND CITIZENSHIP PROGRAMS Panama offers a multitude of programs enabling one to fairly easily obtain a Passport, Visa, Residency and Citizenship. Panama is an excellent place for a second passport (2nd passport). The plans are outlined below. Do feel free to ask questions. We do not advise attempting to deal with the immigration authorities without adequate legal representation by a competent attorney.
The Tourist Pensioner Visa (Turista Pensionado) This visa is designed for persons whose pension from a government entity or private corporation is $500 or more ($600 or more for a couple per month). You will have to prove this under scrutiny. Usually a pension statement from the government or private pension will suffice but backup bank deposit records could not hurt. The Pensionado Visa is granted indefinitely but it is necessary to prove to the Immigration Department on an annual basis that the income is still flowing from your pension. The benefits include one-time exemption of duties for the importation of household goods (up to $10,000) and an exemption every two years of duties for the importation of a car. There is also a basket of other benefits and discounts available to those holding this Visa. However, please note that under this visa you cannot qualify to acquire Panamanian citizenship or passport, but you do get a Cedulla (national identity card). This would greatly facilitate the opening of bank accounts, financing of real estate, cars, etc. Legal Details of the Pensionado Program follow: Private Income Retiree Visa (Rentista Retirado) This visa is for persons who don’t have a monthly pension, are no longer working, and have received a retirement lump sum. As a visa requirement, that money is to be deposited on a five-year certificate of deposit with the National Bank of Panama, to yield at least $750 a month (at current rates the face value of the CD would need to be approximately $175,000). The visa is renewable every five years, as long as the CD is renewed. The Private Income Retiree Visa includes such benefits as a traveling Panamanian passport (that however does NOT grant nationality), a one-time exemption of duties for the importation of household goods (up to $10,000), and an exemption every two years of duties for the importation of a car. Person of Means Visa (Solvencia Econуmica Propia) Designed for those who wish to live in Panama off their own means, without the need or desire to work or start a business. The person must have a one-year certificate of deposit in any local bank of at least $200,000. $80,000 of the $200,000 can be in the form of a home purchase. Upon applying for the first, provisional renewal of this visa, the certificate of deposit must also be renewed for one more year. After renewal, the visa is granted permanently with the right to a cedula (local identity card). Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality.Immediate Panama Passport This program allows foreigners to obtain immediate Panamanian Passport (there is no citizenship that goes with this) under the condition that they make a 5 year certificate of deposit (CD), at the Banco Nacional de Panama (Panama's Government Bank), which earns a minimum of US $750 per month in interest income which currently requires about $175,000 to be deposited. This is a relatively simple, direct program. A visit to Panama is required. One must already have a valid passport that enables them to come into Panama. Getting your Passport in 30 days from time of completion of all required documentation is possible but time frames vary according to workload, holidays etc. The visa and passport is renewable every five years, which requires the CD to be renewed.
Investor Visa (Inversionista) Designed for those who wish to establish a business in Panama (note, though, that some retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $150,000 and minimum of three, permanent Panamanian employees hired. It is granted provisionally for one year and after renewal is granted permanently with the right to be issued a cedula. Five years after obtaining the permanent visa, holders will be eligible to apply for Panamanian nationality. Small Business Investor Visa (Inversionista de Pequeсa Empresa) Designed for those who wish to establish a small business in Panama (note that retail businesses and some professions are reserved to Panamanians). There must be a minimum investment of $40,000 and minimum of three permanent Panamanian employees hired. It is granted provisionally for one year, and needs to be renewed three more times before it is granted permanently with the right to a cedula. Five years after obtaining the permanent visa, holders will be eligible to obtain Panamanian nationality. Self Economic Solvency Visa Law Number 16, of June 30, 1960 created this program to offer international investors the opportunity to obtain legal residency, citizenship (and passport) in Panama through certain investments in the Republic of Panama. The Self-Economic Solvency Visa offers three (3) different investment options to qualify for residency status in the Republic of Panama; Agricultural Investor Visa Law number 16 of 1960 created this program (“Visa en Calidad de Agricultor”) as a means to offer foreigners the opportunity to become permanent residents and citizens in Panama by investing in farms and agriculture in the Republic of Panama. Small Business Investor Program This program allows foreign business owners to obtain legal residency in Panama under the condition that they invest a minimum of US$40,000 in either a new business venture, or an established company in Panama. Part of the requirement is that the business must employ at least 3 Panamanian employees paying them at least minimum wage, with social security benefits. Tax Free Processing Zone Investor Progam This program allows foreign investors to obtain legal residency in Panama under the condition that they must rent a plot of land or an office or building (rented through a 10 to 20 year concession) within one of the new tax free processing zones in Panama, for the purpose of operating a business from Panama that exports its products or services. City of Knowledge Work Visa Program This program allows foreign investors to obtain up to 5 work visas (valid for an initial term of 2 years, and renewable for an additional 2 years) for their company in Panama under the condition that they must rent an office or building within the City of Knowledge of Panama (located within the former Fort Clayton military base), for the purpose of operating a business from Panama. Temporary Immigrant Visa Student Visa This program allows foreign students to obtain legal residency in Panama under the condition that they will be living in Panama for educational purposes, such as attending a Panamanian university, school, etc. Warning: All of our passport programs require you to be physically present at the immigration department for fingerprinting and photographing. These are NOT the “Pay someone off in the dark” programs you see on the internet which do not require you to go to the country physically and come with a passport, identity card and driver’s license. There are numerous stories on the internet if you look for them of people getting arrested all over the world when they attempt to travel on these passports. What is often done is passport blanks that come back from the manufacturer slightly defective (bad printing, stitching etc.) are marked as not usable by the government and are then sold by unscrupulous immigration officials through third parties. The problem is when the country that issued those does an audit of their immigration department they pick these things up and then the passports are flagged as fraudulent or stolen and this is sitting in some unfortunate person’s wallet waiting to be used and can cause a police detention with likely arrest to follow. There was just a raid recently in Guyana and the corrupt immigration officials there were issuing hundreds of passports daily. Now along comes some guy who bought one of these “officially issued” passports and he goes through immigration in say the EU. Well he doesn't appear to be a Guyana type so they query around a bit and he gets arrested. Months after the scandal we still see Guyana Passports being sold on the internet which makes one wonder. We even see Diplomatic passports being sold on the internet for $50,000 and up. This is ridiculous. What the buyers are not aware of is in almost all countries travel using a Diplomatic passport requires a visa so the country you intend to visit will require you to physically submit the diplomatic passport to their embassy for a visa which will involve scrutiny. So when they contact the diplomatic passport issuing government to verify the purpose of your visit, duration, whether or not you will be attached to the embassy, etc. what do you think is going to happen? Do you think the issuing government is going to provide official documentation for all of your journeys? Do you think they will even know who you are? They will most likely remain non responsive and your passport will probably never be returned as a best case scenario but this would most likely be followed by a knock at the door shake you up or arrest you visit by some authorities depending on where you live, admittedly some countries will not care what you did but others that are terrorist sensitive will get really interested in you and your whole life and you should expect to be added into the watch/stop list making airport travel a nightmare for the next ten or twenty years. The government that issued this diplomatic passport may also contact you after they get contacted for a $10,000 bribe or they will make trouble for you and on it goes. Remember why do you see Nigerian Scam Emails – because they work. There are a lot of stupid people out there so don’t be one of them. Click Here to Get Started With All of Roy’s Opportunities in Panama |
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