Panama Instant Passport Program

Panama is one country where individuals can obtain a second passport or residency through a legitimate passport program. This program does not grant fast track citizenship as the citizenship by investment programs of St. Kitts and Dominica do. The passport gives the bearer a non-immigrant status and does not lead to citizenship, nor does the bearer of the Panama passport have any option to claim Panamanian citizenship. The bearer of the Panama passport gets temporary residency status, and may live in Panama if desired.

The Panama Instant Passport Program is a valid and legal process in place since 1987. It was subsequently suspended, and then reinstated in 2008. Panama is identified as one of the best retirement locations in the world is Panama. As such, in an effort to attract foreigners to Panama, the government of Panama has developed several attractive and lucrative retirement programs such as the Panama Instant Passport Program.

To qualify for the Panama Instant Passport Program, a foreigner or non resident must first establish a five year time deposit (Certificate of Deposit) at one of two Panama banks, the National Bank of Panama and the La Caja de Ahorros de Panama. The value of the time deposit must produce monthly interest income of no less than US$ 850.00 per month. The PIPP is open to all who qualify and dependents and family members of the Petitioners of the Panama Instant Passport Program are accepted for a nominal increase in the interest revenue, whereby the CD must generate and additional US$75.00 monthly for each dependent. At anticipated interest rates of 4-5%, the estimated general CD deposit amount is $US200,000.

This is a nominal fee considering that all interest earned on the time deposit is tax free. During the five year term of the CD, the money may be used as security against loans or other investments. At the end of the 5-year period, the account may be closed or renewed. If the term deposit is renewed, the Panama passport is then renewed for another five-year term as well.

Panama is a highly recommended and most suitable retirement country for many reasons:

It has a Stable/growing economy
The US dollar is the main currency
It has a US based infrastructure
There are tax benefits- no taxes on foreign-based income
Foreigners may own Panama property, no need for citizenship
Tourism investments are subject to many tax exemptions
Panama has a first world infrastructure
Esthetically, Panama is a diverse landscape including mountains, densely forest areas, beaches, sprawling metropolitan cities
The real estate is diverse- condominiums, beachfront homes, country home, rustic cottages and islands.
Foreigners with temporary residency status have same rights as Panama citizens

The Process for Panama instant program (PIPP) is a relatively short one. Once the term deposit is credited with money, the government will issue a residency visa within 1-4 months, after which time the passport application may be processed. A visit to Panama is required to process the application for residency and the second Panama passport.

Upon establishment of the term deposit, the Panama immigration will issue a full set of ID, and a Panama passport. The passport issued will declare the true nationality of the bearer unlike the second passports of Dominica and St. Kitts under which the nationality of the bearer is listed as that of the issuing country. So if the reason for wanted a second passport has to do with concealing your original identity, the Panama passport is not the best suited option.

The Panama Passport can be used for visa free travel to many countries in the world.