2nd Passport and Residence

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By means of Law N°9, June 24 of 1987, Panama grants a special 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.

None of the other immigration programs detailed in our website will grant you a passport quickly. In all those programs, the passport may be obtained after 5 years of residency. Even when the residency requirements in Panama are quite flexible, if you are looking to obtaining a second passport rather quickly, 5 years may be too long.

One important advantage when you travel with this Passport is that Panama has Visa-Free agreements with 34 countries. A list is here.

If you are looking to obtaining a second passport quickly, the only immigration program that provides that is the Second Passport Program. This passport is great because is granted almost immediately and it lasts for 5 years, renewable.

As stated in the requirements, you will need to open a time deposit with the National Bank of Panama that will produce you a minimum monthly income of $750.

Right now, the National Bank of Panama is paying 5% per year for a 5-year time deposit which means that the deposit must be for US$180,000 to produce you the US$750 in monthly income that you need to show to the government.

This passport also grants residence, if the client wishes, but it is not required. It is not necessary for applicant to reside in Panama.

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 are that you get a passport almost immediately and the time deposit as well as the interest income are totally yours, but you need approximately US$180,000.

The deposit is secure in the National Bank of Panama which is the state bank of the Republic of Panama. This program covers applicant, spouse and children under 18 years old.

We can help you with the whole procedure.

The whole procedure may take 4 months counting from the date that the bank deposit is created and we receive all required documentation and funds.

Requirements to Obtain a Second Passport

1. Certification by Banco Nacional de Panama that confirms that the applicant receives a minimum monthly income of US $750.00 from the interests earned by the time deposit.
2. Good health certificate that indicated that the applicant do not suffer any disease, including HIV
3. Two photocopies of passport or document valid for travel
4. Certificate of good conduct
5. Sworn declaration
6. Power of attorney
7. Petition
8. Six photographs

Requirements for Opening a Time Deposit Account with National Bank of Panama

1. Three (3) letters of commercial references (at least two of these references must be from banks)
2. Three (3) letters of personal reference
3. Two (2) photocopies of the applicant's passport
4. Application Form of Opening of Account (with complete information). This form can be obtained at any branch of the National Bank of Panama (We will help you with this)
5. Application Form of Verification of References in the Panamanian Association of Credit (APC), independent of the nationality and the applicant's home. This form should be completed by the applicant before an official of the National Bank, unless she/he confers Special Power to another person for the realization of this step (We will help you with this)
6. Profile of the Client. This form should be completed by the applicant before an official of the National Bank, unless she/he confers Special Power to another person for the realization of this step (We will help you with this).

All commercial and personal reference letters must be authenticated by apostille or by a Consulate of Panama.

Visa & Residence Options

Visa Program   Basic Requirement   Benefits   Self Economic Solvency   One of these options - • $200K CD for 2 years; or • Buy $200K property; or • Any combination which amount to $200,000 Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years   Pensioned (Pensionado)   Pension of $500/ month Permanent Residency & duty free auto/ household   Small Business Investor   $100K in Company & hire 3 Panamanian employees Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years   Agricultural Investor   Agricultural Business Permanent Residency, plus Right to opt for Panamanian Nationality & Passport after 5 years   Second Passport   5 year CD with BNP producing $750/ monthly interest Passport for travel, renewable every 5 years

The BusinessPanama 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 business opportunities in Panama related to the investment in which you may be interested

For more information, please click here to contact us.

DISCLAIMER