Advantages of a Panamanian Passport
Panama second passport for investors
The financial crisis has left all of us worried. Some believe that the worst part has passed, but in other parts of the world, like Greece, for example, they definitely don’t agree. Therefore, in this era of increasing financial restrictions, and with taxes trying to take away more money, it is very logical many try to send their money overseas. For this reason, the option of a second passport or alternative citizenship looks very interesting.
We are assailed with various questions about whether or not to get a second passport. For example, why should we want one? What places are the most secure and offer the most benefits?
There are multiple reasons why to look for a second passport. Perhaps our birth country’s image is tainted or maybe we want to be identified as citizens of another country it benefits our businesses.
One of the biggest advantages of having a second passport is related to free banking. Some banks limit the opening of accounts by people who come from certain countries, but with a second passport, you can overcome this obstacle with a problem.
However, it is important to be very careful because on the internet today you can find many offices that offer services to easily obtain the second passport expected. Not all of these are real. Unfortunately, fraud also is present and these scammers, the ones that want to keep your money, send you a fake passport, and then when you use it, the police will detect deception and you can get yourself in some serious trouble.
The first piece of advice is that we must assure ourselves that we are really dealing with a lawyer and that he or his firm has a phone number that can be used to talk regularly. Furthermore, we have to carefully study the country in which we are trying to get the second passport. It’s most important to study the laws, civil liberties and also military service, especially if we have kids and don’t want to be called later on by a government official stating that our children must perform an obligatory military service.
Nevertheless, we are left with a question – what country should we pick? Logically, this should be the one that offers us the most advantages, from all points of view. There are many countries in the world that offer quick ways to ensure a legal passport, by way of economic citizenship programs. These programs require a cash payment in exchange for a second legal passport. It only takes a few days to several weeks to have a completely functional second passport and, best of all, the transaction is legal.
Panama is one of nations that offer the most advantages. For example, this passport can be used to apply for visas to different countries. Panamanian residents, generally, don’t have problem obtaining visas to travel to countries like U.S.A. or Canada.
Furthermore, the list of countries in which you don’t need a visa with a Panamanian passport is really quite long: France, Paraguay, Chile, Argentina, Finland, Luxembourg, Spain, Colombia, Honduras, Portugal, Peru, Holland, Greece, Bolivia, Israel, Nicaragua, Ecuador, Switzerland, Austria, Korea, England, Poland, El Salvador, Hungary, Guatemala, Denmark, the Dominican Republic, Germany, Uruguay, Costa Rica, Brazil, Norway, Belgium, and Sweden. If you wish to visit another country that’s not on this list, you merely need to apply for a visa.
Another advantage of the Panamanian passport is that the procedure isn’t complicated nor does it take a lot of time. The laws established by this country are at the will consider giving a passport or residency to those people that qualify as a pensioner or a retired annuitant. The requirements for this type of visa aren’t difficult to comply with. It is necessary to provide a Power of Attorney, a medical certificate of good health, a list of any relatives who’ve been incarcerated in the past five years (as a translated and authenticated document), as well as a police record expedited by the Police of a Panama.
It is also essential to have a certificate expedited by the National Bank of Panama, certifying that the interested party will have an income of US$850. This income will come exclusively from the interest made off of fixed-term deposits and will be free from all charges or warranty of any kind. Another obligation is to have a valid passport and a copy of all of the used (stamped) cages, two sets of copies of the entire passport, two sets of copies of all of the documentation, expect the passport.
This visa will be good for 5 years. After this time, a renewal for the same time period can be applied for, as long as time deposits are still made to the National Bank of Panama.
With this passport, people are exempt, for example, from paying taxes on the import of a car every 2 years. Taxes on the import of furniture up to US$10,000 are exempted, as well as taxes and discounts on services in Panama, like light, water, telephone, hotels, and airplane tickets, amongst others.
Therefore, in reality, it doesn’t seem so complicated. The first thing will always be to guarantee the deposit of approximately 260K U.S. dollars, which will guarantee US$850 in monthly interest. After following the required steps, we will have the longed-for passport in our hands, in about 3 to 6 months after the bank deposit was first made. The length of the process depends on the nationality of the person who is applying for the Panamanian passport.
Financial insecurity continues to be troubling many people and since governments try to take more money away by using the media, it is no surprise that more and more people are looking to get a second passport as an important step in securing their money overseas, in countries where it can be secure and protected by the country’s laws. Panama, undoubtedly, offers multiple guarantees which many consider a sufficient enough argument for seeking an always useful second passport from there.