Panama is a stable, dollarized market economy that has not experienced an economic crisis and has been steadily growing over the past 20 years. Its economy has grown at a more rapid rate than any other country in Latin America, averaging 8.3% since 2006. Panama has the highest GDP per capita in the entire Latin American region and is the second largest banking system in the world after Switzerland, with over 90 financial institutions. We promote the instant Panamanian passport, obtainable within a few weeks, as a first option.
- Obtain a reputable travel passport very quickly
- Requires a 5-year fixed-term deposit of US $300,000 in your personal bank account administered by one of Panama’s national banks
- Fixed-term deposit is denominated in US$ and accrues interest (currently ~3% annually) which can be withdrawn monthly
- Wife, children (up to 25), and elderly parents may also benefit
- Visa-free travel to 116 major countries including Europe, Asia, and Latin America
- Generous tax regime
- No need to reside in Panama
- Applicants obtain immediate residency
- Numerous business advantages: new Oil and Gas Logistic Center, Panama Canal, second largest Duty Free zone in the world
FACTS ABOUT PANAMA
- Fastest growing economy in Latin America
- World’s second largest banking system after Switzerland with over 90 international financial institutions
- Second largest Duty Free Zone in the world after Hong Kong generates USD $14 billion in imports and re-exports each year
- The strategic location of Panama links North with South America and East with West through the Panama Canal, with currently over 14,800 ships passing through per annum (40 a day). The expansion of the Canal, a USD 5.5 Billion project, will double its capacity and will be finalized by 2016
RESIDENCE AND PASSPORT PROGRAM
The law which instated the travel passport program in Panama was passed in 1987 (Law 9 Decree No. 26). A foreigner may request a Residence Visa upon having established a deposit of a minimum of USD 300,000 at certain authorized banks. The duration of the deposit is for a minimum term of 5 years.
The applicant can bring his family into the country, those members considered dependents. Children from the age of 18 to 25 must present a certification of non-married status and continuing studies. The permit is granted for five years, and a digital Panamanian passport is issued for the same period of time. After 5 years it can be renewed along with the deposit agreement. In the event that the deposit agreement is not renewed, the passport must be cancelled.
The deposited funds belong to the applicant. The passport allows its holder to travel to 123 countries including Europe, the same countries as any Panamanian national.
PROCESS & TIMELINES
Applicant signs Retainer Agreement with MCP to execute immigration proceedings in Panama and open the bank account. If required, MCP will obtain a tourist visa to facilitate travel at the time of collecting the passport.
MCP opens a bank account and provides the Client with an official bank confirmation including account details. Applicant transfers required funds. Once the applicant confirms the transfer, MCP obtains a Bank Certificate for the Immigration Department as part of residency application documents.
Once MCP obtains residency and passport approval, the applicant travels to Panama to have a picture taken and collect the passport in person.
If needed, a tourist visa will already have been processed and will be ready at the time of travel.
Please note that this is merely a guideline, as processing times may vary depending on each individual case and on government policy. Any delays are not the legal responsibility of MCP.