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ABOUT PANAMA PERMANENT RESIDENCY
WELCOME TO PANAMA
Panama is a country on the isthmus connecting Central and South America. The man-made Panama Canal cuts through its center, linking the Atlantic and Pacific oceans thus constructing an essential shipping route.
- Running the breadth of the country, the impeccably maintained Pan-American Highway makes travel functional and easy.
- Where a large portion of the population speak English, the official language is Spanish
- The Government constitutes an infrastructure of Presidential representative Democratic Republic with multi-party system, whereby the President is both head of state & head of government.
- With an area of 75,517 sq. km, as an S-shaped nation runs from east to west at a length of 772 km with a width that varies from 70 – 177km
- The country is an integral member of important international organizations: EBCIE, CAN (observer), CD, CELAC, CSN (observer), FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAES, LAIA, MIGA, NAM, OAS, OPANAL, OPCW, Pacific Alliance (observer), PCA, SICA, UN, UNASUR (observer), UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO.
- The population is 40 11 919.
- Panama City stands as the only authentically valid First World city in Central America with the fastest growing economy in Latin America 2009 and 2010
- With a significantly low crime level, constituting one of the lowermost rates within the Western Hemisphere, the judicial system and police are resilient and stable where the fight against corruption is a continuous implementation of the Government.
- Panama maintains the world’s second largest banking system after Switzerland with over 90 international financial institutions
- With the second largest Duty Free Zone in the world after Hong Kong, it generates over $14 billion annually in imports and exports.
- The country is one of the most accessible countries in the world with Emirates now offering daily flights to the country from Dubai
- The Retired Rentier Program enables you to appreciate global reach without barriers
To get Panama dual citizenship by investment and second passport, contact our professional consultants today.
The law which instated the Retired Rentier Special Passport program in Panama was passed in 1987 (Law 9 Decree No. 26).
“A foreigner having established a deposit gaining interests of minimum US$ 850 at the National Bank of Panama or at La Caja de Ahorros (savings bank) may request for a Temporary Residence Visa with an Independent Retired Status. The time deposit is to be for a minimum term of 5 years with the amount of it depending on the interest rate at the moment of creation of the deposit. The expected available rates are approximately 2% – 2.5%.”
Panama Special Passport of Rentier does not violate the laws of the countries where the dual Citizenship is prohibited by the Law since this passport is not a recognition of a Panamanian citizenship as it’s a travel passport.
- Reputable Instant Passport in 3 – 6 months.
- Simply deposit funds in an interest gaining personal bank account.
- There is no need to reside in Panama, although you receive immediate residency.
- Duty free importation of a motor vehicle for personal or family use every two years.
- Visa free travel to over 120 major countries including Europe and most of the Latin American continent.
- Tax Haven – No capital gains tax, no tax on interest, no income tax, no inheritance tax on foreign capital.
- Full exemption from customs tariff payment in importing home or personal use items, one sole time, up to a sum of ten thousand dollars (SU$10,000.00).
- Numerous major business advantages – Panama Canal and second largest Duty Free zone in the world.
Visa Free Countries
(Visa-free and visa-on-arrival countries)
Antigua & Barbuda
Bosnia & Herzegovina
*please note that according to UK policy, you can stay for up to 6months a year
Panama Steps and Procedures
- Branches & Partners shall pre-screen your passport copy for Government per-approval to ensure fast processing.
- A down payment of the professional fees will be required to open your application
- A Limited Power of Attorney is then signed for an Attorney in Panama to execute immigration proceedings in Panama and opening the Panamanian bank account.
- The POA in Panama will open the bank account and will provide the client with official bank confirmation of bank account details.
- The applicant will then transfer the required funds.
- Upon confirmation of transfer, Branches and Partners obtains the Bank Certificate for Immigration Department as part of Residency application documents.
- Branches & Partners will provide assistance and advise with regards to the collection of the documents required in the checklist for the application.
- Savory and Partners will assist in the collection of all documentation for the visa process.
- While the temporary or permanent resident permit is being processed, the applicant must apply for a multiple entry visa into Panama.
- Once Branches and Partners obtains Residency and Passport approval the applicant travels to Panama.
Once in Panama, the client will have to under a medical for a health certificate and an HIV test. This process usually takes 2 – 3 days.
Upon submission of full documentation at the National Migration Service, an identity card is issued to the applicant for a one-year period.
Upon approval of the application, the Retired Rentier Visa is issued to the applicant.
The client will then have to travel again to Panama to receive the Retired Rentier Visa. This process usually takes 3 – 4 months.
The countries that require VISA AUTHORIZED must follow the procedure below.
- This visa is required in the Panamanian consulate accredited in their countries who send the request to Panama Migration together with the Security Council approve any visa.
- The user must fill out the visa application form, comply with the requirements under the National Service of Migration and provide scanned copy of the passport (all pages).
- The time taken for the procedure on Migration and Security Council can currently be 20 to 30 days, after fulfilling all the requirements.
Branches & Partners professional fees, official application forms, certificates & residency cards, courier & other disbursements are the only other costs associated. A full-itemized quotation with no hidden costs is provided
Panama Costs & Timeframes
Retired Rentier 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 deposited funds belong to the applicant as well as the interests gained which are payable in a monthly, quarterly, annually or 5-year term basis.
- The value of the deposit must produce monthly interest income of no less than US$ 850.00 per month.
- The money has to be free from any encumbrances or warranties of any type for a minimum period of five years.
Branches & Partners professional fees, official application forms, certification of citizenship and passport, courier & other disbursements are the only other costs associated. A full-itemized quotation with no hidden costs is provided.
Panama Second Passport Program
Panama is now rated as one of the top retirement countries in the world. The cost of living is extremely low, with a low crime rate and warm sunny climate all year round.
The Panama Retired Rentier Passport Program offers a reputable instant passport in less than 5 months. The Panama Passport Program does not lead to Panama Citizenship however, you obtain immediate Panama Residency. The passport granted is a Travel Passport which enables you to you travel to over 100 countries including the European Union and Schengen states.
For more information on the Panama Passport Program, contact our professional Passport Program Consultants today.