Panama Second Passport Program

The Panama government has laws in place which can enable an individual to earn second passport (2nd passport) or residency in Panama. The law is designed like the Economic citizenship Program of Dominica and that of St. Kitts, and is intended to boost the economy and in this case, more specifically to promote foreign investment in Panama. This “citizenship by investment” program is formally called the Panama Instant Passport Program, PIPP. This second passport program of Panama entitles an applicant, a spouse and dependents (less than 25 years of age) a valid Panama second passport. A Panama passport may be obtained immediately if the “investor” takes out a 5 year fixed deposit (certificate of Deposit or CD) at a specific government bank, and the deposit must generate a minimum of US$750 in interest revenue. At current rates the minimum deposit is US$ 200, 000. For this you will get a five (5) year Panama issued second passport and five (5) year residency status.

Panama Second Passport

Family and dependants are accepted for a nominal deposit increase, the deposit has to increase to generate an additional US$ 75 per month per dependent for the CD period. The invested money cannot be touched for the entire CD term, but can be used as security to borrow against at very affordable interest rates. Further, with the Panama 2nd passport program, persons choosing to reside in Panama, are allowed an exemption of US$ 10,000 on duties for household goods, or personal effects.

The downside of this 2nd passport program in Panama, is that at the end of the five year period, both the Panama passport and residency expires and the investment does not lead to permanent economic citizenship or residency. If the Panama 2nd passport is considered valuable, and the owner intends to continue using it, the CD can be renewed for another five (5) year term, a new 2nd passport and residency valid for five (5) years will be granted. If the second passport is futile, the capital deposit plus interest can be withdrawn.

On the upside - the investor is issued a full set of ID documents, and banks cards. The (Panama) second passport is welcomed in many countries worldwide. Travel through South America is made easier, but note, although you are issued a Panama passport, the passport does state your nationality ( i.e. place of birth), unlike other citizenship programs, which state that you are Dominican, or Kittitian. In short, if nationality is the issue the bearer may want to conceal, a Panama passport would not be suitable.

Generally, the process for Panama second passport can take from one to four months, and the Panama 2nd passport program requires the physical appearance of the applicant at the immigration department for fingerprinting and photographing.

The second passport of Panama is a valid and legal process. The 2nd passport is valid and good for travel, but limited by its declaration of nationality and its conditions for approval.

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