Debunking the Panama Passport Myth
Regularly, we receive inquiries about Panama’s “instant passport” program.
But here’s the deal: Panama does NOT have a legally sanctioned economic citizenship/passport program.
But, there are several possibilities for residence in exchange for investment.
Recently, a Panamanian company got in touch telling us that we were wrong. For US$5,000 in legal fees, plus an investment in CDs at the Bank of Panama sufficient to generate US$750/month in interest, one could acquire a Panamanian travel document. The company also claimed that, “You can travel with it anywhere in the world as your sole passport.”
This claim is highly misleading, according to attorneys we’ve contacted in both the United States and Panama.
Panama: Travel Document Does NOT Equal Citizenship
CD-for-visa programs that lead to immediate residence status do exist in Panama. In the program this company is promoting, you also receive a travel document. That travel document is similar to a normal Panamanian passport, but it does NOT indicate Panamanian citizenship.
You can use this travel document to enter or leave Panama. But, other nations do NOT recognize it as a normal Panamanian citizen’s passport. If you present the travel document at a border crossing at any country other than Panama, it will likely NOT be accepted.
This travel document is also about to be discontinued. A well-connected Panamanian attorney has informed me that within the next few weeks, it will no longer be issued. That decision is already final.
That attorney also told me, in reference to this particular CD-for-visa program:
“I have never recommended this program, and none of my clients have opted for it after having it explained how it works. It always seemed foolish to me to put around US$200,000 with the National Bank of Panama, virtually forever, since the five-year fixed term deposits need to be continually renewed to preserve residence status.”
Avoid this program. It does NOT result in a normal Panamanian citizen’s passport, and there are better ways to obtain a Panamanian residence visa.
Moving to Panama from the US
Find out why our founder Mark Nestmann chose Panama as his personal “bug out” location. Plus, a list of Panamanian visa programs and summary of path to citizenship by various methods: moving to Panama from the US.
More Information about Second Passports and Citizenship by Investment Programs
- How to Get a Second Passport: 7 Legal Ways
- All about Dominica’s citizenship by investment program
- All about St Kitts and Nevis citizenship by investment program
- What is the cheapest citizenship by investment program?
- Benefits of Dual Citizenship
Need Help?
Since 1984, we’ve helped more than 15,000 customers and clients protect their wealth using proven, low-risk planning. In some cases this also includes helping them get a second passport or residency.
To see if our planning is right for you, please book in a free no-obligation call with one of our Associates. You can do that here.
