If you are looking for a second passport and want to become a citizen of Panama, then read on. International Relocation Firm can help you gain citizenship in Panama through certain types of investments. In order to qualify for citizenship by investment, you must follow the steps of the Qualified Investor Program. You can also become a citizen by first obtaining permanent residency in Panama, which can be expedited by investments. This can be done by investing in real estate, making a financial contribution to the country, or starting a business in Panama. Once you have met the residency requirements, you can apply for citizenship and receive your passport within six months.
How to Get Citizenship in Panama
In order to get citizenship in Panama, the first step you’ll need to take is to make sure you qualify. To qualify, you’ll need to assure you can make a deposit of at least $300,000 USD (moving to $500,000 USD starting October 2022). You’ll also need to visit Panama at least once every two years after approval to maintain your status. Lastly, you’ll need to either make a fund investment, property investment, or a bank deposit investment.
Another route to Panama citizenship by investment, as mentioned before, is to become a Panama permanent resident first. There are lots of options to choose from in this area. The most popular residency investments are in real estate, starting a Panama corporation, or starting your own business in Panama. After meeting the residency requirements, your citizenship by investment process can essentially begin, as long as due diligence is done and the proper timetable is set with your attorney.
According to Article 10 of the Panama constitution, you must start the naturalization process first, and when this is complete, you can address Panama citizenship. Naturalization, however, does not guarantee citizenship, so it must be taken as a separate step once you’re naturalized and granted legal permanent residency. To even consider Panama citizenship, you need to have lived at least five years in the country. This can be shortened to three years if you are married to a Panamanian citizen, or have Panamanian children with a Panamanian parent.
What is Panama Citizenship by Investment?
Citizenship by investment is defined as “the economic activity through which a foreigner accesses the citizenship of Panama in exchange for making an investment in the national economy.” This type of economic activity allows foreigners to make certain financial contributions or investments into Panama and, as a result, receive Panama citizenship. Essentially, the government of Panama is rewarding you with citizenship in exchange for a financial commitment to the country that will help its economic well-being.
Many countries offer citizenship by investment, but few offer as many benefits as Panama does. Panama has long been a popular destination for offshore investing and adding a citizenship perk, dual citizenship option, and second passport option are great incentives to drive more investment into the nation. Foreign investment helps Panama maintain its status as one of the fastest-growing economies in Latin America.
What are the benefits of Panama citizenship?
There are many benefits that come along with Panama citizenship by investment. For starters, you and your family will have visa-free or visa-on-arrival access to 159 countries, including the Schengen Zone. Other benefits of Panama citizenship include the ability to live and work in Panama without a visa, access to quality healthcare and education, and tax incentives. As a citizen of Panama, you will also have the right to own property in the country and travel freely throughout Central America.
For those looking to physically live in Panama with their Panama citizenship, there is a tremendous upside as far as quality of life goes. Panama boasts some of the best beaches in the world, a modern infrastructure, and a low cost of living. In addition, Panama is considered one of the safest countries in Latin America. All of these factors make Panama an attractive destination for retirees and families looking to relocate.
If you’re interested in obtaining Panama citizenship by investment, the first step is to consult a reputable lawyer and go over your reasons for doing it. You may find that there are options you hadn’t thought about before that could fit your specific situation perfectly. You may also find that certain timelines for Panama citizenship by investment work better than others. Once you’ve had a thorough consultation about what works best for you, you can move ahead with Panama citizenship with less stress and fewer moving pieces.
How to get dual citizenship in Panama
If you already have another passport from another country, you may be eligible for dual citizenship in Panama. To qualify for dual citizenship in Panama, you must meet the following requirements:
- Be at least 18 years old
- Have a valid passport from your country of origin
- Have proof of legal residency in Panama (such as a residency visa)
- Provide proof of economic ties to Panama (such as ownership of property or business)
- Pass a criminal background check
- If you meet all of the above requirements, you can apply for dual citizenship in Panama. The process for applying for dual citizenship is similar to the process for applying for
- Panama citizenship by investment. You will need to submit an application along with supporting documentation to the National Migration Service. Once your application is approved, you will be required to take an oath of allegiance to Panama and pay a fee.
Investment Types in Panama
As mentioned before, there are lots of different types of investments one can make in order to qualify and reap the benefits of citizenship by investment. You can invest in real estate projects for either residential purposes, commercial purposes, or farming. These types of investments typically have a higher minimum investment amount, but they also offer more permanent residency and citizenship options. You can also invest in Panama government bonds, which have a lower minimum investment amount but do not offer residency or citizenship options.
For those interested in obtaining Panama citizenship by investment, it’s important to weigh the long-term and short-term considerations that could affect your overall goals. You do not have to live in any real estate property investment in order to get the visa benefits of that investment. Likewise, you do not have to live in Panama to own and control a Panama corporation. If you start a Panama corporation, you can purchase property or land with that corporation, rather than as a personal entity.
As Panama continues to grow and build itself as a top international location to do business, Panama citizenship and specifically Panama citizenship by investment are becoming more and more appealing. The time to invest in Panama is now, and the process has never been easier. If you’re interested in obtaining Panama citizenship by investment, the first step is to schedule a consultation with our associates here at International Relocation Firm. We would be happy to review your individual needs and find a solution that fits your Panama citizenship by investment strategy.
To learn more, contact us here via the web, or reach out via telephone at +507-227-6645 and we’d be happy to answer any questions and get you started.