2nd Passport Visas:
Panama 2nd Passport Program
NOTE:
Panama continues to make significant changes to the Immigration Visa
framework, laws and regulations. These changes are often made
without advance notice. Please contact us for up to date
information.
Who Qualifies?:
Economically self-sufficient individuals, their spouses, and dependents
(children under 18).
Requirements:
Individual must make a time deposit (C.D.) in the National Bank of
Panama in an amount sufficient to produce US$750.00 per month in
interest (approximately
US$200,000 at current interest rates).
This time deposit must be made for a minimum of five years and
cannot be mortgaged or otherwise encumbered.
Benefits:
The C.D.'s interest is untaxed by Panama. This immigration program
entitles the individual and spouse/dependents to Panamanian travel
passports (but not Panamanian citizenship). The individual and
spouse/dependents can -- but do not have to -- reside in Panama.
This
visa program is perhaps the simplest and most convenient, and
encompasses the least amount of documentation and authentication.
The second passport visa allows individual, spouse and dependents to
travel under a Panamanian passport, as long as the deposit is kept
in the National Bank of Panama. Once the deposit is made and
all the paperwork is in order, the passports are issued in two to
three weeks.
Drawbacks:
This program requires a five year, approximately US$200,000.00
(at current interest rates) deposit in order
to receive the passport. Getting the required paperwork and documentation authenticated (via
apostil or Panamanian consul) for visa application and time deposit
can be onerous. All documents must be in order before
submission to the Panamanian government (including the National Bank
of Panama). Most documents from abroad require an apostil, or
a certification from the Panamanian consulate. The visa
process requires a lawyer.
An Overview of the Process:
We
will provide you with a checklist of all required documentation* for
processing the passports and for making the time deposit, as well a specific power of attorney authorizing us to
process your application. We will also provide you with a standard
letter of responsibility, wherein you take financial responsibility
for your spouse and dependents (if applicable). You must procure all required,
authenticated documentation, and send it to us, along with the
signed power of attorney and responsibility letter. We'll take care of the rest.
We will assist you with the time deposit process at the National
Bank of Panama.
The
passport process will require at least one face-to-face
visit with the Panamanian immigration authorities by the individual, spouse and dependents (if any), as well as an examination by a
licensed Panamanian doctor. A second or subsequent meetings with the
immigration department may be required. We will accompany you,
of course, to all meetings.
Our Services:
We
provide investor and retiree immigrant visa services to a wide variety of
clients. Our fee for processing, submitting and overseeing the
entire process (including all visits, follow up, the issuance of
passports, etc.) as well as assisting you
in opening the time deposit with the National Bank of Panama is US$1,950.00 for the
individual, US$800.00 for
the spouse, and US$400.00 for each dependent.
Our price is complete (no hidden charges) and
includes:
- Provision of complete checklist of documents required, along
with detailed instructions and orientation to individuals.
- Provision of specific Power of Attorney for signature by
individual
(and spouse and dependents, if applicable).
- Provision of Letter of Responsibility for signature by
individual.
- Reception and review of all required documents submitted to us
by individual.
- All legal fees.
- Provision of licensed Panamanian doctor and laboratory for
physical exam and HIV test.
- Inclusion of good health certification and HIV test with
passport
application.
- All required certified translations (from
English to Spanish).
- All government stamps and seals (timbres fiscales) and
carnet issuance fees.
- Presentation of passport application and
documentation to Panamanian immigration authorities. At
least one (and possibly more) face to face meeting between
applicants and Panamanian Immigration officials is required.
- Presentation of time deposit application and documentation to
National Bank of Panama authorities. At least one (and
possibly more) face to
face meeting between applicant and National Bank of Panama officials
is required.
- Accompany individual and spouse and dependents (if any) to
meetings with bank and immigration authorities.
- Oversight and follow up
of the passport process,
concluding with the issuance of the five year travel passport.
* Click
here for
the detailed checklist and online form to be filled
out for processing your Panamanian second passport.
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