None of the other immigration programs will grant you a passport quickly.
In all those programs, the passport may be obtained after 5 years of residency.
Even when the residency requirements in Panama are quite flexible, if you are looking to obtaining a second passport rather quickly, 5 years may be too long.
One important advantage when you travel with this Passport is that Panama has Visa-Free agreements with 50 countries. A list is here visa free countries
If you are looking to obtaining a second passport quickly, the only immigration program that provides that is the Second Passport Program. This passport is great because is granted almost immediately and it lasts for 5 years, renewable.
We have found that this Panama Second Passport has been useful for Russian Republics, Middle East and other nationalities with restricted entry into EU.
With the Panama Second Passport, they can enter most EU countries without Visa and without any invitation letters.
As stated in the requirements, you will need to open a time deposit with the National Bank of Panama that will produce you a minimum monthly income of $850.
Right now, the National Bank of Panama is paying 2.6562% per year for a 5-year time deposit which means that the deposit must be for US$395,000 to produce you the US$850 in monthly income that you need to show to the government.
This passport also grants residence, if the client wishes, but it is not required.
The time deposit must be for 5 years to match the duration of the passport. The passport can be renewed every 5 years, if you renew the time deposit for an equal period.
The advantage of this program is that you get a passport almost immediately and the time deposit as well as the interest income are totally yours, but you need approximately US$395,000.
The deposit is secure in the National Bank of Panama which is the state bank of the Republic of Panama.
The whole procedure may take from 2-3 months depending on the nationality of the applicant, counting from the date that the bank deposit is created and we receive all required documentation and funds.
We can help you with the whole procedure.
For further information and fees, please Contact Us.