How to Obtain a Panama Investor Passport

For a start, we will answer the question about Panama that our readers ask most frequently: yes, Panama offers a second passport for investment (without granting Panamanian citizenship). However, there are some details you should be aware of. Please read our short article and schedule a consultation with the portal experts to finally dot all the i’s.

Requirements for Panama Investor Passport Holders

By the law of 9 June 1987, the Government of Panama introduced a new type of residence: La Visa de Pensionado en Panamá (Private Income Retiree Visa). This is a visa for wealthy non-resident pensioners and other well-to-do foreigners who invest the amount sufficient to receive a monthly income of at least $850 net of taxes (in the form of interest charged).

Investment in the Panamanian economy through the banking system should be made by opening a Certificate of Deposit in one of the two state-owned banks:

• Banco Nacional de Panama
• Caja de Ahorro

The investment is required to be the SOLE source of such interest income. Only unencumbered funds (no credit obligations/mortgage) can be used to make such investments.

The La Visa de Pensionado en Panamá visa holder has the right to immediately apply for a special Panama Investor Passport. This document looks like any other Panama passport – with the only difference that it indicates the beneficiary’s original citizenship. For example, if a Croatian citizen receives a Panama Investor Passport, Croatia will be indicated as the holder’s country of citizenship. This is good news to residents of those countries where dual citizenship is prohibited as they will have all the benefits of the Panama passport without infringing any laws in their home country.

And yes, the benefits. The Panama Investor Passport holder is entitled to visa-free travel to 92 countries! And this is the main reason why many people get it. If you are interested in Panama citizenship by investment and your native country’s laws permit second citizenship (see the list below to find out), look at our passport + citizenship offers and contact us to get assistance.

Panama is also known to the international business community as the most globally-focused tax haven and the only one whose economy is pegged to the US dollar. Many of our business clients opt for setting up a Panama Corporation – and it is no wonder as the country really created a beneficial pro-business environment! Find more details on Panama Corporations establishment and contact our experts to take advantage of this hospitable country. 

Living here is associated with a great lifestyle and ample business opportunities – Panama Canal, among other things, is a busy trade artery. Panama is also a convenient transport hub offering direct flights to around 40 countries.

Dual Citizenship Prohibited? No Problem!

Since investment in a Panamanian visa for wealthy foreigners does not grant Panama citizenship to the beneficiary who gets the Panama Investor Passport, the investment immigration scheme does not entail sanctions for the nationals of countries that prohibit dual citizenship.

Wealthy foreigners invest in the Panama Visa just to get a travel passport (and not citizenship) that carries no danger of any sanctions being imposed on you even if your country prohibits dual citizenship. Anyway, here is a list of countries where you cannot legally obtain a second passport along with citizenship.

Countries that prohibit dual citizenship

• Afghanistan
• Andorra
• Austria
• Azerbaijan
• The Bahamas
• Bahrain
• Bhutan
• Botswana
• Brunei
• Cameroon
• Central African Republic
• China
• Cote d’Ivoire
• Democratic Republic of Congo (Kinshasa)
• Equatorial Guinea
• Eritrea
• Estonia
• Eswatini
• Ethiopia
• Germany
• Guinea
• Guyana
• Hong Kong
• India
• Indonesia
• Iran
• Japan 
• Kazakhstan
• Kuwait
• Laos
• Lithuania
• Madagascar
• Malaysia
• Marshall Islands
• Micronesia
• Monaco
• Mongolia
• Montenegro
• Myanmar (formerly Burma)
• Nepal
• Netherlands
• North Korea
• Oman
• Paraguay
• Qatar
• San Marino
• Saudi Arabia
• Singapore
• Slovakia
• South Korea
• Suriname
• Tajikistan
• Tanzania
• Togo
• Turkmenistan
• Ukraine
• Uzbekistan
• United Arab Emirates
• Yemen
• Zimbabwe

Investment Amount and Panama Investor Passport Renewal

Since the investment required to obtain a Panama Investor Passport has to generate an interest income of at least $850 per month, the exact amount depends on the interest rate at the selected bank at the time of opening the Certificate of Deposit. Just to illustrate, interest rates range from 2.87% to 4.31% in Caja de Ahorro in 2022, so count on a minimum investment of $350,000.

If you decide to obtain a Panama Investor Passport under the Retiree Visa program conditions, please note that the passport is only valid for the five-year deposit period. The Panama Investor Passport and the Retiree Visa are subject to cancellation if the deposit is withdrawn by the beneficiary before the five-year period expires – or the funds become encumbered.

Upon expiration of the initial five-year period, the program beneficiaries can apply for an extension of the Visa and the Panama Investor Passport: the main requirement is to extend the validity of the Certificate of Deposit for a similar period.

Documents Required to Open a Certificate of Deposit with a Bank in Panama for the Panama Investor Passport

If you want to obtain a Panama Investor Passport by investing in La Visa de Pensionado en Panamá, you will have to open an account. Here is a list of required documents:

• 3 personal and 3 commercial references, including 2 bank references (with extracts from the accounts of the Panama Investor Passport applicant that contain information on the opening and balance on accounts)
• 2 photocopies of the applicant’s passport
• A completed application for opening an account with a bank in Panama
• A reference check form (Formulario de Solicitud de Verificación de Referencias) with the Credit Association of Panama (Asociación Panameña de Crédito; APC), drawn up regardless of the nationality and residence of the Panama Investor Passport applicant
• Form with the applicant’s background information
• A letter of commitment with an approximate date of funds transfer to a new account with a bank in Panama

A foreigner who wishes to invest in the Panama Investor Passport is required to apostille the commercial and personal references at the nearest Panamanian diplomatic mission (consulate/embassy).

Documents Required to Obtain the Visa and the Panama Investor Passport (Principal Applicant + Relatives)

Once you have opened your Certificate of Deposit to obtain a Panama Investor Passport, the next step is to apply for La Visa de Pensionado en Panamá. The following documents will be required:

• Notarized power of attorney and application
• 5 passport-size photos
• Information on background check
• Notarized photocopy of the applicant’s passport
• Certificate to prove good physical and mental condition of the Panama Investor Passport applicant, including the absence of contagious diseases. The certificate is issued by a local doctor (in Panama)
• Bank statement from Banco Nacional/Caja de Ahorros stating total Certificate of Deposit amount, interest rate, Certificate of Deposit duration, and absence of liabilities/mortgage
• Notarized copy of the Certificate of Deposit
• If the application for the Panama Investor Passport includes dependents, please prepare the following documents:
  • A letter of responsibility for such dependents
  • Proof of ties between the principal applicant for the Panama Investor Passport and each dependent (birth/marriage certificate)
  • Proof of address (the principal applicant for the Panama Investor Passport and all dependents should reside at the same address)
  • If the principal applicant’s dependent included in the application for the Panama Investor Passport is an adult (18+), documents confirming the education/dependency on the principal applicant will be required

In case of approval, the applicant (and each of the dependents) will receive a Panama Investor Passport and a residence permit with a 5-year validity period. Panama’s residence card and passport can be extended for an additional period of five years, as noted above. In such a case, the applicants will have to meet the same requirements – except for passing background checks.

Travel with a Panama Investor Passport

The Panama Investor Passport allows its holders to visit 82 states without additional permits/visa formalities.

Visa-free countries available to a Panama Investor Passport holder

• Albania
• Andorra
• Antigua and Barbuda
• Argentina
• Austria
• Bahamas
• Barbados
• Belarus
• Belgium
• Belize
• Bolivia
• Bosnia and Herzegovina
• Brazil
• Bulgaria
• Chile
• Colombia
• Costa Rica
• Croatia
• Cyprus
• Czech Republic
• Denmark
• Dominica
• Dominican Republic
• Ecuador
• El Salvador
• Estonia
• Finland
• France
• Gambia
• Georgia
• Germany
• Greece
• Guatemala
• Guyana
• Honduras
• Hungary
• Iceland
• Indonesia
• Ireland
• Israel
• Italy
• Jamaica
• South Korea
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Macedonia
• Malaysia
• Malta
• Mauritius
• Mexico
• Micronesia
• Monaco
• Montenegro
• Netherlands
• Nicaragua
• Norway
• Paraguay
• Peru
• Philippines
• Poland
• Portugal
• Romania
• Russia
• St. Kitts and Nevis
• Saint Lucia
• St. Vincent and the Grenadines
• San Marino
• Singapore
• Slovakia
• Slovenia
• South Africa
• Spain
• Sweden
• Switzerland
• Trinidad and Tobago
• Turkey
• Ukraine
• United Kingdom
• Uruguay
• Vatican City

The Panama Investor Passport holders are also entitled to visit 27 more countries by applying for a tourist visa at the time of entry (visa upon arrival).

Countries where the visitors with a Panama Investor Passport can get a visa upon arrival

• Armenia
• Cape Verde
• Comoros
• Djibouti
• Egypt
• Guinea-Bissau
• Iran
• Jordan
• Kenya
• Laos
• Lebanon
• Madagascar
• Malawi
• Maldives
• Mauritania
• Mozambique
• Nepal
• Palau
• Qatar
• Rwanda
• Somalia
• Sri Lanka
• Tanzania
• Timor-Leste
• Togo
• Tuvalu
• Uganda

In addition, the Panama Investor Passport allows owners to visit 9 countries with an electronic visa.

Countries that Panama Investor Passport holders can enter using an electronic visa

• Azerbaijan
• Cambodia
• Gabon
• India
• Kyrgyzstan
• Lesotho
• Vietnam
• Zambia
• Zimbabwe

Some other destinations:

• Panama Investor Passport holders traveling to Samoa require an entry permit. The document can be obtained upon arrival in the country. 
• If the purpose of the trip is Seychelles/Solomon Islands, a visitor’s permit will be required. 
• The holder of a Panama Investor Passport will need a tourist card to enter Suriname.

Expert Assistance to Prospective Panama Investor Passport Holders

The Panama Investor Passport is an extremely valuable instrument that allows to legally circumvent the restriction on multiple citizenships in the applicant’s country of origin. Besides, it also provides a lot of visa benefits when traveling around the planet.

If you are ready to make investments and get the Panama Investor Passport in the fastest and hassle-free way, we strongly recommend doing so by using expert assistance. The portal team will answer any questions that prospective Panama Investor Passport holders may have and provide comprehensive support in the process of obtaining a Panama Passport by investment.