Get second residency and citizenship in Panama
Why get second residency in Panama?
- You can apply for Panama citizenship after five years
- The process is inexpensive and straightforward
- Panama only requires a small bank deposit to qualify, and opening a business is affordable
- There are no minimum income requirements
- You do not need to relocate to Panama to maintain residency
- Panama speaks Spanish, an easy language to learn
- The country’s economy is constantly growing
HOW IT WORKS
Time to Citizenship: 5 years Economic Citizenship: Yes Minimum Investment: Bank Deposit of US$5,000 and opening a business Physical Presence: Minimal Nationalities Allowed: “Friendly Nations”
TAXES AND COSTS
Cost of living: $1,500+ Income Tax Rate: 7-27% Taxes Foreign Income: No
THE PANAMA PASSPORT
Visa Free Countries: 124 Passport Ranking: 28th Can Visit Europe: Mostly Can Visit the US: No
Why Panama citizenship?
Panama is a beautiful Central American country known for its excellent passport and great banking opportunities. Panama is a Spanish speaking country, but is as good as it can get at English speaking. Once you obtain permanent residence in Panama, you have the right to live and work there for life.
How to get second citizenship in Panama
You must first obtain permanent residency by depositing $5,000 in a Panama bank and opening a Panama company. After five years as a resident, you and your family may apply for citizenship. Panama does not allow dual citizenship, so you need to renounce your current citizenship to become a Panama citizen. Panama’s policy of jus soli – or “right of the soil” – means that children you give birth to while in Panama will obtain Panama citizenship at birth.
Panama is a country in Central America, situated between Costa Rica and Colombia. Nearly four million people live in Panama with more than one million living in the capital city of Panama City. Panama is known for its famous canal which is also partly responsible for the country’s great economic growth since the early 1900s. Panama is a high quality jurisdiction, and has excellent banks.
Taxes and cost of living in Panama
Panama has a territorial tax system which means that only income and capital gains earned in Panama are taxed, and only at a flat rate between 7 and 27%. It is not required to live in Panama in order to maintain your second residency or work toward your second passport. Nevertheless, it is possible to live for as little as $1,500 per month. Local food is cheap and plentiful, and transportation is affordable.
Why Nomad Capitalist?
Our team is made up of entrepreneurs and investors just like you. We know why you’re going offshore and we know what you need. Because we speak your language, we will make sure you get the best advice possible before going offshore. Nomad Capitalist offers unbiased advice on second residencies both on our website and in offline consulting calls. We don’t represent one particular country or peddle only one option. Instead, we listen to your needs and determine the best residency and passport solution based on your budget, current citizenship, and future goals. Are you ready to get a second residency and passport? Click the button below to apply for a consultation so we can help you cut through the clutter and get the expert advice you need.