Andrew Henderson

Andrew Henderson

Founder of Nomad Capitalist and the world’s most sought-after expert on global citizenship.

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Panama Citizenship and Second Residence: A How-to Guide

Panama has a relatively easy and straightforward process when it comes to becoming a resident, and Panama citizenship can be obtained after only 5 years.

You can get started with your Panama residency by making a bank deposit and opening a business or making an investment.

The Panamanian constitution is friendly towards investors.

This guide is for getting permanent residency and citizenship in Panama if you are a citizen of one of the Friendly Nations.

If you’re not a citizen of the Friendly Nations, it’s important to note that the minimum investment needed to obtain a permanent residence in Panama will increase from $300,000 to $500,000 effective October 16th, 2022.

We hear people asking how do I become a resident of Panama?

Here’s the full how and why.

Why You Should Get a Panama Permanent Residency

 

  • You can apply to become a Panamanian national 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 the Panama 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: No
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 Travel Countries: 124
Panamanian Passport Ranking: 28th
Can Visit Europe: Mostly
Can Visit the US: No

Go Where You're Treated Best

From legally reducing your business tax bill, to banking offshore, becoming

a dual citizen, and investing in the world’s “next big things”, we’ve helped

hundreds of high achievers do it all. Learn how we can help you.

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.

Panama is also one of the freest countries in the world.

Once you obtain Panama permanent residency, which you will be eligible for after 2 years of having the provisional residency, you have the right to live and work there for life.

You can also obtain Panamanian citizenship.

Here’s how to get a Panama passport.

 

How to Get Second Citizenship in Panama

A lot of people are asking how to get citizenship in Panama, or how do I get a Panamanian passport?

The process is straightforward.

At first, the Panama Immigration office issued the provisional residencies by depositing $5,000 in a Panama bank and opening a Panama company.

After five years as a Panama resident, you and your family may apply for Panama citizenship according to the Panamanian nationality law. 

There is no direct Panama citizenship by investment program. 

If you see one, then it’s one of the fake citizenship by investment programs.

There is Panama’s Retirement Visa Retirees or people with lifetime annuities or pensions can qualify for the Panama retirement visa. 

The Panama Reforestation Visa Program necessitates a $40,000 Investment and ultimately leads to Panamanian citizenship.

Can you have dual citizenship in Panama?

Dual citizenship in Panama is allowed as well, so you don’t 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 acquire Panamanian nationality at birth. 

About Panama

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. Capital gains are taxed at 10% and the personal income tax rate is at 25%.

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.

Go Where You're Treated Best

From legally reducing your business tax bill, to banking offshore, becoming

a dual citizen, and investing in the world’s “next big things”, we’ve helped

hundreds of high achievers do it all. Learn how we can help you.

PANAMA PERMANENT RESIDENCY AND PANAMA CITIZENSHIP

Can you have dual citizenship in Panama?

Dual citizenship in Panama is allowed as well, so you don’t need to renounce your current citizenship to have Panama citizenship.

How do I get a Panamanian passport?

Get a Panama residence through the Friendly Nations Visa by making a bank deposit of US$5,000 and opening a business, or by making an investment. You can apply to become a Panamanian national after five years.

How do I become a resident of Panama?

There are 8 different residence programs for Panama: Panama’s Pensioner (Retiree) Visa, Friendly Nations Visa, Professional Employment Visa, Panama’s, Reforestation Investor Visa, Panama’s Self Economic Solvency Visa, Panama’s Business Investor Visa, Married to a Panama Citizen Visa, Parents of Child Born in Panama Visa.

How to get citizenship in Panama?

After five years of having Panama residence, you can apply to have Panama citizenship.

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.