Panama Instant Passport Program

A foreigner having established a time deposit at the National Bank of Panama or at La Caja de Ahorros (savings bank) producing him certain monthly income in interest, may request for a Temporary Residence Visa with an Independent Retired Status (Rentista Retirado). Currently, as per Decree No. 26 of March 2009, it is US$ 850.

The time deposit of $300,000 USD is to be for a minimum term of 5 years with the amount of it depending on the interest rate at the moment of creation of the deposit. The expected available rates are 4-5% maximum.

A petitioner can bring his family into the country, those members who are considered dependents (children under age 25). The permit is granted for five years, and a special Panamanian passport is issued for the same period of time. After 5 years it can be renewed, together with the deposit agreement, if the program still exists at that moment.

The passport is giving its holder non-immigrant residence status and does not lead to citizenship. The holder has no right to opt for Panamanian nationality.

It is good for traveling purposes though. The list of visa free countries counts for approximately 100 countries, including most EU states. Time to obtain passport is less than 45 days!

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