The view is more beautiful than Switzerland, and this is Panama. This country, which is not larger than Chongqing, has been rated as one of the "23 most suitable countries in the world for retirement" by "International Life" magazine and one of the top ten tourist attractions by Forbes; It has also been ranked No. 1 in the Gallup Country Happiness List for two consecutive years, so it is also known as "the happiest place in the world"! The appearance here is better than that of the Maldai, the price is very low, and 500+ can live in a five-star resort hotel. This small country, but with the largest free trade area in the Western Hemisphere and the most important strategic location in the Americas, its Panama Canal, coupled with the extension of financial, international ** and other income, has made Panama's per capita GDP jump to 1$740,000.
Panama ranks 28th in the world in terms of passport strength and 66th in the world in terms of global competitiveness.
So, what exactly is the value of a Panamanian passport?
Surpassing the Caribbean passport, Panama has become the favorite of the rich, and the Caribbean island's state-owned citizenship by investment program has raised the application threshold, some have increased the amount of investment, and some have strengthened their background. High-net-worth individuals who want to pursue a short-term and quick status will naturally look for new options. In this context, the Panamanian passport has become the first choice for the wealthy this year. Panama's immigration law was introduced in 2020, when applicants could only get a residence card. But in the second half of this year, the Panamanian immigration program was upgraded to a passport status program, which means that the applicant can directly naturalize Panama with his or her family. It is equivalent to eliminating the immigration supervision process from permanent residence to passport.
The purpose of this project is to attract high-net-worth individuals with a certain amount of investment power in the short term, which is very different from the Caribbean island countries that sell passports for a living, and the gold content of their passports is not the same as that of some island countries. According to data from the Panamanian Immigration Department, a total of 2,475 applications were approved in 2023 for applicants in Panama's four most popular investment-based visa categories (Panama has more than 12 investment-based visa categories, but statistics have only been released for the four most popular categories). With 2,120 applications approved last year, the friendly country visa is still the most requested investor visa in Panama, and it is still a large lead.
The number of visas approved by year for Panama-friendly countries.
While this number of approvals decreased by 17% from the previous year, the program's performance in 2023 has shown resilience, considering that the number of friendly country visas** went from $5,000** to $200,000** at the end of 2021. News of the imminent price increase fueled a surge in filings at the end of 2021, with most of these applications not being approved until 2022. It is worth noting that in 2023, when the new ** level has been established, there has been no significant drop in the number of applications.
Looking at the data from January this year – 201 approvals in the first month of 2024 – this suggests that the demand for visas from friendly countries is stable at more than 2,000 applications per year. Looking at Panama's other investment-based visa categories, the Accredited Investor Program – which requires a minimum investment of $300,000 – has been the largest since its launch in 2022. Last year, 187 investors obtained permanent residency status in Panama through the program, an increase of 34% compared to the previous year.
Panama's immigration law was introduced in 2020, when applicants could only get a residence card. But in the second half of this year, the Panamanian immigration program was upgraded to a passport status program, which means that the applicant can directly naturalize Panama with his or her family. It is equivalent to eliminating the immigration supervision process from permanent residence to passport. The project is authorized by the Foreign Investment Bureau, and the applicant obtains Panamanian citizenship by completing the investment. After the pre-examination is passed, the applicant will make another investment, and after being approved, he will log in to the Panamanian Immigration Bureau in person to collect the passport. The project application threshold is low, and there are no requirements for applicants such as net assets, language, education, management experience, etc. The Panamanian passport supports the application of three generations of a family, and the cost is the lowest in the same kind of bill, if the whole family wants to get the status together, then Panama is definitely the most cost-effective. During the window period, the approval of Panamanian passports is also very fast, and it can be approved in as little as 2 months.
Advantages of a Panamanian passport.
1. Low threshold immigration.
The Panamanian passport program has no language requirements, no residency requirements, no assets**, and no proof of funds. There are only two conditions for application, no criminal record, and over 18 years old. (exempt from misdemeanors).
2. Get your identity quickly.
The Panama immigration process is fast, and it only takes 2-3 months from application to approval. It is currently the shortest processing period among all passport projects on the market.
3. The whole family gets the identity at the same time.
The main applicant, parents, spouse and children under the age of 25 can obtain Panamanian status at the same time as the main applicant, and the dependents are lower than in other bills**.
4. You can apply for a U.S. E2 visa.
Panama is an E2 Entente country, and you can apply for a U.S. E2 visa to move to the United States with a Panamanian passport.
5. No immigration supervision.
Panama does not have immigration supervision, so applicants do not need to move overseas and can continue to live in the country without giving up their business, career, and connections in the country.
6. The project is safe and stable.
As an authorized project of the Foreign Investment Bureau of the Ministry of Commerce of Panama, it has been running stably for 25 years and has not been affected by the local ** change. The Immigration Industry Summit in November this year specially invited the support of the Panamanian Ministry of Commerce. The process is standardized, and the approval is made before payment to ensure the safety of funds.
7. A well-known tax haven.
Panama has the second largest banking system in the world, with a global bank account opening whitelist. Panama is also a well-known tax haven in the world, and businesses set up in Panama can enjoy preferential policies for duty-free import of goods. Companies operating outside Panama are not subject to tax, as long as they pay a small annual franchise tax, and are not taxed on income earned abroad. No foreign exchange controls!
8. Quickly obtain Spanish identity.
If you live in Spain for 2 years, you can exchange your Spanish passport without canceling your Panamanian passport.
9. Convenient and fast.
There is no need to log in to handle the whole process, and the Panamanian Embassy in Beijing can collect the passport through fingerprints.
10. It also has residential attributes.
Panama is very livable, with a beautiful environment, a developed economy and a well-developed infrastructure. The benefits are excellent, and the level of medical care is comparable to that of North America. It is the first choice for many Americans to retire, and Panama is known as the "backyard of the United States".
11. Convenient travel.
The Panamanian passport is visa-free for more than 150 countries around the world, including the Schengen area, Singapore, South Korea, Brazil, and Argentina, and is visa-free for 180 days for the United Kingdom and 90 days for EU countries.