Panama & your 2nd passport

One of the best insurance policies you can obtain is a second passport.

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One of the best insurance policies you can obtain is a second passport. But if political turmoil in your home country becomes extreme, or you feel your family’s safety is in danger, another citizenship gives you a way out. It means that, no matter what happens, you’ll always have a place to go.

A second passport also offers many benefits, even if nothing bad ever happens.  Entire governments are sliding into insolvency. Capital controls have been introduced. Interest rates are negative. Cash money is disappearing. Governments are getting more and more voracious and are after every cent you have earned.

Terrorism, racial violence, and mass shootings abound.  Dangerous political candidates dominate. And folks are starting to realize that a second passport is an excellent insurance policy against these threats.

The common misperception, however, is that a second passport is only for the ultra-wealthy. And that’s simply not true. ANYONE can obtain a second passport. And they are extremely affordable if you know WHERE and HOW to get one.

Investment-based citizenship programs are definitely for the wealthy. An option is to “buy” a second passport. I’m referring to legal “citizenship by investment” programs established in various countries, such as Malta in Europe, as well as Antigua and Barbuda, Dominica, Panama, and St. Kitts in the Caribbean. You make an investment or donation and pay hefty fees in exchange for citizenship and a passport. The price tags on these programs can range from the low six figures to a few million dollars.

However, dozens of options exist for people of more modest means to obtain this ultimate form of insurance.  Establishing legal permanent residency in a country is often the most straightforward path to eventually becoming a citizen. Depending on each individual country’s specific rules, you first obtain residency. After a certain number of years of residency, you become eligible to apply for naturalization and citizenship. This varies by country, ranging from as little as two years (Argentina) to five years (Panama), to ten years or more.

But here’s a secret: In many countries, you don’t have to maintain physical presence to qualify for naturalization. In some countries, you can maintain your residency “on paper” without actually having to relocate there full-time. Meanwhile, you and your family retain full legal status to live, work, invest, and conduct business in both your home country and your second home country.

Residency-based citizenship takes a bit more patience, but it’s a very cost-effective way to get a second passport. This is a strategy that makes sense no matter what.

Again, even if nothing catastrophic ever happens with your bankrupt government or financial system, and it’s all rainbows and unicorns from here on out, there’s no downside to having the additional option to live, work, invest, and do business somewhere that you want to be anyhow. But if something bad does ever happen, you’ll already have your Plan B in place. After all, you don’t want to start thinking about where you’ll go and what you’ll do AFTER things have already gone bad. Maybe that day will never come.

And so what? In a few years, you’ll have another passport and all the freedom and benefits that come with it. And future generations will be able to enjoy those benefits based on the tiny effort that you made today.

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What Happens to Panama if the U.S. Dollar Dies?

What happens to your assets if you die with permanent residency in Panama?  Something Good...but we'll answer that during our April 22, 2014, Symposium in Belgium.

What happens to Panama if the U.S. dollar collapses? If the U.S. dollar were to collapse completely one morning, then Panama could simply adopt its own official currency. The strength of that new currency would depend on the health of Panama's national economy. Note that the Balboa is guaranteed by Gold.

In 1904, the Panamanian government adopted the U.S. dollar as its official currency, largely for convenience. However, as a matter of national pride, the country has another official currency, known as the Balboa, pegged at a rate of 1:1. Panamanian coins are issued in the same denominations as U.S. coins, and both circulate freely. In 2011, though, the government began circulating a 1-balboa coin, worth $1. The government minted and issued 40 million coins at roughly 25 cents each, netting $30 million—not a trivial sum. Now, 2-Balboa coins ($2) are being considered.

At any time, Panama could issue its own currency if it wanted to. The value of that currency would be judged by the factors that apply to Panama, without regard to the U.S. dollar. Under President Ricardo Martinelli, Panama's government debt has received a coveted "investment-grade" rating from Fitch and S&P, suggesting his fiscal and tax policies are headed in the right direction.

Panama's unemployment rate is less than 3%, and there are plenty of jobs. During 2013, the GDP grew at an annual rate of over 10%, the fastest growth in all of Latin America. Compare Panama's growth to that of China (7.8%), Brazil (1.3%), or the United States (2.2%).

Panama even dodged the recession during the recent global downturn. Banks there have an average liquidity of 30%, far above bailed-out U.S. banks.

The result is that any new Panamanian currency would likely have as much or more value and respect as the U.S. dollar currently holds.

 
The Panama Canal is a significant source of revenue for Panama. Vessels pay between $300,000 and $900,000 for a simple passage, and traffic is expected to increase significantly once the new locks are ready in 2015. Panama is therefore not dependent only on tourism and the financial industry!

Panama can also be a real money and wealth preserver for you... on the condition that you become a Permanent Resident.  Need help? Let us know, and we'll see how we can assist you!

Since last year, Panama has become the most accessible and affordable option for establishing a second residency. And in a thriving economy to boot, BNP growth is +9% to +13%. The new immigration program is unique worldwide. It was established by presidential decree, primarily because the Panamanian economy was growing rapidly, and the labor pool was beginning to dwindle.  Panama simply does not have enough people for the number of jobs the economy is creating. And it needs to attract foreign talent.

This program is likely to be discontinued at some point. As soon as the economy cools off, the government will likely eliminate this exceptional immigration opportunity. It’s also possible that Panama's next President (the current President, Martinelli, leaves office in summer 2014) will close the window for new enrollment. That’s a big reason why, if you’re looking for a residency option, it’s important to take advantage of this window of opportunity now if you’re interested."...contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. 

The previous President did not sign off on one single passport. President Mulino (2025) does it again...

Click here or on the picture below to watch the slideshow about Panama...and bear in mind that a Permanent Residence is A LOT CHEAPER than you think! A Panamanian Residency is affordable for any Budget! - Note that certain options are no longer available, 
But in some cases, you can do it for less than $20,000.

A Metro ticket costs less than $1, and we now have a Metro line that extends all the way to the Tocumen International Airport.

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