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. Panama Residency Citizenship
HERE IS WHY YOU SHOULD GET A 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
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 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.
HOW TO GET SECOND CITIZENSHIP IN PANAMA
You must first obtain provisional residency 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.
There is no direct Panama citizenship by investment program.
Panama allows dual citizenship as well, so you don’t need to renounce your current citizenship t o 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. See https://atfconsult.com/product/panama-company-incorporation/ to incorporate now
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. Panama Residency Citizenship is easy
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.
