Fastest growing economy in Latin America 2009 -2010 and for 2011 is also projected to be the fastest growing economy at 7.5% (stats by ECLAC “Economic Commission for Latin America and the Caribbean”)
• World’s second largest banking system after Switzerland with over 90 international financial institutions
• Second largest Duty Free Zone in the world after Hong Kong generates USD $14 billion in imports and re-exports each year
• Strategic location Panama links North with South American and the East with the West through the Panama Canal with currently over 14,800 ships passing through per annum (40 a day). The expansion of the Canal a USD 5.5 Billion project will be finalized by 2014 and will double its capacity

The law which instated the travel passport program in Panama was passed in 1987 (Law 9 Decree No.26). A foreigner having established a deposit of a minimum of USD 300,000 gaining interests of minimum US$ 850 at the National Bank of Panama or at La Caja de Ahorros(savings bank)may request for a Temporary Residence Visa with an Independent Retired Status.The time deposit 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 approximately 3-4%.

The applicant can bring his family into the country, those members who are considered dependents. Children from the age of 18 to 25 shall present a certification of non married and continuous studies. The permit is granted for five years, and a digital Panamanian passport is issued for the same period of time. After 5 years it can be renewed, together with the deposit agreement. In case the deposit agreement is not renewed, the passport must be cancelled.
The deposited funds belong to the applicant as well as the interests gained which are payable in a monthly, quarterly or annually basis. The passport allows its holder to travel to approximately 100 countries included Europe, the same countries than any Panamanian national.

PROCEDURE PROCESS

The steps are mainly simple, particularly after signing service agreement, we will proceed as follows:

STEP 1 – Applicant signs Retainer Agreement and a Limited Power of Attorney for CI to execute immigration proceedings in Panama and opening the bank account. If required CI will obtain tourist visa to travel at the time of collecting the passport

STEP 2 – CI opens bank account and provides Client with official bank confirmation with account details Applicant transfers required funds Upon applicant confirmation of transfer CI obtain Bank Certificate for Immigration Department as part of Residency application documents

STEP 3 – Once CI obtains Residency and Passport approval applicant travels to Panama to get the picture taken and collect the passport in person
Tourist visa would have been processed and ready at the time of travel.

Please note that this is a guideline as processing times may vary depending on each individual case and the Government policy. This will be not the legal responsibility of GCI.

Application fees for Family Includes:

• Fees National Treasury

• Fees Immigration Department

• Fees Ministry of Foreign Affairs Panama

• Legalization, authentication and notarizations with Consulate of Panama

• Courier Fees & Tourists visa

• Legal Fees

Application fees charged by the Panama Government and Professional fees charged by GCI are subject to change therefore contact one of GCI representatives most up-to-date information.