A second passport
Even if you decide to never live permantly in Panama, this second passports open more doors then you think!
Even if you NEVER live permanently in Panama, a 2nd passport opens many doors...
This week, the Permanent Residency & Panama Passport Legislation was amended by President Laurentino Cohen. As of August 2021, the total cost of the procedure for a new residency will increase by $200,000 (this is the amount that every single new candidate will have to invest in Panama in order to receive his/her Permanent Residency).
We therefore STRONGLY ADVISE starting the procedure AS SOON AS POSSIBLE! Unless of course, you don't mind investing an extra $200,000. With our help, you can have your paperwork ready in 5 working days...and it will cost you only a small fraction of this amount.
Papers Please! Today, governments use passports to document and control their citizens. In my view, the world would be better off without them. Of course, passports are not going away. You will continue to need one to travel. This is why you’re better off having more than one.
A second passport keeps the government from locking you in. Without it, the government in your home country can effectively place you under house arrest by taking back your passport. Among other things, having a second passport allows you to invest, bank, travel, live, and do business in places you wouldn’t otherwise be able to.
"A second passport allows you to invest, bank, travel, live, and do business in a way you wouldn’t otherwise be able to!"
Obtaining a second passport is a fundamental step toward freeing yourself from absolute dependence on any one country. Once you have that freedom, it’s much harder for any government to control your destiny. During these COVID-restrictions, those with a second passport have always been able to TRAVEL. Only the losers got stuck.
"No matter where you live, you can benefit from the political diversification that comes with a second passport."
Panama really may be the best choice for you. There, you'll find:
- Excellent hospitals and doctors (many English-speaking) with all the latest equipment...and health plans you can actually afford...
- A low cost of living: most ex-pat couples say they can comfortably live on $2,000 a month... sometimes less.
- A year-round balmy tropical climate on the coast and a near-perfect temperate climate in the mountains. (And Panama is outside the hurricane zone, no worries there.)
- You'll enjoy absolutely fresh seafood, free-range chicken, grass-fed beef, fresh produce, and more. Best of all, local markets sell these items for pennies on the dollar compared to what you pay for similar weeks-old items.
- Welcoming communities where people are happy and treat you with politeness and respect.
- And plenty of activities: surfing, hiking, fishing, swimming, golfing... There are plenty of volunteer and cultural activities, too, including sporting events, concerts, English-language movies, live theater, and more.
- A travel HUB. You can quickly get back home to visit family and friends. In less time than it takes to fly from New York to Los Angeles, you can be back in the States from Panama. (Flights to Miami take just 2.5 hours.) Flights to and from Europe take 10 hours and there are daily direct flights out of Madrid, Amsterdam, and Frankfurt.
- The economy of Panama is VERY strong. Unemployment is low and, therefore, so are crime rates. Panama is safe. The government is politically stable and you won't have to worry at all about "big brother" or government intrusion.
- And as for retirement discounts: Panama is—hand down—the country with the best Retirement Program in the world.
- Originally designed for Panama‘s own senior citizens, the government has generously extended the benefits of this program to foreign retirees, too.
- You can bring your household goods into the country duty-free—including your car—and get tremendous discounts from 10% - 50% on everything from utility bills to medical bills, airfares, restaurants, entertainment events, and much, much more
- In Panama, there are ZERO inheritance taxes and you pay ZERO TAXES on your international income.
"The first time I set foot in Panama, I realized BELGIUM was an ordinary BANANA-KINGDOM!"
Ultimately, the concept of having multiple citizenships is about having more baskets… and spreading your eggs around. It means having more flexibility, no longer being constrained by the limitations of a single country.
1) Safety. Nobody is burning Panamanian flags in the streets of Pakistan to protest innocent deaths at the hands of Panama’s fleet of unmanned Predator drones. Some nationalities are a bit more high profile due to the actions of their governments. Others aren’t.
2) Travel freedom. Did you know that most passports aren’t particularly useful to travel to South America? Citizens have to obtain a visa, in advance, just to travel to Paraguay! Or Brazil. Plus Argentina and Chile both charge ‘reciprocity fees’ on arrival. Further, did you know that you can be barred from traveling to some Middle Eastern countries if you have an Israeli immigration stamp in your passport? Once again, multiple passports mean more options, and more freedom… in this case, the freedom to travel.
3) Business and investment freedom. If you’re a US citizen, many foreign banks don’t want to deal with you, foreign brokers don’t want to deal with you, and most foreign investors don’t even want to risk getting in bed with you. FATCA, Dodd-Frank, UBO, CRS,..etc. all make it so difficult for citizens; nobody wants to risk the IRS or SEC knocking on their door. As a result, many citizens have been kicked off the boards of foreign companies, had their foreign bank accounts closed. Having another citizenship normally circumvents these hurdles.
4) ‘Citizen benefits’. If national healthcare is your thing, there can be a lot of benefits in having second citizenship– in many cases, you’ll enter the public healthcare and pension system, giving you a potential backup in case you need it.
5) Relocation and work possibilities. With a second citizenship, you’ll always have the right to live and work in another country. Imagine, for example, having a European passport, entitling you to work anywhere in the EU. If you’re living in the US or Canada now, that could potentially open up an entirely new line of lucrative opportunities to pursue.
6) The insurance policy. Ultimately, having a second passport is like having an insurance policy. You might not ever need it… but you’re going to be really glad that you have it in case you ever do. Again, history is full of catastrophic events that have caused tremendous turmoil in nations… and people who have been trapped inside with no way out have had their lives turned upside down.
A second passport can be that ticket out… safe passage for you and your family to a new place where the opportunities are better, safer, and brighter. It’s a scenario that no one can really imagine…but history shows that few people ever do...unless, as usual, it's too late!
- Did you know that to keep your residency alive, you only have to spend one day every 2 years in Panama?
- There are many more advantages which we only reveal to our coaching relations.
- The total cost of a RESIDENCY is a lot LOWER than the potential TAX savings*. Especially so for certain professions & individuals.
- We also do USA-residencies but they cost a lot more.