Plan B Passport: What Is It & How Can You Get One?
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Owning a second passport acts as insurance against things going horribly wrong in your home country. That becomes even more important if you’re someone holding a substantial amount of bitcoin (or other property) and are concerned about property rights or the introduction of bitcoin-unfriendly laws.
Read on to learn what a Plan B passport is, why securing one may be a smart move, and how to secure a Plan B passport in Panama.
TL;DR
- A Plan B passport is a second passport that’s acquired in addition to the one from your home country.
- Plan B passports are typically pursued by first securing residency through investment programs, retiree visas, or long-term work visas, followed by naturalization.
- Panama is an excellent Plan B residency option for Bitcoiners seeking greater financial autonomy.
What Is a Plan B Passport & Why Do You Need One?
A Plan B passport is an alternative or secondary citizenship obtained outside one’s country of birth.
People use it as backup protection that can keep their money safe and their choices open by securing one in a country that offers greater economic opportunity and more freedom.
It serves as a safety net, offering additional options and benefits in unpredictable circumstances, including the ability to have more freedom, protect assets, preserve wealth, and have more choice across different life areas.
Beyond security, a Plan B passport can grant you the right to stay in another country, travel across borders, and work or retire there without visas blocking you.
People pursue a Plan B passport for various reasons. Shaky economies, stricter rules, political chaos, and borders slamming shut can all limit personal freedom. A second passport or residency gives you real choices, offering alternative places to live, invest, work, or educate your family if needed.
“The freedom to relocate to calmer waters when needed is the peace of mind for Bitcoiners who value financial freedom, mobility, and privacy. With bitcoin-friendly policies and a favorable territorial tax system, Panama offers Bitcoiners a practical path toward greater financial sovereignty through its Plan B residency programs,” explains Tony Yazbeck, co-founder of The Bitcoin Way.
Why Is Panama a Popular Plan B Destination?
Panama is a popular Plan B destination, particularly among Bitcoiners, due to its bitcoin-friendly environment and favorable tax policies. Its combination of a dollarized economy, fiscal stability, investor-friendly regulations, and accessible residency programs draws in people who want a solid backup residency option.
Panama’s territorial tax system is a key advantage, as income earned outside the country is typically not taxed locally. Though bitcoin isn’t an official currency, residents and businesses are free to transact in BTC, reflecting the growing acceptance of digital currencies.
The country lets you in through comparatively straightforward residency programs, with simple rules and relatively low financial demands. This accessibility makes Panama appealing to bitcoin holders looking for more options without excessive red tape.
Panama also offers a high quality of life at a cost that remains lower than in many Western countries, without feeling cheap.
Panama’s programs usually start with residency. A passport typically requires citizenship through naturalization, which comes later after years of maintained residency.
Main Pathways for a Panama Plan B Residency
There are several legal pathways to obtaining a Panama Plan B residency, each with its own requirements, conditions, processing times, and other details that applicants need to take into account.
Understanding these options for establishing Panama as your Plan B destination is key to picking the one that fits your situation best.
Qualified Investor Visa
The Qualified Investor Visa is Panama’s main route to residency. Through this option, you get residency fast if you make a substantial investment in the country.
This program stands out for its efficiency, as permanent residency is usually granted within 30 to 45 business days, provided the investor meets one of the required capital thresholds, which include:
- Real Estate Investment: Minimum of $300,000 in titled Panamanian property
- Panama Securities Market: Minimum of $500,000 in approved financial instruments
- Fixed-term Bank Deposit: $750,000 placed in a five-year term with a licensed Panamanian bank
All funds for the Qualified Investor Visa must come from outside Panama, and the application can be initiated remotely. Once the visa is approved, the applicant and any dependents are required to travel to Panama to finalize the residency process.
Friendly Nations Visa
Another highly accessible and popular option is Panama’s Friendly Nations Visa. The visa is designed for citizens of more than 50 countries that maintain strong diplomatic and economic relations with Panama.
Individuals can qualify for the visa in one of the following ways:
- Employment: Securing a formal job offer or employment contract with a Panamanian corporation
- Investment: Making a minimum $200,000 investment in Panamanian real estate or placing the same amount in a fixed-term deposit with a licensed local bank
Applicants in this program are granted temporary residency at first, with the option to apply for permanent residency after two years.
Pensionado Program
The Pensionado Program, or Retiree Program, is a popular choice for pensioners. To qualify, applicants must receive a lifelong monthly pension of at least $1,000. Those with a pension starting at $750 can still qualify by purchasing property valued at a minimum of $100,000.
The pension must be official, either provided by the government or an insurance company, with verified regular payments and lifetime benefits.
Once granted, the visa lasts for an indefinite period and doesn’t require renewal. Though permanent residence in the country isn’t mandatory, holders must visit Panama at least once every two years.
Different pathways to a Panama Plan B residency (with the potential to secure a passport) suit different financial profiles, lifestyles, and long-term goals. To make sure you choose the most suitable pathway option, book your free consultation with our experts at The Bitcoin Way to discuss your Plan B options in Panama.
How to Get a Plan B Residency in Panama, Step-by-Step
Now, let’s take a look at how you can get a Plan B residency in Panama (with the potential for a Plan B passport down the road). The process may vary slightly depending on the visa program you choose, but the following steps outline the general process.
Assess Eligibility & Choose Your Program
Research and review the different residency programs available in Panama, such as the Qualified Investor Visa, Friendly Nations Visa, or Pensionado Program. Choose which program suits your long-term goals and personal needs.
Prepare Required Documents
Gather and notarize all the necessary documents. This may include passport copies, birth or marriage certificates (if applying with family), proof of income or investment, police clearance certificates, and any additional paperwork required by your chosen program.
Hire a Panamanian Lawyer
All visa applications must be submitted through a Panamanian lawyer or law firm. Hire an experienced Panamanian immigration lawyer to guide you through the application process, verify your documents, and handle legal requirements for your selected residency program. Professional guidance can help prevent delays or errors.
Travel to Panama
Once your initial application is prepared, you and any dependents must travel to Panama to complete specific in-person steps. This may involve attending interviews, completing biometric registration, or finalizing residency formalities before receiving your temporary card.
Submit Application
With a lawyer’s assistance, submit your completed application to Panama’s Immigration Service. Make sure all your documents meet the program’s requirements to avoid delays or rejection. You will also receive a six-month temporary residency card during the time your permanent status is being processed.
Await Approval
Once you’ve submitted all the required documents, paid the applicable fees, and received your temporary residency card, your application will enter the approval phase. Processing times vary by program, ranging from around 30 days for the Qualified Investor Visa to up to six months for other options.
Get Your Panama Plan B Passport With The Bitcoin Way
If you are considering obtaining a Plan B passport in Panama, talk to experienced professionals who know the process and legal requirements inside out. Doing so can help you avoid costly mistakes and guarantee a smoother application process.
The Bitcoin Way offers personalized guidance on the most cost-effective ways to secure a Plan B passport from Panama.
FAQs
What are the passport requirements for Panama?
There are a few possible passport requirements for Panama, depending on the situation. You can obtain a Panamanian passport through citizenship by birthright or naturalization. The latter can be achieved after five years of permanent residency in the country.
How long does it take to get a Plan B passport in Panama?
The duration for obtaining a Plan B passport in Panama depends on the residency program you choose. For instance, you can get the Qualified Investor Visa as little as 30 days or wait several months for the Friendly Nations Visa or the Pensionado Program. After maintaining legal permanent residency for five years, you will become eligible to apply for Panamanian citizenship, which then allows you to get a Panamanian passport.
What is the cheapest Panama residency for a second passport?
The Pensionado Program is the most affordable option. It requires a lifelong pension of at least $1,000 per month or $750 with a property purchase at a minimum of at least $100,000. Another option you can consider is the Reforestation or Forestry Visa, which requires an investment of at least $100,000 in an approved forestry project.
What is the minimum presence for Panama Plan B residency?
Panama’s Plan B residency programs generally require minimal physical presence. As individuals don’t need to live in Panama full-time. Most residency programs will require that you visit the country at least once every two years to maintain your residency status.
Does Panama allow dual citizenship?
Panama’s rules regarding dual citizenship differ by category. Birthright Panamanians can generally hold other nationalities, whereas naturalized citizens are typically required to renounce prior nationality as part of the naturalization process. Anyone considering this should seek professional legal advice before proceeding. That said, foreign nationals can maintain permanent residency in Panama alongside their original citizenship with little to no restrictions.