The Central American nation known mostly for the Panama Canal and its tropical forests also provides a widely known program of obtaining a Second Passport without any need for a long waiting period. The Government of Panama has started the system to promote deposits in the banks of the country and the passport is offered to any depositor who is able to show a fixed income of USD 850 as interest per month from the deposit in the Bank.
On deposit of an amount around USD 300,000 at National Bank of Panama or at La Caja de Ahorros (savings bank) an investor may request for a Temporary Residence Visa with an Independent Retired Status (Rentista Retirado). The Government will also issue a special Panamian Passport to the applicant along with the resident permit. The investor is also allowed to bring his dependent family members.
The special passport is granted for a period of 5 years and can be renewed after that duration subject to the existence of the system. Although the Passport does not grant citizenship rights, but it allows Visa Free travel to more than 100 countries including the Schengen Zone nations.
No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.