Due to the Instant Passport Program that Panama offers we get frequent inquiries about second passports. There are a lot of good reasons to obtain one and not really much of a downside if you pick the right country.

Lack of Dependence on One Country - If you start thinking like a citizen of the world (not one world order) you soon start to realize you may not always wish to be identified with a certain country. This could be because the public image of that country is tarnished, or you may just want to be identified with another country for some reasons that are your own business.

Freedom of Banking - Banks in some countries frown on opening accounts for passport holders of some countries. A second or third passport can overcome these barriers and has the effect of the banks treating you as if you were from the country your second or third passport is from.

Country Selection - First and foremost make sure you are not opening yourself up for taxation from the new country which you are getting a passport from. One could go from the frying pan to the fire as they say so be careful. The selected country should be in no tax treaties like Panama. Second make sure the new country believes in civil liberties and privacy. Look for published bank secrecy laws and corporate secrecy laws and the country must allow anonymous bearer share corporations. You do not want to place yourself under the rule of a totalitarian government or dictator. Look for substantial banks. If you are under 45 and/or have children also getting passports make absolutely certain there are no military conscription laws that will place a military obligation on you or your children. Make sure you are not going to run afoul of any religious laws, rules or practices dominant in the country that could affect your rights and status. Understand completely how much time if any must be spent in the country to keep your status active. If an investment is required make absolutely certain you understand fully the nature of the investment. Panama passes all these tests.

Scams - The internet is full of second passport offers. Rest assured some of these are not real. Make sure the person you are dealing with is a lawyer. Make sure there is a phone number that you can call to speak with this lawyer or law firm. The phone should be a local phone, not some toll free number. You do not want to be dealing with a law firm only by email. Forget dealing with a non-lawyer. You have no attorney client privilege and have no idea who this person is or how they will deal with you.

Most scams generally do not require you to visit the country. They can not walk you down to the immigration department for processing if it is a scam. The passport, identity card, driver's license they get you can be counterfeit and when you try to use it you will be treated to a long unpleasant interrogation session with the national police of some country. You may need to hire an attorney and even appear in court before it is over. If they sold you a passport in another name saying they did a name change for you the situation could be markedly worse. You never want to be traveling around with multiple passports with the same person in the picture but each having different names. You will to say the least immediately become a person of interest. Even if you legally do change your name in a certain country and get a passport in the new name never travel around with both sets of documents in your possession, make up your mind as to who you are and travel as one person. So if you go to the country, get processed, fingerprinted, photographed with your lawyer at your side you are more than likely in a legitimate program and the documents will be authentic and useable.

Investments - Many countries offer economic citizenship programs. Theses involve the applicant investing money in a government t approved project. Rest assured the government approved project is not going to be a money maker or at least not for decades. The investment is often not recoverable so it is more of a donation. Sometimes the investment needs to remain in place for a long time like 10 years. If the program involves buying a house for a certain dollar value (usually $250,000, sometimes less) usually the house can not be sold or borrowed against and it usually is required to be titled in a person's name, no corporations or trusts allowed. Make sure you understand the investment required and for how long.

Third World Countries - There are legitimate programs from third world countries, usually located in Africa where passports can be obtained cheap and easy. So now you have such a passport what do you do with it? It is only good for Visa free travel to other African countries that you would probably never go to. Travel Visas will be near impossible to obtain for any country you are likely to visit. Banks and Stock Brokers will not be interested in opening accounts for you with such a passport and you probably will never get a bank account opened. Think how many people in this third world country know what an offshore bank is, let alone have enough funds to operate an offshore bank account or stock brokerage. These passports are basically good for nothing unless you want to bank in some third world country that has a grocery store sized bank operating in some non-exchangeable currency. As a last thought if you attempt to travel on such a passport or even obtain a visa and you do not look and profile like a person from this country, expect to instantly become a person of interest to numerous law enforcement agencies. They know as well as you do that this country peddles passports and are now going to wonder who you are and what you are up to. They are well paid and well trained and it is their job to investigate this type of situation. Save your money.

Diplomatic Passports - This is generally a scam. Perhaps you find a law firm that is well connected with some small country and pay a fee of $300,000 to get a diplomatic post, citizenship, identity card, driver's license etc. Ok great. Did you know that in practically every country of the world a Diplomatic Passport Holder must apply for a travel visa before traveling to that country? Do you think the country that issued the Diplomatic Passport is going to keep applying for Visas for you from their various consulates and embassies? Remember you do not really work for them as in have an office, position, staff and function. If they did apply for travel visas for you how many thousands of dollars would they charge you each time? This is a great way to raise your profile by the way. Now imagine you do not look like you are from that country and do not speak the language and you are all of a sudden a new diplomat never previously posted in another country. Now how do you look, maybe like a big criminal who bought a Diplomatic Passport to commit crimes of various natures under diplomatic cover. Leave these passports for the diplomats and keep your profile low.

Panama Instant Passport Program - This is unique in that it is free. It takes 45 to 60 days to get this passport. What is required is that one place an investment in the Panama National Bank (government owned bank) large enough to generate $750.00 per month. The money is always yours but must remain in the bank for five years. The interest is paid to you monthly and does not remain in the bank account. The passport is a residency also and is good for five years. At the end of the five years you can get your money out of the bank and the passport expires or you can roll the money over again and get another Panama Passport good for five years. If after the five years the interest rates change the amount to be invested can vary, up or down as long as it generates $750.00 per month. Not only is this program free you also get monthly interest on your money. The interest rate the bank is going to pay is slightly less than market rates so there is this hidden cost. There is no requirement to live in Panama although since you also have a residency you can live in Panama. The program never leads to permanent residency or citizenship and must be renewed each five years.

http://panamalaw.org/bearer_share_corperation.html

http://panamalaw.org/panama_foundations.html

http://panamalaw.org/foundation_protectors.html