Most of us, it is a real necessity to obtain a second passport…
In today’s world, an international identity comes with plethora of advantages: Freedom of movement, advantegous tax laws and extra business opportunities…
Before comparing Panamanian passport to American, the most popular second passport preference as we know; let’s take a closer look at those said advantages.
Why do we need a second passport?
- International Business Opportunities: Thanks to a second passport, you can invest in various lucrative opportunities regardless of borders and enjoy an international lifestyle.
- Freedom of Movement: Second passport enables visa-free movement.
- Home, Away From Home: If you have a residence permit on abroad and a place you can call home; you are much more prepared to whatever hardship life brings.
- Tax Advantages: Residing in a country where tax laws are unreasonably high, similar to Turkey, is financially tough. You can lighten load of tax payments using your second passport to your advantage.
- Effects of Foreign Policy: Living in a country with volatile foreign policy can affect your freedom of movement. In a situation like this, second passport is a lifesaver.
As a second passport, what advantages and disadvantages does American passport provide?
To most, American passport is a master key for a lot of oppotunities. International prestige, visa-free travel and the possibility of living in the US appeal to many of us.
Along with right to travel visa-free to 180 countries provided by the American passport, the first feature that appeals the most; you can also apply prestigious American Consulates if you have a problem abroad.
Also, even if your children are not born on American soil, they are considered American citizens and your citizenship rights can be transferred to them.
Moreover, accepting America as a second home seems to be very advantegous choice for both personal life and future investments.
Let’s mention a few disadvantages, and see the full picture.
First disadvantage of all, appears even before obtaining the passport. The process of applying for it has many hurdles and long waits along the way.
Every American citizen is obligated by law to pay taxes to the US government. Even if they run their businesses abroad or do not reside in USA themselves. Citizens’ earnings are throughly examined by government.
More spesifically, if the children of an American citizen born in Turkey and the child obtains an American passport; even if he never visits USA, he is obligated to pay taxes to USA. So this creates a double tax situation.
For many Americans living abroad, tax laws alone seem like a reason enough to renounce their citizenship.
In addition to all, although the assurance of American State is felt worldwide, the American passport can also draw unwanted attention to the person in politically delicate situations.
What about Panamanian Passport?
First of all, you do not have to endure long and tedious procedures to obtain your Panamanian Passport. The Panama State offers conveniences to pave the way for citizenship.
You can get your second passport easily by purchasing a real estate and/or investing in Panama.
In addition, The Panamanian passport comes with right to visa-free entry to 170 countries, including the Schengen area.
Just like the American passport, Panamanian citizenship rights can be passed on to children.
Jus Soli is also valid in Panama. So anyone born in Panama is considered a citizen of Panama.
Thus, giving birth in Panama is also advantegous in terms of giving your children a secure future rich of options and availabilities.
A company incorporated in Panama does not pay income taxes for the overseas income. This makes all the difference when your company is internationally succesful. But this is not the only reason why Panama is the go-to adress for successful companies. To summarize a few:
- Panama’s currency is American Dollar.
- Panama is known for it’s political stability in the region.
- Panama Canal and free zones in the region provides conveniences for trading.
- Panama is at the center of Central America.
When you become a citizen of Panama and accept Panama as your second home, you will see the advantages are much more than you expect. In terms of health services, education opportunities, entertainment and vacation spots; Panama is rich of options to increase to welfare of her citizens.
Panama is closer with NDM Law Firm & Associates!
As NDM Law Firm & Associates, we are ready to assist you on your journey to your second passport.
You can contact our expert team that speaks Turkish, English, Italian, Hebrew and Spanish today!