Panama is situated in Central America, known for the Panama Canal which is one of the countries main GDP contributors although commerce, banking and tourism make up the larger part. It has a relatively easy and simple process when it comes to becoming a resident, and citizenship can be obtained after only 5 years. You can get started with your Panama residency by making a bank deposit and opening a business or making an investment. The passport is ranked 28th in the world and allows you to travel to most European countries visa free. From the time of receipt of all documents it takes 45 days to obtain permanent residency.