It can be advantageous to have a Panamanian second passport under certain circumstances. Having a Panamanian passport still enables you keep your own nationality passport as well. Many people have a Panamanian passport with a Panamanian company for use in transactions or for travel. To obtain a Panamanian passport you do NOT have to have Panamanian citizenship; a residence permit is sufficient. You can only take on a Panamanian citizenship if you renounce your country of origin citizenship.