In recent years, utilization of phasor measurement units (PMUs) has increased in monitoring, control and protection of power systems. In reality, power systems are large scale, accordingly, financial limitations (due to PMU cost) and technical problems are avoiding to install all necessary PMUs in one stage. Therefore, the PMUs usually are installed in several stages. This paper proposes a new dynamic multi-stage PMU placement approach by introducing a new index related to network observability in planning stages. Despite of conventional methods, the proposed multi-stage PMU placement is investigated dependently, simultaneously, and dynamically. Moreover, the phasing of PMUs of all stages is achieved in a single optimization process. Furthermore, in order to consider the practical aspect, the channel and communication limitations are covered in this study. According to the complexity of the proposed model, Bat Algorithm is used as an optimization tool to solve the proposed dynamic multi-stage PMU placement model. The proposed approach is applied on standard IEEE 14-, 57- and 118- bus test systems as well as Iranian 230- and 400-kV transmission network. Finally, the obtained results are compared with the results of conventional methods and ability of the proposed approach is investigated.