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Obtaining a license for gambling activities in Panama
Advantages of the jurisdiction:
- the jurisdiction is well-adapted for gambling industry;
- there is no currency control for gambling companies;
- there is a developed telecommunication system;
- the long license term (7 years);
- offshore banking system in Panama is one of the largest on a global level;
- tax exemption for non-residents bets.
The process of obtaining a license takes about 2 months
Panama is included in the list of the largest financial, commercial, transport regions of the Latin American.
A legislative framework is based on a Spanish civil law. Balboa is a legal payment unit. Panama has not signed information exchange agreements with other states (except the United States).
Gambling licensing in this jurisdiction has been in force since 2002 and is regulated by the Gambling Control Board.
Advantages of obtaining Panamanian gambling permissions:
- a jurisdiction has an extensive experience in this industry;
- loyal tax laws;
- lack of a currency regulation;
- the advanced telecommunication system;
- highly skilled multilingual workforce;
- the access to broadband networks;
- licenses is issued for a period of 7 years;
- Panama's offshore banking system is one of the largest at the global level;
- a short term for obtaining a Panama license (about 2 months);
- when accepting bets from non-residents of Panama, the company is exempt from taxes;
To make sure, that gambling companies work in accordance with accepted standards, Panamanian authorities completely control their activities. Since the reports of each transaction are subject to scrutiny by the government of Panama, companies are required to maintain them. Transaction reports can be checked at any time.
The company must also ensure, that the software, used in the work, complies with all required standards and norms.
To apply for gaming permissions in Panama you should:
- to register a Panama company;
- to provide a letter of recommendation from the bank;
- to provide an application for entering a company in the State Register;
- to provide the information about owners (a biography) and data on the origin of funds;
- to pay all costs of obtaining a license in Panama.
With the help of our specialists, you can learn how to apply for a license to open a gambling business in Panama. Our specialists will also provide assistance in registering a company in Panama, in opening a gambling license in Panama.
Our company shall not be liable for any direct, indirect or consequential loss arising from the use of the information and material contained in this website.