The Republic of Panama lies on the Isthmus of Panama between Caribbean Sea and the Pacific Ocean in Middle America. The history of licensing jurisdiction of the Republic of Panama goes back to 1947, when gambling control authority was established – Unta de Control de Juegos.

According to tax legislation in Panama gambling institutions pay to the budget 80% from their revenue. Almost all gambling houses and casinos are located in resort towns and are the main entertainment for both local public and tourists. Until 1997 all gambling institutions were owned by the state, but nowadays gambling business has become privately owned in the country.

And in 2002 Gambling Control Board of the Ministry of Economy and Finance of Panama issued Resolution № 65 regulating online gambling operations from Panama.

License for online gambling operations is issued for the period of 7 years after you pay fees in the amount of $40 thousand, as well as $20 thousand of annual license fee. Panamian online companies are fully exempt from tax on the condition that bets are accepted only from citizens of other countries.

The procedure of license acquisition in Panamian Republic

Decision on issuance of license is taken within 1-2months starting from the application date. Under the existing laws a licensee has to fulfill the following requirements:

  • provide information on personal activity of applicant, his trustees and employees, specifying their commercial activities, financial condition and clean record for the period of last 10 years before application date;
  • online establishment must be run by a specially designated executive with high professional qualification;
  • provide documentation demonstrating compliance of software used for online casino operations with requirements of the license: information on providers, copies of agreements or contracts signed with them;
  • make all necessary payments on time;
  • control all payouts of the casino in accordance with established procedures;
  • all information on transactions must be documented, and must be provided to authorities of Panama if required;
  • comply with all standards of national and international legislation, related to money laundering.

Why Panama?

Licensing authority in Panama has a number of advantages:

  1. Panama is the largest offshore and banking jurisdiction in the world.
  2. Online casinos that don’t accept bets from local public are exempt from taxes.
  3. Stable political situation and low crime rate.
  4. Safe legal environment: commercial confidentiality law, revelation of corporate information is punished according to the law.
  5. Stablecurrency.Domestic payments are made in US dollars.
  6. Stable economic situation in the country.
  7. Developed banking system. Over 300 large global banks operate in Panama City.
  8. Extended telecommunicationsinfrastructure.
  9. English-speaking population. The law allows you to keep corporate documentation in Russian or any other language.