The history of licensing jurisdiction of the Republic of Panama goes back to 1947 when gambling control authority was established. Almost all gambling houses and casinos are located in resort towns and are the main entertainment for both local public and tourists.
In 2002 Gambling Control Board of the Ministry of Economy and Finance of Panama issued Resolution № 65 regulating online gambling operations from Panama.
Requirements to get Panama gambling license
To get a license, operators should provide the following documents:
- information specifying operators’ and employees’ commercial activities;
- information on financial condition;
- a criminal record;
- a business plan;
- documentation demonstrating software compliance and games certification.
The other requirements are:
- an online establishment must be run by a specially designated executive with high professional qualification;
- a company should be created in Panama or registered as a foreign corporation;
- operators should prove the experience and knowledge necessary for the online casino operation.
After the application is submitted, the authority has 1-2 months to make a decision.
Costs and taxation of gambling license in Panama
License annual fee
The companies are fully exempt from tax if bets are accepted only from citizens of other countries.
There are certain gaming activities which are prohibited, so wagers cannot be placed on:
- amateur sporting events in the Republic of Panama;
- events outside of Panama with Panama’s institutions participation;
- elections for a public office;
- events involving professional teams headquartered in Panama.
Advantages of getting a gambling license from Panama
Getting a license in Panama has a number of advantages:
- Panama is the largest offshore and banking jurisdiction in the world;
- no taxes;
- the stable economic and political situation, low crime rate;
- safe legal environment;
- possibility to keep corporate documentation in any language.
If operators need to get a gaming license easier and faster, Slotegrator has a solution. The company helps to gather all necessary documents, register an online platform and deal with legal issues to obtain a prestigious gaming license.