Panama Gambling License
The largest offshore banking system, tax and exchange control exemption, and stable political and economic stability are just a few of the benefits for Gaming License in Panama owners. If you are looking for an effective solution to legalize your company in Panama – Gofaizen & Sherle guarantees you professional support for a guaranteed result.
In search of a jurisdiction to open a gambling business, many companies are looking for a similar infrastructure to the U.S. but do not want to overpay. Panama is an ideal solution for starting and scaling a business due to the lack of excessive regulatory intervention and favorable environment for online gambling operators.
At the same time, the cost of opening a Panama Gaming License is about $40,000, which is several times cheaper than a similar license in the States. Companies can save on taxes: if the services are provided to non-residents of the country – they are exempt from taxation.
The main regulator is the national gambling control board, JCJ (Junta de Control de Juegos). The JCJ regulates and controls gambling in the country. It issues licenses and supervises gambling operators to ensure that they operate legally and responsibly. To obtain a gaming license in Panama, one must meet certain requirements and procedures established by the JCJ, such as financial stability, transparency of operations, and protection of players’ interests.
Advantages of obtaining a Panama Gambling License
International recognition
The license issued in Panama is internationally recognized and trusted, allowing operators to attract players from different countries.
Tax benefits
Panama offers attractive tax conditions for gaming companies, including income tax exemption and no foreign exchange controls outside of Panama.
Simplicity and accessibility
The process of obtaining a gaming license in Panama is quite simple and flexible, with relatively low costs and a quick turnaround time.
Data confidentiality
Panamanian legislation ensures privacy and protection of players’ data, which helps to increase trust and attract new customers.
Variety of gambling opportunities
The Panama Gambling License allows operators to offer a wide range of gambling types, including casinos, poker, sports betting, and other forms of gambling.
Financial center for gambling business
Panama is a financial center with a developed banking infrastructure, which makes it easy to conduct financial transactions for gambling companies.
Professional regulation
The Panama Gaming Commission provides professional support and regular monitoring of gambling operations, ensuring compliance with the law and a high level of security standards.
Prolonged action
The license is issued for 7 years, saving the company’s permit renewal budget.
Request more information about the Panama Gambling License
Disadvantages of obtaining a Panama Gambling License
- Not all players are aware of what a Panamanian license is and what level of protection and regulation it has. Theoretically, it can reduce the flow of clients to the site. But if you work with clients, improve service and transparency, and additionally provide information about the license on the site – this issue can be solved.
- The regulator carefully monitors the gambling activities of companies and requires compliance with several rules. Without professional legal assistance, it can be difficult to run a business that will meet the legal requirements.
- Panama has a small domestic market; companies must realize that they must take certain steps to enter the international market to increase profits.
- In the past, the Panamanian government had problems with money laundering, which affected the reputation of the jurisdiction. Now these moments are controlled but are still “fresh in the memory” of many global players.
Procedure for obtaining a gambling license in Panama
Preparation of documents
Step 1
- Before collecting documents, it is necessary to check the background of all founders for the absence of a criminal record, the presence of specialized education and to confirm the relevant certificates. In addition, it is necessary to collect financial documents, develop a business plan and confirm the sources of funds.
Develop quality software
Step 2
- You will need to develop a website with quality and simple functionality, easy to use for players. In addition, you need to implement software that will monitor the player’s location as well as record their financial sources. For example, transfers from the U.S. to Panama are not available.
Open a company
Step 3
- The next step is to register your gambling company with the local Registry, which will meet the government requirements.
If you need support in registering a company – contact the specialists of Gofaizen & Sherle.
Submission of the application
Step 4
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The completed application, along with a set of documents and a bank recommendation, must be submitted to the JCJ (Junta de Control de Juegos) regulator for review. Usually, this process takes about 2-3 months. If you provide incomplete information, the regulators may ask for additional documentation.
Gofaizen & Sherle will provide professional support to get a positive response in a short time frame (implied by this jurisdiction).
Payment of fees
Step 5
- After submitting your application, you have to pay the state fee: of $40000 for obtaining a Panama Gambling license, the cost of processing the license is about $10,000.
Obtaining a Panama Gambling License
Step 6
- If all the steps are done correctly, your company will be able to legally provide gambling services in Panama with a Gambling License. However, even after obtaining a license, you will have to comply with the requirements of the regulator and ensure the transparency of the site.
Requirements for obtaining a Panama Gaming License
- Be a registered legal entity in Panama;
- Appoint a local director;
- Open a bank account with a local bank;
- Pay your license fees;
- Submit monthly financial statements;
- Adhere to standards of safety and integrity;
- Follow regulator rules, including anti-money laundering, juvenile protection, and gambling addiction prevention.
Gambling Lawyers in Panama
Position
Senior Associate, Business Development ManagerPhone
+372 5477 0344
Position
Senior Associate, Head of Sales (FX and iGaming)Phone
+372 5300 1858Explore more information about the Panama Gambling License
Overview of Gambling license in Panama
| License processing time | 1 month |
| License application fee | 40 000 USD |
| Minimum capital requirement | No |
| Tax on profit | No |
| Resident employee | No |
| Office requirement | Legal address |
Panama Gambling Laws
Panama’s first gaming regulation law No. 2 was passed in 1998, which legalized gambling enterprises in the country, regulated the issuance of licenses, and defined the powers of the Junta de Control de Juegos regulator.
Despite the amendments, the government decided to establish new legislation. Thus, Resolution No. 25 was passed in 2022, which legalized all online gambling in the jurisdiction. The resolution is aimed at the development of gaming activities, as companies working with residents of Panama or residents of other countries.
The main rules relate to the compulsory obtainment of the Panama iGaming License: licensing implies compliance with certain rules and regulations, including financial obligations, protection of players’ interests, and prevention of criminal activity. Also, the law defines the requirements for company and equipment registration, the number of state fees, and regulation rules: annual declaration, ensuring transparency and prevention of fraud, maintaining the image of the jurisdiction, setting age limits, and measures to prevent gambling addiction. According to the law, persons under the age of 18 are forbidden to participate in gambling and operators must take strict measures to prevent minors from gambling. The resolution also gives importance to combating gambling addiction. It requires operators to provide information and tools to self-regulate and self-exclude players, and to implement measures to prevent and treat gambling addiction.
In addition, companies that want to operate in this state need to follow anti-money laundering regulations, discourage sponsorship of terrorism, and uphold the standards of a decent treatment policy for gamblers.
FAQ about obtaining a Panama gaming license
What is the gambling tax in Panama?
If the gambling services were provided to non-residents of Panama, they may be exempt from taxation under the law.
Is it legal to gamble in Panama?
It is legal to gamble in Panama if you comply with the requirements and licensing standards established by the country’s gambling regulator.
How to Obtain a Gambling License in Panama?
To obtain a Gaming License for gambling in Panama, you must apply to the country’s gambling regulator, provide the necessary documents, pay the fees, and pass a compliance check.
What is the cost of a Panama Gaming License?
A Panamanian gambling license costs an initial license fee of $40,000, which is paid once. In addition, there is an annual license fee of $20,000 and license processing costs of about $10,000.
Timeline for obtaining a Gambling License in Panama?
Usually, this process of obtaining a Panamanian gambling license takes about 2-3 months. The regulatory authorities may request additional documentation if you have provided incomplete information.
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