The Republic of Panama is a country in Central America between the Caribbean Sea and the Pacific Ocean. Every year Panama becomes a home for hundreds of gambling businesses thanks to the profitable terms and easy licensing procedure.
Jurisdiction started to issue Panama gaming licenses back in 1941. At the same time, online casinos became the subject of licensing in 2002. So, what do you need to become a holder of a Panama gaming license in 2022?
Before applying for permission, operators should register a firm in the jurisdiction, get the recommendation from the bank, provide information about business owners, and pay a one-time fee. The usual issuing period for the gaming license in Panama is 2-3 months.
Why choose Panama? No currency control, no taxes if local residents don’t place bets on the platform, and rich jurisdiction’s experience in the industry. In addition, it is very convenient that the gaming license of Panama is valid for 7 years.
Online Gaming Laws
Regulation of the gaming sphere in Panama is the responsibility of the Panama Gaming Control Board. The authority issues licenses and monitors compliance with the legislation in the industry.
Online gambling licenses in Panama are issued in compliance with the Online Gaming Act of 2002. Holders of a permit must provide reports on all transactions made by the company. The PGCB can initiate appropriate checks at any time, so it’s better not to violate the rules.
To obtain a Panamanian online gambling license, applicants must give guarantee that all software used on their platform complies with all required standards.
It doesn’t matter what nationality the applicant for the online gambling license of Panama is. Nonetheless, it’s mandatory to prove the qualification and non-conviction of business owners.
Panama Online Gambling License Requirements
To become a holder of the Panama gambling license applicant must go through the following steps:
- To register a firm in the jurisdiction.
- To issue a power of attorney to the lawyer with Panamanian citizenship.
- To open a bank account and to ask for a letter of recommendation from this bank.
- To prepare a business plan and evidence of qualification of the future Panamanian gambling license owner. It’s also necessary to add data about all stakeholders and the origin of funds.
- To provide proof of the ability of the software to identify the location of gamers and the sources of their money.
- To show certificates for all software.
- To submit an application for the gambling license of Panama.
- To pay licensing fees.
It’s crucial to fulfill all requirements. If the commission finds that you missed something, the issuing period can last more than 3 months. To make the application procedure easier and faster, seek help from the LicensingAid professionals. We’ll help you to get a Panama gambling license fast and without extra effort.
The list of documents
- Application for the Panama gambling license
- Biographies of business owners
- Documents confirming non-conviction of the company’s founders
- Bank statement confirming the financial solvency of the Panamanian gambling license applicant
- Business plan
- Recommendation from the bank
Licensing process in Panama
Panamanian online gambling license obtaining stages:
- Business registration
- Authorizing a Panamanian lawyer to handle cases on behalf of the business
- Opening a corporate bank account
- Preparing documents and business plan
- Paying fees
- Applying for the online gambling license of Panama
How much does Gambling License cost? Required fees
The cost of getting an online gambling license in Panama is 40,000$. The annual fee for prolonging a permit is 20,000$.
Usually, it doesn’t take more than 3 months to legalize an internet casino in Panama. Nonetheless, terms can differ from case to case and all you can do to fasten the process is to follow the country’s gambling regulations and provide all necessary info about your enterprise.
Panama gambling license benefits
- no currency regulation;
- access to broadband networks;
- 7 years of validity of the document;
- simple and transparent application process;
- tax-free for online platforms, where country citizens don’t make bets;
- international cooperation with other online casino operators;
- Panama’s offshore banking system is large and reliable;
- one license for all online games (it doesn’t matter if you launch a web casino, lottery, or sports betting platform).