CalvinAyre.com says – Panama has been offering gaming license for about a decade. Their strong infrastructure, local banking and government support without any market restrictions makes Panama good licensing option for online gaming companies. Situated between North and South America, Panama allows for easy servicing of both North and South American markets.
Panama began offering internet gaming licenses to interested parties wishing to operate within their jurisdiction in October of 2002. All internet gaming companies registered within or hosted inside of Panama must be registered under the Online Gaming Act of 2002.
This regulation allows for international wagering to take place online with official currency of all entities within the jurisdiction of Panama being the USD. Online gaming companies are not subject to foreign exchange control.
Casinos and gambling have been a big part of the culture in Panama for decades. Panama hosts legal gambling and has 36 gambling houses available to the public.
Casinos, horseracing, pari-mutuel and bingo houses are all legal in the country.
Corporation Tax Rate:
30%
Additional Gaming Tax Rate:
Internet gaming companies with a Panamanian license operate with tax exemptions.
Security Requirements/Indemnity for Players Deposits:
Panama authorities monitor all games to ensure they’re operating under acceptable standards. Panama keeps a complete record of every transaction made, and all transactions and records are subject to inspection by the Panamanian government or the government of the license holder
The jurisdiction of Panama closely regulates all gaming sites and companies operating with their approved license and ensures that all software used and games of chance meet the standards and regulations.
License Fee:
$40,000 USD plus an additional $20,000 USD annual fee
License Duration:
7 years
Do Local Banks Process Online Gaming Transactions:
Yes
Bandwidth Type Available:
Panama offers a standard US infrastructure and all the necessary resources as well as access to multiple broadband networks.
Software Testing Requirements:
The jurisdiction of Panama closely regulates all gaming sites and companies operating with their approved license and ensures that all software used and games of chance meet the standards and regulations
Reporting Requirements to the iGaming Regulators and/or Financial Regulator:
iGaming companies are required to maintain a complete record of all gaming transactions are available for inspection by designated officials of the Panamanian Government at any time.
Anti-Money Laundering Policy for iGaming Firms:
The Government of Panama signed a Tax Information Exchange Agreement (TIEA) with the United States. They are drafting new anti-money laundering legislation and strengthening its financial intelligence unit’s authority.
Restrictions on Jurisdictions from which you can take Wagers:
No Limitations
Contact Details of Government Department or Regulator:
Contact Person:
La Junta de Control de Juegos
[email protected]
Avenida Perú,
Calle 35 Este,
Edificio antiguo “Hacienda y Tesoro”
Panama City
Panama
The Gaming Commission (Junta de Control de Juegos) is part of the Ministry of Economy and Finance. Telephone numbers provided are:
Economy: (+507) 507-7000 (+507) 506-6600
Finance: (+507) 507-7600
