Panama

Panama has created a legal framework allowing online gaming businesses to take advantage of its pre-existing tax haven, which was instituted in 1916. According to the Fiscal Code of 1916, only operations carried out within the country are taxable. Panama adopted Resolution No. 65 of October 25, 2002, opening its doors to online gaming. The law regulates online gambling based on the Nevada Online Gambling Act. Internet businesses are exempt from contributions, duties, or import fees on all machinery, equipment, furniture, vehicles, appliances, or materials necessary for the development of the project. This also includes exemption from income tax and national direct tax on capital. Dividends and interest on securities issued by the company and traded in local or international markets are also exempt from any national direct tax. Panama’s state-of-the-art telecommunication facilities and services are rated as being among the best in the world. The official currency of Panama is the US dollar. Corporation setup and licensing fees can range from USD 60,000 to USD 200,000.

The Gaming Control Board is a state institution established by Decree Law No. 19 of 8 May 1947, which assumes on behalf of and benefit from it and, under the jurisdiction of the Ministry of Economy and Finance operation, control, authorization, supervision, and oversight of the Games of Chance and Wagering Activities carried out in or from the Republic of Panama. This power is exercised by the state in all those activities whose outcome depends on luck and chance, these being raffles, trade promotions, Transient Games (Roulette, Corn, High and Low, Paint, etc.), Transient Bingo, Bingo Televised, Merchandise Clubs, Chambers Slots, Casinos Full Agencies, and International Sports Betting.

Licensed operators must not allow citizens of Panama to engage in online gambling activities.

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