Offshore
Panama licence.
JCJ
Operators serving Latin American markets where tax efficiency drives the model. Operators wanting offshore-tier licence with more substance than Curacao or Anjouan.
What the regulator asks for
Year one cost
USD 100k-300k Year 1
USD 40k annual licence fee. USD 1M guarantee deposit to JCJ. USD 1M minimum capital. Add USD 50-150k for legal, local entity formation, and technical certification.
Timeline
6-9 months
Panamanian entity formation 4-8 weeks. JCJ application and review 4-6 months. Technical certification parallel, 3-4 months.
Gaming tax
5.5% of GGR plus 16% of gross advertising income. Among the lowest in the regulated category.
Marketing climate
Moderate. Operator identification and RG warnings required. Lighter than tier-1 European markets.
The market
Panama sits between offshore lite and proper regulation. JCJ runs a mature framework requiring real operational presence and meaningful compliance. Carries more weight than Curacao but less than MGA.
How the application runs
Panamanian-registered operating entity required. Probity covers beneficial ownership, fit-and-proper review, AML, source-of-funds. Technical compliance includes RNG certification (GLI-19), game certification, transaction logging, KYC integration.
Ongoing compliance
RG framework less developed than tier-1 European but more mature than pure offshore. Self-exclusion exists. Player-limit tools required. AML obligations under Panama financial supervision framework.
What you can and cannot say
Operator identification required. RG warnings required. Cross-border marketing carries destination-market rules.
The honest read
What it means for your plan
Better than Curacao or Anjouan on reputation. Cheaper than MGA on tax. Strong for operators serving Latin American markets. Trade-off: reduced tier-1 European banking acceptance.
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