Panama — JCJ licence.

Resolution No. 25, passed in 2022, explicitly legalised all forms of online gambling in Panama under JCJ supervision. Prior to this resolution, online gambling operated in a legal grey area without a formal licensing framework. The 2022 resolution created clear rules for both B2C and B2B operators, with the JCJ as the sole licensing and regulatory body.

Operators must lodge a $500,000 compliance bond and a $100,000 winnings bond before the licence is activated. These bonds do not need to be cash — they can be covered by surety bond insurance at approximately $5,000–$10,000 per year, significantly reducing the upfront capital requirement. The bonds must be in place before the licence is formally activated by the JCJ.

Panamanian company law requires a minimum of 3 directors for a Sociedad Anónima (SA). These can be nominee directors — Gofaizen & Sherle's Complete package includes 3 nominee local directors as part of the service fee. Nominee directors have no operational involvement in the business and serve only to satisfy the corporate law requirement.

Panama taxes operators at 10% of gross gaming revenue on a monthly basis. Importantly, this applies only to revenue generated from Panamanian players. Revenue from international players — outside Panama — benefits from Panama's territorial tax system and is not subject to Panamanian gaming or corporate tax. For operators serving a global player base, the effective tax rate on total revenue is substantially lower than 10%.

The JCJ licence is valid for 20 years from the date of issue — one of the longest licence terms in the iGaming industry. This provides long-term operational certainty, eliminates the cost and administrative disruption of frequent renewals, and supports long-term business planning and investor confidence.