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Articles
Open a Crypto Company in Panama
Updated on Tuesday 07th March 2023
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Foreign Investors who open a crypto company in Panama have access to the benefits available under the most popular business form used for offshore trading, the International Business Company.
An important advantage of opening a crypto company in Panama is that the corporation would not be subject to taxation in Panama as long as the income is derived from sources outside of the jurisdiction.
Foreign nationals in Panama who derive personal income from their crypto gains in Panama are liable to the rules applicable in the country/countries in which they have their tax residence.
There is no need for immigration to Panama in order to open this type of company.
Depending on the residence permit for Panama one is interested in applying for, our team will offer personalized guidance and information about the needed documents. Working with our team of immigration specialists is helpful for avoiding those situations in which the application is rejected due to insufficient or incomplete documentation. We can help you apply for a residence permit.
Investors who wish to use a Panamanian IBC structured for the purpose of engaging in cryptocurrency business (transaction, wallet, payments) have the following advantages:
- - Regulatory benefits: cryptocurrency activities are permitted in Panama and are not subject to stringent regulation (see below);
- - Easy incorporation: entrepreneurs can open a crypto company in Panama in approximately 2 to 5 business days with the help of our team;
- - No taxation: the IBC is not subject to tax on the income it derives from outside of Panama; taxes apply only if the cryptocurrency company trades in Panama.
- - No residency/nationality requirements: there are no mandatory requirements for investors who open a company here to resident in the country; there are no nationality restrictions for company formation purposes.
| Quick Facts | |
|---|---|
| Cryptocurrency seen as legal tender (Yes/No) |
No |
|
Local regulatory agency |
Superintendence of Banks (SBP) and Superintendence of the Securities Market (SMV), however, they have not issued specific regulations |
|
Special licenses for those who open a cryptocurrency company in Panama |
Subject to further clarifications |
| Special licenses for crypto exchanges in Panama |
New laws are expected to come into force concerning the granting of licenses |
| Anti-money laundering rules | Anti-money laundering measures are expected |
| Special requirements for investors who open a cryptocurrency company in Panama |
Presently, there are no specific cryptocurrency or blockchain regulations in Panama. Legislative changes are expected |
| Residency requirements for investors |
No |
| Types of companies used by those who open a cryptocurrency company in Panama | Limited liability company (for activities within Panama), the International Business Company (for trading outside of Panama) |
| Minimum capital for a cryptocurency company in Panama | Not for the IBC |
| Minimum number of shareholders | 1 for the IBC |
| Minimum number of directors | 3 for the IBC |
| Business license |
Issued by the Ministry of Commerce and Industries for the LLC |
| Mandatory requirements for the cryptocurrency company | Registration as per the Panama Company Law, resident registered agent |
|
Cryptocurrency company taxation |
No taxes for income derived from outside of Panama in case of the IBC 25% for companies with business activities within the country (subject to specific calculation methods) |
| Reasons to open a cryptocurrency company in Panama |
Easy and fast company incorporation Tax neutrality for the IBC on activities performed outside of Panama No nationality restrictions, no residency requirements for investors |
Steps required to open a crypto company in Panama
The steps below are relevant when opening a crypto company in Panama:
- Choose the business form: it can be a foreign company or a limited liability company;
- Draft the documents: the Articles of Association state the scope of the business, its shareholding and management structure and other details;
- Register the company: all companies are entered into the Public Registry; our team can assist you during this process;
- Open a bank account for the business, hire employees and start trading.
Our team of company formation experts in Panama can guide you throughout the incorporation process, as well as the advantages of a Panamanian International Business Company (IBC).
You can reach out to us if you need more information about the registration process and how we can assist you.
Investors who open a crypto company and wish to remain in Panama to run their business can apply for Panamanian citizenship after five years of lawful stay. One should note setting up his place of permanent residence in Panama is often required for this purpose. Other conditions will also apply, such as having sufficient language knowledge. If this is something you are interested in, our team can help you.
Our immigration lawyers in Panama will also give you details about the residence permit.
Crypto company regulations in Panama
Investors who open a crypto company in Panama are not subject to stringent regulations or licensing requirements for virtual asset services providers, as may be the case in other jurisdictions.
Nonetheless, it is expected that the Panamanian authorities will provide for certain crypto regulations in the near future.
It is expected that the discussions on the law project that will regulate cryptocurrencies will provide guidelines in areas concerning:
- - Low crypto trading taxation, in line with the jurisdiction’s beneficial, low tax policies;
- - Clear regulations in terms of requirements for obtaining a crypto license in Panama; it is expected that the Financial Division will provide information on this topic;
- - Compliance with the anti-money laundering legislation, a requirement that is set forth by other jurisdictions for the purpose of cryptocurrency trading;
- - The integration and promotion of new technologies by the Government, an increase in foreign investment in this sector.
Our team of company formation agents in Panama can give you updated information on the laws governing cryptocurrency trading in the country, as well as the conditions set forth by the National Bank of Panama for payment processors and the treatment of crypto-related banking.
If you are also interested in immigration to Panama for the purpose of business creation, our team will assist you.
Company formation in Panama
Registering a new business in Panama is easier with the help of our team.
We are able to assist foreign investors who wish to start the incorporation process remotely and can handle the pre- and post-registration steps, such as opening a bank account, required to start a crypto company.
In addition to complete incorporation services, including but not limited to drafting the offshore company’s incorporation documents, our team can also provide virtual office services in Panama.
A virtual office can be a good choice for a crypto company, as this type of business is not location-dependent.
According to statistics provided by the Public Registry, the number of Panamanian companies was the following in 2022:
- - 66 registered limited liability companies;
- - 5,467 anonymous companies;
- - 44 foreign companies;
- - 1,263 private interest foundations.
For investors who wish to relocate to Panama for the purpose of doing business, our team also provides assistance for residency applications.
Contact us for more information about how we can help you open a crypto company in Panama.
Company owners in Panama may be interested in knowing more about temporary residence for investment or business purposes. Professional foreigners, as well as other categories of applicants, can be subject to special immigration laws. Our team will analyse your situation and, based on your nationality and purpose of stay, will guide you through the process of immigration to Panama.
Meet us in Panama
Call us now at +230 5252 6703 to set up an appointment with our business consultants in Panama City, Panama. Alternatively you can incorporate your company without traveling to Panama.
As a our client, you will benefit from the joint expertise of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Panama.
Contact usTestimonials
Fast and personalized company formation services in Panama. The team will help investors incorporate a business vehicle that is 100% suited to their investment or asset protection needs.
Francesco Dagnino, Lawyer and Founding Partner of LEXIA Avvocati
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