Panama
Situated in Central America, Panama offers heaps of benefits to remote gaming operators. The country started issuing licences for remote gaming back in 2002 and since then Panama has developed a specific infrastructure for the industry making it incredibly popular with online casinos.
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Situated in Central America, Panama offers heaps of benefits to remote gaming operators. The country started issuing licences for remote gaming back in 2002 and since then Panama has developed a specific infrastructure for the industry making it incredibly popular with online casinos.
Licences
The application process for obtaining a remote gaming licence in Panama is actually quite simple. All gaming activity including online casinos, poker and sports books require a valid licence but the procedure is much the same for each type of licence. This means that companies offering a range of gaming services can easily get each type of licence they need. In order to be considered for a licence, the applicant must fill out forms detailing the company's history and explaining how the licence will be used. A criminal history check also takes place.
Fees and Taxes
The fee for being issued a licence currently stands at 40,000 US Dollars. This is followed by an annual fee of $20,000. Applicants also have to pay any costs incurred while investigating suitability for a licence. Licences remain valid for seven years unless revoked. One of the main attractions gaming operators find in Panama is that the law does not require them to pay any tax on profits. There is a corporation tax set at 30% to be paid but no income or sales tax.
Reputation
While Panama is an attractive place for operators to set up business, it can be somewhat lacking when it comes to players' experience. There are no regulations requiring financial stability of licensees and no clear laws to state that games provided under the jurisdiction must use fair software. This means it's wise for players to check out the reputation of their chosen operator, particularly regarding timely payouts, before parting with any cash. As long as a company continues to pay its annual licence fee and generally obeys the law, the licensing committee in Panama will not tend to investigate it unless there is suspicion of money laundering. Additionally, audits are carried out now and again but these don't happen as a matter of routine and standards are not raised particularly high.
Complaints
Panama does not have an appointed authority or regulatory body to deal with complaints or disputes arising between players and licensees. This means that if a dispute cannot be resolved with the operator there is no official process to follow in the country. Since obtaining a remote gaming licence in Panama is relatively easy, it's recommended that players research companies before committing to deposit money. Of course, there are plenty of reputable online casinos licensed in Panama but there are also some that are a little less scrupulous.
Licences
The application process for obtaining a remote gaming licence in Panama is actually quite simple. All gaming activity including online casinos, poker and sports books require a valid licence but the procedure is much the same for each type of licence. This means that companies offering a range of gaming services can easily get each type of licence they need. In order to be considered for a licence, the applicant must fill out forms detailing the company's history and explaining how the licence will be used. A criminal history check also takes place.
Fees and Taxes
The fee for being issued a licence currently stands at 40,000 US Dollars. This is followed by an annual fee of $20,000. Applicants also have to pay any costs incurred while investigating suitability for a licence. Licences remain valid for seven years unless revoked. One of the main attractions gaming operators find in Panama is that the law does not require them to pay any tax on profits. There is a corporation tax set at 30% to be paid but no income or sales tax.
Reputation
While Panama is an attractive place for operators to set up business, it can be somewhat lacking when it comes to players' experience. There are no regulations requiring financial stability of licensees and no clear laws to state that games provided under the jurisdiction must use fair software. This means it's wise for players to check out the reputation of their chosen operator, particularly regarding timely payouts, before parting with any cash. As long as a company continues to pay its annual licence fee and generally obeys the law, the licensing committee in Panama will not tend to investigate it unless there is suspicion of money laundering. Additionally, audits are carried out now and again but these don't happen as a matter of routine and standards are not raised particularly high.
Complaints
Panama does not have an appointed authority or regulatory body to deal with complaints or disputes arising between players and licensees. This means that if a dispute cannot be resolved with the operator there is no official process to follow in the country. Since obtaining a remote gaming licence in Panama is relatively easy, it's recommended that players research companies before committing to deposit money. Of course, there are plenty of reputable online casinos licensed in Panama but there are also some that are a little less scrupulous.
