Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the compliant launch, including banking and payment rails.
Get a crypto license in Panama.
Panama has no crypto licence, and we say so plainly. What it has beats most licences for the right model: a company route on territorial taxation, 0% on foreign-source income, dollarised banking heritage and a legal system built for international business. We structure it cleanly.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Crypto licenses obtainedlicenses obtained
Updated
Panama in brief
No licence - a structure that outperforms one.
Panama's crypto law never happened: the 2022 bill (Project 697) was partially vetoed and later struck down by the Supreme Court, and while fresh legislation to regulate the industry and legalise voluntary crypto payments has been introduced, nothing dedicated is in force as of 2026. Crypto business in Panama therefore runs on the general system - corporations and private-interest foundations under one of the world's most developed offshore legal traditions, AML obligations where activity touches regulated perimeters, and no licence to obtain because none exists. Anyone selling a «Panamanian crypto licence» is selling paper.
What Panama offers instead is structural: territorial taxation that leaves foreign-source income - the core of any globally-facing crypto model - entirely outside the tax net, a dollarised economy with a century of international banking, corporate law refined by generations of cross-border practice, and a time zone aligned with New York. The play is the clean structure: a properly governed Panamanian company with documented source analysis, disciplined AML practice and deliberate banking - operating lawfully today and positioned first in line if the pending framework becomes law. That is exactly what we build.
No crypto licence - full stop: the 2022 bill died and new legislation is pending. The route: a clean S.A. on territorial taxation, 0% foreign-source.
A century of offshore law, USD banking, New York's time zone - the structure outperforms most licences for the right model.
The full picture
The company route today - readiness for the pending law.
Two workstreams: the territorial structure that operates now, and the monitoring that converts it if Panama's pending legislation passes. Where licensed markets call, an onshore licence pairs alongside.
The company route today; readiness for the pending framework. Licensed desks pair alongside.
01 - THE COMPANY ROUTE · TODAY
Corporation + territorial base
The working structure: a Panamanian corporation (or foundation-held group) with clean governance, documented foreign-source analysis, AML best practice and deliberate banking - 0% on the global activity.
The working structure: a Panamanian corporation (or foundation-held group) with clean governance, documented foreign-source analysis, AML best practice and deliberate banking - 0% on the global activity.
- ✓S.A. incorporation - days, not months
- ✓Territorial 0% on foreign-source income
- ✓Documented source analysis from day one
- ✓AML practice to obliged-entity standards
- ✓USD banking strategy - arranged, disclosed
- ✓Foundation layer for holding where wanted
02 - THE PENDING FRAMEWORK
Territorial 0% - foreign sourceReadiness for the law
The 2022 bill died; new legislation is pending. The readiness file. Governance, AML and custody documentation on international patterns. Converts the structure into an applicant if a register opens.
Bill 697 died; new drafts pend. Licence-grade compliance now = first in line later.
- ✓Bill 697 - vetoed and struck down
- ✓New legislation introduced - pending
- ✓Compliance built to licence-grade anyway
- ✓Legislative monitoring - we track drafts
- ✓Onshore licence alongside where needed
- ✓First in line if the framework lands
Costs and timelines are confirmed for your case before any work begins. The company route and readiness workstreams are scoped separately and designed to converge. Nothing built now is wasted later.
Why Panama
Territorial by design, dollarised by history.
No dedicated law, but a structural offer most licences cannot match: 0% foreign-source taxation inside a century-old international legal tradition.
✓
Territorial 0% - the real product
Panama taxes Panamanian-source income; foreign-source income sits outside the net entirely. For globally-facing crypto models, the core activity runs at 0% by system design, not special ruling.Foreign-source outside the net, by design.
✓
A century of offshore law
Corporations, foundations and trusts refined over generations of international practice. The structuring toolkit is deeper here than almost anywhere.The deepest structuring toolkit.
✓
Dollarised banking heritage
A USD economy with one of Latin America's oldest international banking centres. Accounts are earned with disclosure and structure, and we build both.Earned with disclosure. We build it.
✓
Speed and cost
Incorporation in days, running costs among the region's lowest, and New York's time zone. The operational maths favours Panama at every line.Days to incorporate; low running costs.
✓
Crypto-open direction
Pending legislation to regulate the industry and recognise voluntary crypto payments signals direction. Panama wants the business; the framework is catching up.New legislation signals intent.
✓
The clean structure wins
With no licence to hide behind, what banks and counterparties read is the structure itself. Clean governance, source analysis and AML discipline. We build to that standard.Clean governance is the product.
How it compares
How Panama differs from other routes.
Panama is the territorial no-licence play with real legal depth. The comparison is below.
Panama vs other jurisdictions
| Feature |  Panama | Other jurisdictions |
|---|---|---|
| Licence today | None - company route | Licensing regimes |
| Tax base | Territorial - 0% foreign | Worldwide, 9-30% |
| Legal depth | A century of offshore practice | Newer toolkits |
| Setup | Days | Months to years |
Licence today
PanamaNone - company route
Other jurisdictionsLicensing regimes
Tax base
PanamaTerritorial - 0% foreign
Other jurisdictionsWorldwide, 9-30%
Legal depth
PanamaA century of offshore practice
Other jurisdictionsNewer toolkits
Setup
PanamaDays
Other jurisdictionsMonths to years
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Panama | No dedicated law - company route | Territorial - 0% foreign | AML practice; framework pending |
 El Salvador | DASP registration (CNAD) | 0% on digital-asset gains | Registration, 2-4 months |
 St Lucia | VABA classes A-E (FSRA) | Territorial - 0% foreign | IBC vehicle, 4-5 months |
 UAE (Dubai) | VARA VASP by activity | 9% CIT · 0% personal | Substance-heavy, 3-9 months |
PanamaLicense typeNo dedicated law - company route
TaxationTerritorial - 0% foreign
RequirementsAML practice; framework pending
El SalvadorLicense typeDASP registration (CNAD)
Taxation0% on digital-asset gains
RequirementsRegistration, 2-4 months
St LuciaLicense typeVABA classes A-E (FSRA)
TaxationTerritorial - 0% foreign
RequirementsIBC vehicle, 4-5 months
UAE (Dubai)License typeVARA VASP by activity
Taxation9% CIT · 0% personal
RequirementsSubstance-heavy, 3-9 months
Doing it properly
What the compliant structure contains.What the compliant structure contains.
No licence does not mean no standards. The structure that operates cleanly today is the applicant that wins if the framework lands. The checklist below is what we build.
01
Panamanian S.A.. Incorporated with clean governance and transparent ownership to UBOs.
02
Foundation layer. A private-interest foundation for holding and succession where the model wants it.
03
Source analysis. The foreign-versus-Panamanian-source documentation that carries the 0% position.
04
AML/CFT practice. Obliged-entity-grade KYC, monitoring and records applied to crypto activity voluntarily.
05
Banking file - USD accounts arranged on full disclosure with institutions matched to the flows.
06
Clean books. Accounting a future regulator and today's banks read as an asset.
07
Custody and systems documentation. Wallet architecture described to international standards.
08
Contracts and terms. Client documentation drafted to licence-grade expectations.
09
Legislative monitoring. The pending framework tracked, with the structure updated as drafts move.
10
Onshore pairing. A licensed desk alongside where target markets require one; we sequence both.
01
S.A. with transparent ownership.
02
Foundation layer where wanted.
03
Defensible source analysis.
04
Voluntary licence-grade AML.
05
USD banking on disclosure.
06
Clean books from day one.
07
Custody and systems documentation.
08
Licence-grade client contracts.
09
Legislative monitoring.
10
Onshore pairing where needed.
Reflects Panamanian general law and AML practice as of 2026. No dedicated crypto licence exists. In writing, not in small print.General law + AML practice, as of 2026. No licence exists - in writing.
How it works
From first call to a working structure.
01
Strategy and frank advice
The real status, your model's source map and the banking plan. Fixed in writing before anything incorporates.Status, source map, banking - in writing.
02
The S.A. and foundation
Incorporation in days, governance built clean, the holding layer added where wanted.Days to incorporate, clean governance.
03
Compliance architecture
AML practice, source documentation, contracts and books. Licence-grade standards, voluntarily met.Licence-grade, voluntarily.
04
Banking and operations
USD accounts arranged on disclosure; the structure goes live on rails that hold.USD rails that hold.
05
Monitor and convert
The pending framework tracked. If Panama legislates, the prepared file enters the register first.First in line if Panama legislates.
Quick facts
Dedicated lawNone - pending
2022 billVetoed · struck down
RouteS.A. + AML practice
SetupDays
Tax baseTerritorial
Foreign-source income0%
CurrencyUSD
Time zoneNew York-aligned
Anyone selling a «Panamanian crypto licence» in 2026 is selling paper. The real product is the structure, and it is a good one.
On the ground in Panama
Run from our Panama City office.
Prifinance - Panama
Panama City · Panama
Panama City, Panama
01
Panamanian incorporation
S.A. and foundation structures with clean governance. Built for today's rules and any future register.S.A. + foundation, built clean.
02
The source analysis
The foreign-source documentation that carries the territorial position. Drafted defensibly from day one.The 0% position, documented.
03
The banking build
USD accounts on full disclosure. The structure and papers doing the persuading.Disclosure does the persuading.
04
Monitoring and conversion
Pending legislation tracked; the readiness file updated and filed if a register opens.Ready if the register opens.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of crypto companies in Panama.
Territorial by constitution of the system: Panamanian-source income is taxed, foreign-source income is not, and the analysis that separates them is the whole game.
Foreign-source: 0%
Income earned from activity outside Panama sits outside the tax net. For globally-facing crypto models, the core revenue runs untaxed by design.The core revenue, untaxed by design.
Domestic-source: 25%
Panamanian-source income carries the standard 25% corporate rate. Relevant where the model genuinely serves the local market; the source line is drawn and documented.Only where the model is local.
No tax on foreign gains
Capital gains follow the same territorial logic. Foreign-source disposals sit outside the system.Same territorial logic.
Dividends follow source
Distributions from foreign-source profits carry no meaningful Panamanian burden. Owner-level analysis lives in the home country, where we model it.Owner analysis at home.
ITBMS at 7%
The VAT-equivalent touches domestic supplies of goods and services. Rarely the global crypto model's flows, planned where it applies.Domestic supplies only.
The analysis is the asset
Everything above rests on defensible source documentation. Contracts, servers, teams and clients mapped. We build that file first, because it is the structure's foundation.Built first, defensibly.
Tax summary
Foreign-source income0%
Domestic-source income25%
Foreign-source gains0%
ITBMS (domestic)7%
CurrencyUSD
Crypto-specific rulesNone - general system
*As of 2026. The source analysis decides everything. We document it defensibly from day one.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Panamanian S.A., AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a clean, future-ready business.
Follow Prifinance
Active across our channels.
Panama · pre-regulation
Launch your crypto project in Panama with expert support.
Full-service setup - the territorial structure today, readiness for the pending framework.
Get a consultation →Free legal opinion
Is Panama the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Panamanian crypto licence - what clients ask.
Can I get a Panamanian crypto licence today?+
No - no dedicated crypto licensing law is in force. The 2022 bill was partially vetoed and struck down by the Supreme Court, and while new legislation has been introduced, it remains pending. Anyone selling a «licence» here is selling paper.
Is operating without a licence legal, then?+
Operating as a properly governed Panamanian company under general law, applying AML practice and documenting tax source properly - yes. The standards are real even where the licence is not, and they are what banks actually read.
How does the territorial 0% work?+
Panama taxes Panamanian-source income only. Revenue from serving foreign clients with foreign infrastructure sits outside the net - at 0% by system design. The source analysis that proves it is the foundation we build first.
What is the pending legislation?+
A fresh framework to regulate the industry and recognise voluntary crypto payments has been introduced after the 2022 bill's demise - direction is clear, timing is Panama's. We track the drafts and keep clients' structures conversion-ready.
What structure should a serious operator build?+
An S.A. with clean governance - often under a private-interest foundation - with documented source analysis, voluntary licence-grade AML, USD banking on full disclosure and books a future regulator reads as an asset.
How is banking?+
Panama's banking centre is a century old and appropriately careful - accounts are earned with structure and disclosure. We build the banking file alongside the incorporation, not after it.
What about serving regulated markets?+
Panama grants no passports - EU, US or otherwise. Where target markets require licences, we pair the Panamanian base with the relevant onshore desk and sequence both.
Panama or El Salvador?+
El Salvador offers an actual registration (CNAD, DASP) with 0% on digital-asset gains; Panama offers deeper corporate law and the territorial base without a licensing process. Model and market decide - we structure either, or both.
Why not wait for the law?+
Because the structure works today: 0% foreign-source is current law, not a promise, and the compliant operator becomes the register's first entrant if the framework lands. Preparation costs little; being late costs position.
Why Panama with you?+
Because the value is in the details: the source file, the governance, the banking papers. We build Panamanian structures to the standard licensed firms keep, which is exactly what makes them bankable and future-proof.
A licence today?+
No - anyone selling one sells paper.
Legal to operate?+
Yes - clean company + AML + source file.
The 0%?+
Territorial: foreign-source outside the net.
Pending law?+
New drafts after the 2022 bill died - tracked.
The structure?+
S.A. (+ foundation), licence-grade compliance.
Banking?+
Earned with disclosure; built alongside.
Regulated markets?+
Pair with onshore desks - sequenced.
Vs El Salvador?+
Registration there; deeper toolkit here.
Why not wait?+
0% works today; readiness wins the queue.
Why with us?+
Licensed-firm standards make it bankable.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your Panama structure.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Panama strategy fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Government of Panama or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.