---
title: "How to Set Up an Offshore Company in Panama: What You Need to Know Before You Start"
description: "How to set up an offshore company in Panama: requirements, costs, timelines, and annual obligations to structure your international business with confidence."
image: https://legalsolutionspanama.com/hubfs/crear%20empresa%20offshore%20Panam%C3%A1.jpg
---

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# How to Set Up an Offshore Company in Panama: What You Need to Know Before You Start

By Legal Solutions • 5 minute read

![crear empresa offshore panama](https://legalsolutionspanama.com/hubfs/crear%20empresa%20offshore%20Panam%C3%A1.jpg)

More and more entrepreneurs operating internationally are asking**how to set up an offshore company in Panama** and what that decision actually involves. Rather than simply being a way to operate from another jurisdiction, an offshore company can form part of a broader corporate structure designed to manage international business activities, investments, or assets in an organized and efficient way.

Whether that structure makes sense, however, depends on the goals of the business, where its activities will take place, and the legal and tax obligations that may apply.

Before incorporating a company, it is therefore important to look beyond the formal requirements and understand what an offshore company in Panama actually is, what it can be used for, and what ongoing obligations come with it.

At Legal Solutions Panama, we advise entrepreneurs and investors on structuring international operations in accordance with Panamanian law and the specific needs of each project. Below, we explain the main points you should understand before starting the incorporation process.

|   | In short • In Panama, "offshore" is not a type of company. The usual vehicle is a corporation (sociedad anónima) governed by Law 32 of 1927 whose operations take effect outside the country. • Incorporation requires at least two subscribers, three directors, and a resident agent, who must be a Panamanian lawyer or law firm. Shareholders and directors can be of any nationality and do not need to live in Panama. • Incorporation is usually completed in about 5 business days. Opening a bank account is a separate process. • With Legal Solutions Panama, the basic offshore plan costs USD 1,712.80 and includes the resident agent and the first year's annual franchise tax. • Every year, you must pay the USD 300 annual franchise tax (tasa única) to the DGI, Panama's tax authority, and submit your accounting records to the resident agent by April 30. • Panama only taxes Panama-source income. Starting in 2027, Law 526 of 2026 requires economic substance from entities in multinational groups that receive foreign passive income. |
| --- | --- |

 

## What Is an Offshore Company?

 

An offshore company is generally understood as a company incorporated in a jurisdiction other than the one where it primarily conducts its business. How the company is used will depend on its activities, expansion strategy, ownership structure, and the jurisdictions involved.

These companies are commonly used for international trade, holding investments or assets, participating in international business ventures, and organizing certain cross-border corporate structures.

Under Panamanian law, however, there is no separate legal entity formally called an "offshore company." The term describes how an ordinary Panamanian company — most commonly a corporation (*sociedad anónima*, or S.A.) — is used when its income-generating activities take place outside Panama.This distinction is important because it affects the company's tax and operating obligations.

|   | **Offshore company** | **Operating company** |
| --- | --- | --- |
| **Where it earns its income** | Outside Panama | Wholly or partly within Panama |
| **Income tax in Panama** | Foreign-source income is not taxed (Article 694 of the Tax Code) | Taxed on Panama-source income |
| **Business operating notice (aviso de operaciones)** | Not applicable | Required to do business in the country |
| **Annual franchise tax** | USD 300 | USD 300 |
| **Accounting** | Accounting records, with an annual copy delivered to the resident agent (Law 52 of 2016, amended by Law 254 of 2021) | Full accounting and tax returns filed with the Dirección General de Ingresos (DGI), Panama's tax authority |

If you're considering this option and still have questions about the process, check out our social media. In under a minute, we answer some of the most frequently asked questions about [offshore companies in Panama](https://www.instagram.com/reel/DU1Z158ikVB/), such as whether you need to be in the country, whether they're legal, and what benefits they can offer depending on your situation.

 

## Why Is Panama a Well-Established Jurisdiction?

 

Panama has a long history as an international center for corporate and commercial services. Its legal framework allows companies to be incorporated through relatively streamlined procedures and has been used by international entrepreneurs and investors for decades.

The country's strategic location, international connectivity, dollarized economy, and established corporate legislation have also made it possible to structure companies around a variety of international business models.

Two elements are particularly relevant.

First, Panama's principal law governing corporations, **Law 32 of 1927**, has been in force for nearly a century.

Second, the U.S. dollar is legal tender in Panama, reducing foreign-exchange exposure for businesses whose transactions are primarily denominated in dollars.

Panama also follows a **territorial tax system**, under which the source of income is a central factor in determining whether that income is taxable in the country.

Article 694 of the Panama Tax Code establishes:

*"The object of this tax is taxable income produced, from any source, within the territory of the Republic of Panama, regardless of where it is received."*

*Panama Tax Code, Article 694. Unofficial translation.*

At the same time, today's offshore structures operate within a substantially different international regulatory environment than they did decades ago. Companies must take into account transparency, due diligence, beneficial ownership, accounting, and other compliance requirements.

In this context, **Law 526 of May 28, 2026** introduced economic substance rules for certain categories of foreign-source passive income.

[Law 526 of May 28, 2026](https://www.gacetaoficial.gob.pa/storage/gacetas/2026/05/30534_B/102942.pdf) does not apply to every Panamanian company. It applies to entities that **form part of a multinational group** and receive specified categories of **foreign-source passive income**, such as dividends, interest, royalties, or capital gains.

The regime applies beginning with the 2027 tax year and was implemented through Executive Decree 32 of September 2, 2026. Entities that fall within its scope should therefore evaluate whether they meet the applicable economic substance requirements.

This makes proper structuring from the outset increasingly important, not only from a legal perspective but also when dealing with banks, clients, investors, and international counterparties.

If your company will conduct business with European counterparties, Panama's status on international regulatory lists is also worth considering:

| **List** | **Status as of September 2026** | **What it means in practice** |
| --- | --- | --- |
| **FATF grey list** | Panama was removed on October 27, 2023 | It is no longer subject to increased monitoring for anti-money laundering (AML) purposes |
| **EU list of high-risk third countries for money laundering** | Panama is no longer on this list; it was removed under Commission Delegated Regulation (EU) 2025/1184, published on July 16, 2025 | Panama no longer appears on the EU list of high-risk third countries for anti-money laundering and counter-terrorist financing purposes |
| **EU list of non-cooperative jurisdictions for tax purposes** | Panama remains on the list after the February 17, 2026 review. The next review is in October 2026 | Some European counterparties apply additional checks. In Spain, for example, entities subject to AML rules must treat these jurisdictions as high risk |

Law 526 introduces new economic substance rules that apply to certain multinational groups and should be considered alongside Panama's broader international tax and compliance framework.

 

## How to Set Up an Offshore Company in Panama

 

Although every project should be assessed individually, the process of setting up an offshore company in Panama generally involves the following stages:

1. Define the purpose of the company and the activities it will carry out.
2. Choose the corporate structure that best fits the business.
3. Prepare the documentation required for incorporation and due diligence.
4. Formally incorporate the company under Panamanian law.
5. Identify and comply with the legal, tax, accounting, and regulatory obligations that apply based on the company's activities and the countries involved.

Obtaining legal advice at the beginning of the process can help ensure that the chosen structure is appropriate for the intended activity and avoid decisions that could later create unnecessary costs or operational limitations.

For a Panamanian corporation, the process generally looks like this:

| **Stage** | **What happens** | **Who is involved** | **Estimated timeframe** |
| --- | --- | --- | --- |
| **1. Case analysis** | The activity, the countries where the company will operate, and the tax residence of its beneficial owners are defined | Client and lawyer | Before starting the process |
| **2. Due diligence** | Proof of identity, address, and source of funds is provided. The resident agent is legally required to know its client (Law 23 of 2015) | Client and resident agent | Depends on the documentation |
| **3. Name and articles of incorporation** | Name availability is checked with the Public Registry, and the articles of incorporation (pacto social) are drafted: name, purpose, capital, directors and officers, resident agent, and duration | Lawyer | Included in incorporation |
| **4. Public deed and registration** | The articles of incorporation are notarized and recorded in the Mercantile Section of the Public Registry. From that moment, the company has legal personality | Notary and Public Registry | About 5 business days for the full incorporation |
| **5. Getting started** | Issuance of shares and the share register, registration of the beneficial owner by the resident agent (Law 129 of 2020), apostille if documents will be used outside Panama, and bank account opening | Lawyer, resident agent, and bank | Bank account: timing varies by case and bank; it can take anywhere from a few days to several weeks. |

**Documents typically requested:**

The documents commonly required include:

- A valid passport for each shareholder, director, and beneficial owner.
- Recent proof of address.
- A completed due diligence or Know Your Customer (KYC) form.
- Information about the source of funds and the company's intended activities.
- For banking purposes, additional financial, banking, or professional references may be requested depending on the institution.

A cash contribution of the stated share capital is not generally required in order to incorporate the company. The authorized share capital is established in the articles of incorporation, but it does not need to be deposited as part of the incorporation process.

 

## Who Should Consider an Offshore Company?

 

An offshore company in Panama may be worth considering for:

- Companies engaged in international trade.
- Investment or holding structures.
- Digital businesses serving clients in multiple countries.
- Consulting businesses providing international services.
- Investors seeking to organize assets or international business projects.

However, the fact that a business operates internationally does not automatically mean an offshore structure is the right solution.

Whether it is appropriate depends on the nature of the economic activity, where the income is generated, the objectives of the business, the residence of its beneficial owners, and the regulations that apply in each relevant jurisdiction.

 

### **When It's Not the Right Structure**

 

An offshore company isn't a good fit if you plan to invoice clients in Panama, hire staff in the country, or provide services whose economic effect occurs within Panamanian territory. In those cases, an operating company is the right choice.

It also doesn't eliminate your obligations in your country of residence. The United States (controlled foreign corporation, or CFC, rules and foreign-entity reporting such as Form 5471), Canada (foreign accrual property income, or FAPI, rules), the United Kingdom (CFC rules), Spain (international tax transparency), Mexico (preferential tax regimes), and Colombia (controlled foreign entities), among others, may attribute the income of a foreign company to the resident shareholder who controls it. That's why the analysis should always include the laws of the country where the beneficial owner lives.

 

## Choosing the Right Structure Makes All the Difference

 

Not all offshore companies serve the same purpose. Some function as holding companies, while others manage investments, assets, or international business activities.

Before making a decision, we recommend analyzing the economic activity, the jurisdiction where the business will operate, and the applicable regulatory obligations. Proper planning avoids mistakes that can later lead to costs or operational limitations.

These are the three Panamanian vehicles most commonly used for international structures:

| **Structure** | **Legal basis** | **Common use** | **Annual franchise tax** |
| --- | --- | --- | --- |
| **Corporation (S.A.)** | Law 32 of 1927 | Holding company, international trade, asset holding | USD 300 |
| **Limited liability company (S. de R.L.)** | Law 4 of 2009 | Businesses with few partners who prefer more direct management | USD 300 |
| **Private interest foundation** | Law 25 of 1995 | Estate and succession planning | USD 400 |

 

*Note: the annual franchise tax shown above is the official annual tax applicable to each entity type. Professional fees, registry costs, and other services associated with the structure are separate.*

## How Much Does It Cost, and What Are the Annual Obligations?

 

[Legal Solutions Panama](https://legalsolutionspanama.com/en/?hsLang=en) offers three plans for incorporating an offshore company (prices as of September 2026):

**Basic, USD 1,712.80.** Includes drafting of the articles of incorporation, proof of registration, and the Public Registry certificate. It also covers the resident agent's fees and the first year's annual franchise tax, an annual reminder of payments due to the DGI, and government fees.

**Business, USD 2,200.00.**Everything in the Basic plan, plus the RUC (Panama's taxpayer identification number), share certificates and share register, the share issuance minutes, the CPA-certified income projection, and document shipping.

**Business Plus, USD 2,494.50.** Everything in the Business plan, plus an apostille of the articles of incorporation and the Public Registry certificate, their translation, and a general power of attorney if requested.

Up-to-date details for each plan are available on our [offshore company formation](https://legalsolutionspanama.com/en/offshore-company-formation-panama?hsLang=en) page.

After incorporation, the company has recurring obligations. Failing to meet them can lead to the suspension of its corporate rights, which prevents it from recording any act in the Public Registry.

| **Obligation** | **What it requires** | **Legal basis** | **If not met** |
| --- | --- | --- | --- |
| **Annual franchise tax** | USD 300 per year for companies and USD 400 for private interest foundations, payable according to the applicable period | Tax Code, Art. 318-A | USD 50 surcharge. After three years of non-payment, suspension of corporate rights and a USD 1,000 reinstatement fine |
| **Resident agent** | Maintain a Panamanian lawyer or law firm as resident agent | Law 129 of 2020 | If the agent is not registered with the SSNF (Panama's Superintendency of Non-Financial Entities), the company's corporate rights are suspended |
| **Accounting records** | Keep them with supporting documentation, retain them for five years, and deliver a copy to the resident agent by April 30 | Law 52 of 2016, amended by Law 254 of 2021 | Fines and possible resignation of the resident agent, with a risk of suspension |
| **Beneficial owner** | The resident agent registers the individuals who control the company in the Beneficial Ownership Registry. This information is not public | Law 129 of 2020 and Executive Decree 13 of 2022 | Penalties for the resident agent and consequences for the company |
| **Economic substance (multinational groups only)** | Demonstrate substance in Panama if the company receives foreign-source passive income | Law 526 of 2026 and Executive Decree 32 of 2026 | That income is taxed at 15%, plus fines, surcharges, and interest |

On top of this come the resident agent's annual fees and, if hired, accounting services.

 

## A Decision That Deserves Specialized Advice

 

[Setting up an offshore company in Panama](https://legalsolutionspanama.com/en/offshore-company-formation-panama?hsLang=en) can offer significant advantages when it responds to a well-defined business strategy and is carried out in accordance with current regulations. Every project has its own characteristics that require prior analysis to choose the most suitable corporate structure. The tax residence of the beneficial owners, the source of the income, the jurisdictions where the activities take place, and whether the company forms part of a multinational group can affect the obligations that apply.

If you'd like to learn more about corporate structures, investment, and international business, visit the Legal Solutions Panama [blog](https://legalsolutionspanama.com/en/blog). And if you're considering setting up an offshore company in Panama, [contact us](https://legalsolutionspanama.com/en/contact/?hsLang=en) for personalized advice and to determine the best option for your project.

## Preguntas frecuentes (FAQs)

#### Who can set up an offshore company in Panama?

Any individual or company that meets the legal requirements can incorporate an offshore company in Panama, regardless of nationality or country of residence. However, before starting the process, it's worth analyzing the purpose of the structure, the jurisdictions where it will operate, and the regulatory obligations that may apply, to ensure the decision is backed by a solid strategy.

#### Does a Panamanian offshore company have to pay taxes on income earned in other countries?

The tax treatment will depend on the nature of the operations and the laws that apply in each case. That's why it's advisable to carry out a prior analysis to structure the company correctly and comply with the corresponding obligations both in Panama and in any other jurisdictions involved.

#### What activities can a Panamanian offshore company carry out?

These companies can be used for international trade, investments, asset management, participation in global businesses, or corporate structures, as long as the activities comply with current law. The purpose will depend on the business model and the investor's goals.

#### Is it advisable to get legal advice before incorporating an offshore company?

 Yes. Specialized advice helps you choose the most suitable structure, identify potential legal risks, and prepare the company to comply with national and international regulations. It also ensures the company is properly aligned with the business's growth strategy. 

## En este artículo

---

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