Countries › Panama › Guide › 4. Entities and setup › Resident agent and beneficial ownership in Panama: Ley 129 de 2020 registry, 15 business day deadlines, fines up to B/.50,000 per entity and suspension of corporate rights

Resident agent and beneficial ownership in Panama: Ley 129 de 2020 registry, 15 business day deadlines, fines up to B/.50,000 per entity and suspension of corporate rights

Last verified: 2026-10-29 · Status: Stable

Every Panamanian company and foundation must have a resident agent, a lawyer or law firm, which is a supervised anti money laundering obligated party and the gatekeeper for beneficial ownership. The agent must load each entity and its beneficial owners into the private and single registry run by the Superintendencia de Sujetos no Financieros within 15 business days of incorporation or appointment, and the entity must report any change to the agent within 15 business days. Agents face fines of B/.1,000 to B/.50,000 per entity not recorded, entities that are not recorded can have their corporate rights suspended, and a company left without an agent for over 90 days is suspended.

Panama's official currency, the balboa (B/.), is at par with the US dollar, which circulates as paper money; the Superintendencia de Bancos states that the balboa's value is on a par with the US dollar (checked 29 October 2026). USD figures therefore equal the balboa figures.

Key facts

Beneficial ownership registry	Sistema Privado y Único de Registro de Beneficiarios Finales (SSNF); not public textLey 129 de 2020 art. 1 and art. 14, as of 2026-10-29 · in force
Deadline for the agent to record a new entity and its beneficial owners	15 business daysLey 129 art. 11 (Ley 254 de 2021 art. 34), as of 2026-10-29 · in force
Deadline for the entity to notify the agent of a beneficial owner change	15 business daysLey 129 art. 12 (Ley 254 de 2021 art. 35), as of 2026-10-29 · in force
Deadline for the agent to update the registry after notice	5 business daysLey 129 art. 12 (Ley 254 de 2021 art. 35), as of 2026-10-29 · in force
Maximum fine on the resident agent per entity not recorded	50000 PABLey 129 art. 23 (Ley 254 de 2021 art. 41), as of 2026-10-29 · in force
Minimum fine on the resident agent per entity not recorded	1000 PABLey 129 art. 23 (Ley 254 de 2021 art. 41), as of 2026-10-29 · in force
Resident agent required for companies and foundations	Yes, a Panamanian lawyer or law firm textLey 129 de 2020 art. 2 numeral 1; Ley 4 de 2009 art. 5; Ley 25 de 1995 art. 5, as of 2026-10-29 · in force
Days without a resident agent before suspension	90 calendar daysCódigo Fiscal art. 318-A paragraph 2 (Ley 254 de 2021 art. 44), as of 2026-10-29 · in force

The rule

1. A resident agent is a lawyer licensed by the Fourth Chamber of the Supreme Court, or a law firm, designated by a legal entity formed or registered under Panamanian law to exercise the powers and meet the obligations Panamanian law imposes on those who provide this service (art. 2 numeral 1). The law creates the Sistema Privado y Único de Registro de Beneficiarios Finales, a registry of beneficial owners collected by resident agents to assist the competent authorities in preventing money laundering, terrorist financing and proliferation financing (art. 1).Ley 129 de 2020, que crea el Sistema Privado y Único de Registro de Beneficiarios Finales de Personas Jurídicas, art. 1 and art. 2 numeral 1, 2020-03-17 official text · verified 2026-10-29

2. A beneficial owner is the natural person or persons who ultimately, directly or indirectly, own, control or exercise significant influence over the client or the account, contractual or business relationship, or on whose behalf a transaction is made, including those with ultimate effective control over a legal person or legal arrangement; the criteria for ownership, control or significant influence are set by Ley 23 de 2015, its regulations and rules.Ley 23 de 2015 art. 4 numeral 4 as worded by Ley 254 de 2021 art. 1; Ley 129 de 2020 art. 2 numeral 3 as worded by Ley 254 de 2021 art. 30, Ley 129 art. 2 numeral 3, 2021-11-11 official text · verified 2026-10-29 · changed: Ley 254 de 2021 replaced the definition in Ley 129 de 2020, which had set out a 25 percent shareholding test and other control criteria in the law itself, with a cross reference to the criteria of Ley 23 de 2015 and its regulations.

3. For each legal entity the agent must record the name, folio number, registration date, address, main activity and, if commercial, the jurisdiction where it operates; and for each beneficial owner the full name, identity card or passport number, date of birth, nationality, address and the date the person became a beneficial owner. Where the control structure includes a company listed on a local or international exchange, or an entity owned by a State or a multilateral body, the agent records that entity's details instead.Ley 129 de 2020 art. 10 as worded by Ley 254 de 2021 art. 33, art. 10, 2021-11-11 official text · verified 2026-10-29

4. The agent must complete the registration of the entity and its beneficial owners within 15 business days of the entity's constitution or registration, or of the registration of a new resident agent at the Registro Público (art. 11). Every legal entity must give its agent the information needed to identify its beneficial owners and notify any change within 15 business days of the change, and the agent then updates the registry within five business days of receiving it (art. 12). A resigning agent notifies the Superintendencia within 10 business days of registration of the resignation, and a new agent within 15 business days of its appointment; the new agent does not see the information loaded by the previous one (art. 20).Ley 129 de 2020 art. 11, art. 12 and art. 20 as worded by Ley 254 de 2021 art. 34, art. 35 and art. 39, art. 11, art. 12 and art. 20, 2021-11-11 official text · verified 2026-10-29

5. Access to the registry is limited to the entity's resident agent and two officials designated by the Superintendencia de Sujetos no Financieros, who may make information available to competent authorities; it may also be provided for national and international cooperation without breaching confidentiality (art. 14). The data must be kept in strict confidence (art. 16).Ley 129 de 2020 art. 14 and art. 16 as worded by Ley 254 de 2021 art. 36 and art. 37, art. 14 and art. 16, 2021-11-11 official text · verified 2026-10-29

6. Resident agents are fined from B/.1,000 to B/.50,000 for each legal entity whose information is not recorded or updated, graded by seriousness, repetition, harm and the agent's size, and the Superintendencia may add progressive daily fines of B/.500 until the breach is cured, for up to six months (art. 23). The Superintendencia orders the Registro Público to suspend the corporate rights of entities not recorded or updated by their agent; while suspended no act may be registered and no certificate issued except as the law allows, Código Fiscal art. 318-A governs reactivation, expiry and dissolution, and the Superintendencia may order the administrative forced liquidation of the entity (art. 24).
Cost to do it: Agent fines of B/.1,000 to B/.50,000 (US$1,000 to US$50,000) per entity, plus up to B/.500 (US$500) a day for up to six months; reactivation of a suspended entity costs a B/.1,000 (US$1,000) fine under Código Fiscal art. 318-A.
Example: An agent that fails to record three companies could face fines of at least B/.3,000 and up to B/.150,000, plus daily fines; each of the three companies can be suspended until recorded. / US$3,000 to US$150,000 before daily fines.Ley 129 de 2020 art. 23 and art. 24 as worded by Ley 254 de 2021 art. 41 and art. 42, art. 23 and art. 24, 2021-11-11 official text · verified 2026-10-29

7. Lawyers who, among other services, create, operate or administer legal persons or arrangements, provide a registered office, arrange for nominee directors or shareholders, or provide resident agent services, and certified public accountants providing similar services, are non financial obligated subjects supervised by the Superintendencia de Sujetos no Financieros for anti money laundering purposes.Ley 124 de 2020 art. 40 as worded by Ley 254 de 2021 art. 26, Ley 124 de 2020 art. 40 numerals 11 and 12, 2021-11-11 official text · verified 2026-10-29

8. The Registro Público suspends the corporate rights of a legal entity that remains without a resident agent for more than 90 calendar days after the resignation, removal or end of existence of its previous agent.Código Fiscal art. 318-A paragraph 2 numeral 1 as worded by Ley 254 de 2021 art. 44, art. 318-A paragraph 2, 2021-11-11 official text · verified 2026-10-29

9. Ley 2 de 2011, the previous know your client law for resident agents, was repealed by Ley 254 de 2021, so customer due diligence by resident agents now rests on Ley 23 de 2015 and the beneficial ownership registry of Ley 129 de 2020.Ley 254 de 2021 art. 46, art. 46, 2021-11-11 official text · verified 2026-10-29 · changed: Ley 254 de 2021, in force from the day after its promulgation in Gaceta Oficial 29413-A on 11 November 2021, repealed Ley 2 de 1 de febrero de 2011.

Event	Who	Deadline	Article
New entity or new agent appointed	Resident agent records entity and beneficial owners	15 business days	art. 11
Change in beneficial owners	Entity notifies its agent	15 business days from the change	art. 12
Notice received	Agent updates the registry	5 business days	art. 12
Agent resigns	Outgoing agent notifies the Superintendencia	10 business days from registration of resignation	art. 20
New agent appointed	Incoming agent notifies the Superintendencia	15 business days from appointment	art. 20
No agent	Registro Público suspends corporate rights	After 90 calendar days	Código Fiscal art. 318-A

Beneficial ownership deadlines, Ley 129 de 2020 as worded by Ley 254 de 2021.

Worked example

A Panamanian S.A. is owned 60 percent by a Mexican holding company, itself owned by two individuals, and 40 percent by a listed US company. On incorporation the resident agent records the S.A. and, within 15 business days, the two Mexican individuals as beneficial owners and the listed company's name, address, country and exchange (Ley 129 art. 10 and 11).
Two years later one individual sells their stake in the Mexican holding to a sibling. The S.A. must tell its agent within 15 business days of the sale, and the agent must update the registry within five business days of being told (art. 12).
Had the agent failed to record the company, it would face a fine of B/.1,000 to B/.50,000 (US$1,000 to US$50,000) plus up to B/.500 (US$500) a day, and the S.A. could be suspended until recorded and then pay a B/.1,000 (US$1,000) reactivation fine (art. 23 and 24; Código Fiscal art. 318-A).

Step by step

1. Choose a resident agent that is a licensed Panamanian lawyer or law firm and expect full know your client checks under Ley 23 de 2015.
2. Map the ownership chain up to natural persons with ownership, control or significant influence, or to a listed company, State or multilateral owner (Ley 129 art. 10).
3. Provide identity and address details for each beneficial owner so the agent can record them within 15 business days of incorporation (art. 11).
4. Set an internal rule to tell the agent of any change within 15 business days (art. 12).
5. When changing agent, deliver the accounting records or their copies to the new agent before its appointment is registered (Ley 52 de 2016 art. 2 as worded by Ley 254 de 2021 art. 18), and make sure the new agent is appointed well within 90 days (Código Fiscal art. 318-A).

Common traps

Treating the registry as optional for holding companies. Every Panamanian entity requiring a resident agent must be recorded (Ley 129 art. 2 and 28).
Missing the 15 business day change window after a share sale higher up the chain (art. 12).
Letting an agent resign without replacing it. Suspension follows after 90 calendar days (Código Fiscal art. 318-A).
Citing Ley 2 de 2011 as the governing know your client rule; it was repealed in 2021 (Ley 254 art. 46).
Assuming a new agent inherits the file. The new agent cannot see the data loaded by the previous one and must reload it (Ley 129 art. 20).

Sources

← Sociedad de emprendimiento in Panama: Ley 186 de 2020 as amended by Ley 451 de 2024, resident founders only, two year tax and fee holiday, B/.1,000,000 revenue capAnnual compliance for Panamanian companies and foundations: tasa única dates, accounting records to the resident agent by 30 April, suspension, B/.1,000 reactivation and the 2026 dissolution of suspended entities →

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