{"id":3386,"date":"2026-10-05T22:22:18","date_gmt":"2026-10-06T03:22:18","guid":{"rendered":"https:\/\/www.edtij.com\/en\/?p=3386"},"modified":"2026-10-05T22:22:18","modified_gmt":"2026-10-06T03:22:18","slug":"controlling-person-decree-25-law-526-decree-32","status":"publish","type":"post","link":"https:\/\/www.edtij.com\/en\/controlling-person-decree-25-law-526-decree-32\/","title":{"rendered":"Controlling Persons in Panama: What \u201cControl\u201d Means Under Decree 25, Law 526 and Decree 32"},"content":{"rendered":"<style>.edtij-article,.edtij-article *,.edtij-article *::before,.edtij-article *::after{box-sizing:border-box}.edtij-article{width:100%;max-width:780px;margin:0 auto;padding:64px 32px 96px;font-family:'Georgia',serif;color:#1a1a1a;line-height:1.85;font-size:17px}.edtij-article .article-category{font-family:'Helvetica Neue',Arial,sans-serif;font-size:11px;font-weight:600;letter-spacing:2.5px;text-transform:uppercase;color:#8a0000;margin:0 0 20px}.edtij-article 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#e8e5e0;vertical-align:top;color:#222}.edtij-article tbody td:first-child{font-weight:600;color:#8a0000}.edtij-article .error-box{background-color:#fff8f8;border:1px solid #e8c3c3;border-left:4px solid #8a0000;padding:20px 28px;margin:36px 0;border-radius:2px}.edtij-article .error-box p{margin-bottom:10px;color:#333}.edtij-article .error-box p:last-child{margin-bottom:0}.edtij-article .error-label{font-family:'Helvetica Neue',Arial,sans-serif;font-size:11px;font-weight:700;letter-spacing:2px;text-transform:uppercase;color:#8a0000;display:block;margin-bottom:12px}.edtij-article .conclusion-box{background-color:#111;color:#f5f3f0;padding:36px 40px;margin-top:56px;border-radius:2px}.edtij-article .conclusion-box h2{font-family:'Georgia',serif;font-size:22px;font-weight:normal;color:#fff;margin:0 0 18px;border-bottom:1px solid #444;padding-bottom:14px;line-height:1.3}.edtij-article .conclusion-box p{color:#d0cdc8;margin-bottom:16px;line-height:1.85}.edtij-article .conclusion-box p:last-child{margin-bottom:0}.edtij-article .cta-block{margin-top:48px;padding:32px 36px;border:1px solid #ddd;border-top:3px solid #8a0000;text-align:center}.edtij-article .cta-block p{font-family:'Helvetica Neue',Arial,sans-serif;font-size:15px;color:#444;margin-bottom:18px}.edtij-article .cta-button{display:inline-block;background-color:#8a0000;color:#fff;font-family:'Helvetica Neue',Arial,sans-serif;font-size:13px;font-weight:600;letter-spacing:1.5px;text-transform:uppercase;text-decoration:none;padding:13px 32px;border-radius:1px;transition:background-color 0.2s ease}.edtij-article .cta-button:hover{background-color:#6b0000}.edtij-article .hashtags{margin-top:48px;padding-top:24px;border-top:1px solid #e0e0e0;font-family:'Helvetica Neue',Arial,sans-serif;font-size:13px;color:#888;line-height:2}.edtij-article .hashtags span{display:inline-block;margin-right:8px;color:#8a0000}.edtij-article img{display:block;width:100%;max-width:100%;height:auto}@media (max-width:600px){.edtij-article{padding:40px 20px 72px}.edtij-article h2.section-title{font-size:25px}.edtij-article .conclusion-box{padding:28px 24px}.edtij-article .cta-block{padding:24px 20px}}<\/style>\n<article class=\"edtij-article\">\n<p class=\"article-category\">Tax Law &amp; Compliance<\/p>\n<div class=\"article-meta\">\n<div class=\"meta-text\"><strong>EDTIJ \u2014 Escobar, Della Togna, Icaza &amp; Jurado<\/strong><br \/> Panama \u00b7 October 2026 \u00b7 Estimated reading time: 8 minutes <\/div>\n<\/div>\n<p class=\"article-intro\"> In 2026 Panama issued three rules that use the word \u201ccontrol,\u201d and <strong>it does not mean the same thing in any of them<\/strong>. Executive Decree 25 asks <em>who<\/em> stands behind the entity. Law 526 and Executive Decree 32 ask <em>where<\/em> control over passive income is exercised. And the beneficial ownership register answers a third question. Mixing them up is now one of the easiest compliance mistakes to make. <\/p>\n<h2 class=\"section-title\">1. One word, three questions<\/h2>\n<p> When a bank, a resident agent or the tax authority talks about a \u201ccontrolling person,\u201d it is worth asking which rule they mean. The table summarizes how each one treats the concept: <\/p>\n<div class=\"table-wrapper\">\n<table>\n<thead>\n<tr>\n<th>Rule<\/th>\n<th>Question it answers<\/th>\n<th>What \u201ccontrol\u201d means<\/th>\n<th>Who applies it<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Executive Decree 25 of 2026 (FATCA\/CRS)<\/td>\n<td>Which natural persons stand behind the entity that holds the account?<\/td>\n<td>The natural person who ultimately owns or controls 10% or more; failing that, control by other means; if none is identified, the senior managing official<\/td>\n<td>Reporting financial institutions<\/td>\n<\/tr>\n<tr>\n<td>Law 129 of 2020 (UBO register)<\/td>\n<td>Who is the beneficial owner of the legal entity?<\/td>\n<td>The natural person who ultimately owns, controls and\/or exercises significant influence, including ultimate effective control<\/td>\n<td>The resident agent files with the private register, using the information the client provides<\/td>\n<\/tr>\n<tr>\n<td>Law 526 and Executive Decree 32 (economic substance)<\/td>\n<td>From where is passive income effectively directed and controlled?<\/td>\n<td>A function, not a person: the \u201cexecution, direction or effective control\u201d of the principal activity must take place in Panama<\/td>\n<td>The multinational group member entity itself, in its sworn income tax return<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 class=\"section-title\">2. Executive Decree 25: the threshold drops to 10%<\/h2>\n<p> Executive Decree 25 of June 29, 2026 (Official Gazette 30556-C) amends numeral 21 of article 2 of Executive Decree 124 of 2017, which regulates Panama\u2019s FATCA law (Law 47 of 2016) and Common Reporting Standard, or CRS, law (Law 51 of 2016). It took effect upon promulgation. The central change: the threshold for identifying who exercises control falls from 25% to 10%. <\/p>\n<h3 class=\"subsection-title\">A three-step cascade<\/h3>\n<ul class=\"check-list\">\n<li><strong>First, ownership:<\/strong> the natural person who ultimately owns or controls, directly or indirectly, 10% or more of the shares, interests or voting rights of the legal entity.<\/li>\n<li><strong>If none, other means:<\/strong> the natural person who exercises control through means other than ownership.<\/li>\n<li><strong>If none is identified, the senior managing official:<\/strong> the natural persons who hold the position of senior managing official.<\/li>\n<\/ul>\n<h3 class=\"subsection-title\">Trusts and foundations<\/h3>\n<p> For a trust, the decree designates the settlor, the trustee, the protectors (if any), the beneficiaries or classes of beneficiaries, and any other natural person exercising effective control. Functionally similar arrangements, such as foundations, follow the same approach using the equivalent roles, and the founder is always treated as a person exercising control. <\/p>\n<div class=\"callout\"> The decree itself states that the term corresponds to the \u201cbeneficial owner\u201d concept in FATF Recommendation 10 and must be interpreted consistently with it. Financial institutions may rely on their AML\/KYC procedures, provided they are consistent with FATF Recommendations 10 and 25. <\/div>\n<p> A note on scope: the decree amends the FATCA and CRS regulation, and its text is addressed to \u201cReporting Financial Institutions.\u201d On its face, it does not amend Law 129 or the beneficial ownership register regime. <\/p>\n<h2 class=\"section-title\">3. Law 526 and Decree 32: control as a function<\/h2>\n<p> Law 526 of May 28, 2026 (Official Gazette 30534-B) added articles 707-A through 707-\u00d1 to the Tax Code, and Executive Decree 32 of September 2, 2026 (Official Gazette 30603-B) regulated it. In both texts, \u201ccontrol\u201d appears in three ways, and none of them is the Decree 25 meaning: <\/p>\n<ul class=\"check-list\">\n<li><strong>As a link between entities.<\/strong> A multinational group is two or more entities \u201clinked by ownership or control,\u201d tax resident in different jurisdictions, including the parent company, its subsidiaries and its permanent establishments (art. 707-B). Here control describes how entities relate to each other, not who the natural persons behind them are.<\/li>\n<li><strong>As a function that must be exercised in Panama.<\/strong> The \u201cprincipal activity\u201d is the one whose \u201cexecution, direction or effective control must take place in the Republic of Panama,\u201d by the entity itself or through outsourcing (art. 707-B). Economic substance is the existence and effective use in Panama of human resources, assets, premises, direction, management, control, risks and operating expenses.<\/li>\n<li><strong>As a power that cannot be delegated.<\/strong> Decree 32 requires the board to hold at least two in-person meetings in Panama per fiscal period, and provides that the direction, administration and control functions inherent in strategic decisions \u201cmust be exercised directly by that body and may not be outsourced, delegated or subcontracted\u201d (art. 6).<\/li>\n<\/ul>\n<h3 class=\"subsection-title\">Control over investees<\/h3>\n<p> Decree 32 also uses an idea of operational control. A holding entity qualifies for the reduced standard only if it does not actively take part in the day-to-day operational decisions of the companies it invests in (art. 8). If it runs them operationally, it moves to the complete tier. Put differently: controlling the investment from Panama and being a passive holder are not the same thing. <\/p>\n<h3 class=\"subsection-title\">What these rules do not ask for<\/h3>\n<p> In the texts of Law 526 and Decree 32 we did not find a definition of \u201ccontrolling person,\u201d nor an obligation to identify the entity\u2019s ultimate owners. The people Decree 32 requires to be named in the sworn income tax return are those who carry out the principal activities: a list of personnel with name, identification document, position or function, and remuneration (art. 9). <\/p>\n<div class=\"callout\"> Law 526 does not ask who the owner is. It asks who is in charge, and from where. <\/div>\n<h2 class=\"section-title\">4. Where they overlap<\/h2>\n<p> The three questions are different, but the same structure has to answer all of them. These are the intersections that, in our view, deserve the most attention: <\/p>\n<h3 class=\"subsection-title\">Formal control versus real control<\/h3>\n<p> Picture a Panamanian company whose board meets twice a year in Panama, with impeccable minutes, but whose strategic decisions are in practice made from abroad by the 10%-or-more shareholder. The records would say one thing and reality another. Law 526 anticipates that risk: the Ministry of Economy and Finance may disregard arrangements whose main purpose is to obtain a tax advantage without valid commercial reasons reflecting the economic reality (art. 707-K). It is also a ground for \u201cnon-qualified entity\u201d status to file information that is false or evidently inconsistent with the reality of the declared activities, assets, risks, personnel, premises or operating expenses (art. 707-F). <\/p>\n<div class=\"error-box\"><span class=\"error-label\">Consequence of being a non-qualified entity<\/span><\/p>\n<p>The foreign-source passive income of a non-qualified entity is taxed at a <strong>single, final rate of 15%<\/strong> on net taxable income for the fiscal period, without prejudice to fines, surcharges and interest (arts. 707-D and 707-F).<\/p>\n<\/div>\n<h3 class=\"subsection-title\">The same people, three stories<\/h3>\n<p> A single entity can end up with three versions of who controls it: the one the resident agent files with the beneficial ownership register (using information supplied by the client), the one the bank reports under CRS at the 10% threshold, and the one that emerges from the sworn income tax return, which names the people who carry out the activities. No rule requires the three to match word for word, because they answer different questions. But inconsistencies between them are the first thing a bank, a counterparty or an audit will notice. <\/p>\n<h3 class=\"subsection-title\">Foundations and trusts<\/h3>\n<p> Decree 25 expressly sweeps in the founder, the settlor, the protectors and the beneficiaries. And Decree 32 defines \u201centity\u201d to include trusts and foundations (art. 3). A Panamanian foundation or trust that is a member of a multinational group and receives foreign-source passive income may fall under both regimes at once. <\/p>\n<p> Information filed under the economic substance chapter is confidential and for the restricted use of the Ministry of Economy and Finance; it may be shared with third parties only to comply with international tax information exchange agreements or in cases the law expressly provides (art. 707-L). <\/p>\n<h2 class=\"section-title\">5. What to review now<\/h2>\n<ul class=\"check-list\">\n<li>Have you mapped the ownership of each entity down to the natural persons holding 10% or more, directly or indirectly, including chains of companies?<\/li>\n<li>For foundations and trusts: are the founder or settlor, the protectors, the beneficiaries and whoever exercises effective control documented?<\/li>\n<li>Does your resident agent hold complete and up-to-date beneficial ownership information, so it can file with the register?<\/li>\n<li>Is the entity a member of a multinational group with foreign-source passive income? If so, which tier of economic substance applies?<\/li>\n<li>Where are strategic decisions actually made, and by whom? Are the two in-person meetings in Panama scheduled, with minutes kept in Panama and in Spanish?<\/li>\n<li>Are the CRS self-certification given to the bank, the filing with the beneficial ownership register and the sworn income tax return consistent with each other?<\/li>\n<\/ul>\n<div class=\"conclusion-box\">\n<h2>Conclusion: three questions, one file<\/h2>\n<p> Decree 25 asks who stands behind the entity. The beneficial ownership register asks who its beneficial owner is. Law 526 and Decree 32 ask who directs and controls the passive income, and from where. They are different questions, but one client has to answer them all. <\/p>\n<p> Decree 25 has been in force since its promulgation, and the economic substance regime applies to fiscal periods beginning on or after January 1, 2027. Putting the whole file in order today, with ownership, real control and consistent documentation, costs less than rebuilding it under pressure. <\/p>\n<\/div>\n<div class=\"cta-block\">\n<p>Need to organize the control map of your Panamanian structures, or check whether your entity is subject to economic substance? Our team can support your analysis.<\/p>\n<p><a class=\"cta-button\" href=\"https:\/\/www.edtij.com\/en\/contact\/\" rel=\"noopener\">Talk to EDTIJ<\/a><\/div>\n<div class=\"hashtags\"><span>#ControllingPerson<\/span><span>#BeneficialOwnership<\/span><span>#Law526<\/span><span>#ExecutiveDecree25<\/span><span>#ExecutiveDecree32<\/span><span>#FATCA<\/span><span>#CRS<\/span><span>#EDTIJ<\/span><span>#Panama<\/span><span>#Compliance<\/span><\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>The word \u201ccontrol\u201d appears in three Panamanian rules issued in 2026, and it means something different in each. We explain what a controlling person is under Executive Decree 25, Law 526 and Executive Decree 32, and where they overlap.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7,1],"tags":[],"class_list":["post-3386","post","type-post","status-publish","format-standard","hentry","category-article","category-laws","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Controlling Persons in Panama: What \u201cControl\u201d Means Under Decree 25, Law 526 and Decree 32 -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.edtij.com\/en\/controlling-person-decree-25-law-526-decree-32\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Controlling Persons in Panama: What \u201cControl\u201d Means Under Decree 25, Law 526 and Decree 32 -\" \/>\n<meta property=\"og:description\" content=\"The word \u201ccontrol\u201d appears in three Panamanian rules issued in 2026, and it means something different in each. 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