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Registration of a Private Investment Fund not Exceeding 20 Investors (PIF 20) in Panama. Service offer

PIF20 is a fund whose charter allows no more than 20 investors and only private subscription. Such a fund is not required to appoint an investment manager in Panama or register with the Panama Superintendence of Securities Markets (SMV).

Characteristics of this type of entity

It is an offshore company with a special charter that also complies with the requirements of the Panama Securities Law, but it can use the word "Fund" in its name;

It is equivalent to an ordinary offshore company in terms of taxation;

It is obliged keep accounting records and inform the registered agent about the address where they are kept, but is not obliged to submit them to any authorities;

It is not required to adopt its own Compliance policy or comply with special requirements of the regulator;

No license is required to conduct any activity related to cryptocurrencies (this area is not subject to special regulation in Panama).


The fund is registered remotely within a week of provision of all KYC documents.

The fund is required to appoint at least three directors/officers who then appoint a Fund Manager.

Directors can be any individuals or legal entities, there are no requirements for citizenship or qualifications. Any legal entity can be appointed as Fund Manager.

PIF20 is normally registered with two types of shares:

  • investor (non-voting) and
  • management (voting) shares.
The government fee for registration will depend on the size of the capital and is calculated individually.

Subsequent administration of the fund

The services of a registered agent and a registered office are paid for annually.

This offer does not constitute a consultation. To address the tax aspects of the proposed structure, we recommend seeking advice of a tax consultant (can be arranged by us on request).


Fees (USD)
Total cost of a new fund registration (not including apostilled copies of corporate documents or the government fee)
7 800
Annual renewal (starting from the second year)
3 500
Notarial certification of a copy of a document
Apostille of a document
Compliance fee
Payable in the cases of:
- renewal of a company,
- liquidation of a company,
- transfer out of a company,
- issue of a power of attorney to a new attorney,
- change of director/shareholder/beneficial owner, except the change to a nominee director/shareholder)
250 (standard rate, includes the check of 1 individual);
+ 50 or each additional individual (director, shareholder, or beneficial owner) or legal entity (director or shareholder) if such legal entity is administered by GSL;
+ 100 for each additional legal entity (director or shareholder) if such legal entity is not administered by GSL;
350 (rate for high-risk companies, includes the check of 1 individual)

*The fees are valid as at 01.06.2022.

Are you interested in the offer?
7800 USD
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