Can I form an LLC in Wyoming if I live in Panama and have never visited the US?

For owners in Panama: yes. US LLC formation does not require US residency, a US visit or a Social Security Number. Founders based in Panama form Wyoming LLCs remotely using a registered agent for the required US address, and they apply for an EIN with "Foreign" or "N/A" in place of an SSN.

Does Panama tax income earned through a US LLC?

Panama taxes only Panama-source income. Business profits, dividends, interest and capital gains from activity outside Panama are outside its tax base, so an LLC serving clients abroad generally creates no Panamanian income tax. Panamanian-source income stays taxable.

How long does a Wyoming LLC take from Panama?

For owners in Panama: state approval in Wyoming typically takes a few business days to about two weeks depending on filing volume, and the EIN can often be obtained the same week by phone. Most founders have the LLC, the EIN and a bank application in 2-4 weeks.

Does Panama's Law 526 of 2026 apply to me?

Law 526 (May 2026) sets economic-substance rules for foreign-source passive income and is aimed at Panamanian entities in multinational groups. It does not apply to an individual who personally owns a foreign LLC, but confirm your structure with an adviser.

What ongoing filings does a Panamanian founder need for a Wyoming LLC?

For owners in Panama: two matter most: Wyoming's own annual requirement ($60 minimum, filed in your LLC's anniversary month) and the federal Form 5472 with a pro forma Form 1120, due every year for a foreign-owned single-member LLC. Missing the federal filing carries a $25,000 minimum penalty.

Is there a US-Panama income tax treaty?

No comprehensive income tax treaty is in force. Because Panama does not tax foreign-source income, a treaty is largely unnecessary for foreign business income.

Form a Wyoming LLC from Panama: Complete 2026 Guide

Q: Does Panama have CFC rules?

There is no controlled-foreign-company regime attributing an LLC's undistributed profit to a Panamanian individual owner.

Everything a Panama-based founder needs to form, bank, and run a Wyoming LLC — costs, EIN process, and tax angles specific to Panama.

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$100 · State filing fee

$60 minimum · Annual fee

2-5 business days · Avg. filing time

Quick Summary

Country: Panama
State: Wyoming
Avg. filing time: 2-5 business days
State filing fee: $100 (mail) / $102-104 (online)
Annual report fee: $60 minimum (based on in-state assets, per Wyoming Statute § 17-29-209)

Why Wyoming

Wyoming is a common choice for Panamanian founders who want a US LLC without moving to the US. Filing costs $100 by mail ($102 online where available), and the yearly state obligation is $60 (based on in-state assets, minimum $60, filed on the anniversary month). Wyoming has no state income tax and no franchise tax, which keeps state-level compliance simple, although what Panama does with the LLC's profits is a separate question. On privacy: Wyoming does not publicly list LLC member or manager names in its formation filings. In short, Wyoming is the lowest-friction ongoing cost among the privacy-oriented states.

What It Costs

Forming in Wyoming costs $100 in state fees ($102 online where available). Add a registered agent, which every state requires and which typically runs $100-150 a year, a free IRS EIN application, and a US business bank account that is usually free with Mercury or Relay. Ongoing state cost: $60 (based on in-state assets, minimum $60, filed on the anniversary month). EasyBrise's Global Launch plan is $295 for year one including a registered agent, then $149 a year to renew, so most founders in Panama budget well under $500 for the first year, state fee included.

Who This State Is For

Wyoming tends to be the right fit if you want the lowest ongoing annual cost combined with strong privacy and no state income tax, and you don't need a Delaware-specific court system or investor familiarity. Compare it with the other four states on cost, privacy and reporting before filing; switching states later means dissolving and re-forming rather than a simple amendment.

For Panamanian Founders

Panamanian freelancers, consultants and online sellers form US LLCs to invoice international clients in dollars, hold a US business bank account and present a domestic US vendor to American customers. Panama taxes on a territorial basis, so only income with a Panamanian source is inside its tax base. That makes the country one of the simplest home jurisdictions for a US LLC owner: the questions are mainly about proving the income is foreign-source and about the American filings.

Post Formation Checklist

After your Wyoming LLC and EIN are in place: sign an Operating Agreement (banks and payment processors ask for it even where the state doesn't), skip BOI reporting because FinCEN's rule in force since August 14, 2026 permanently exempts all US-formed LLCs, open the bank account, apply to Stripe or PayPal (each runs its own eligibility review), and put your Wyoming annual obligation ($60 minimum, filed in your LLC's anniversary month) plus the federal Form 5472 and pro forma 1120 deadline in your calendar.

How The Formation Process Works

The steps are the same for any Panama-based founder: pick a name, file Articles of Organization with the Wyoming Secretary of State (yourself or through your registered agent), appoint a registered agent with a physical Wyoming address, then apply for an EIN. You have no US Social Security Number, so on Form SS-4 you enter "Foreign" or "N/A" in that field. The phone route (267-941-1099, international callers) usually takes 45-60 minutes on the line; fax or mail takes 4-6 weeks. With the EIN in hand you apply for a US business bank account remotely.

Wyoming LLC For Panamanian Founders

With Panama taxing only local-source income, a Panamanian owner mostly cares about the US side, and Wyoming keeps it cheap: $100 to file, a $60 minimum annual fee and no state income tax.

Banking From Panama Mercury And Relay

Panama is not on Mercury's prohibited-countries list, which is based on country of residence, and it is not on Relay's list, which looks at the citizenship and residency of the owners. Both banks run their own reviews, so approval is never guaranteed. Neither bank's published rules restrict international wires involving Panama. The balboa is pegged to the US dollar and US dollars circulate as everyday money, so there is no currency conversion between a US dollar account and your local spending. Panama takes part in the Common Reporting Standard, so Panamanian banks exchange account information automatically.

Five Year State Cost Of A Wyoming LLC

Over five years, the state-level cost of a Wyoming LLC is a $100 filing fee plus $60 a year for five years, so $400 in total, before the registered agent. That makes Wyoming the middle of the five states on this measure. The same arithmetic across the five states runs from $50 to $2,110. For a Panamanian owner, Panama taxes only Panama-source income, so these US costs and the federal filings are the main recurring items, provided your clients and work are outside Panama.

Your Recurring Dates As A Panamanian Owner

As a Panamanian owner, your recurring dates look like this. State: Wyoming's annual report and $60 minimum fee fall due in your LLC's anniversary month. Federal: Form 5472 with the pro forma Form 1120 is due on the return due date, April 15 for a calendar-year LLC, extendable with Form 7004. For the one-off EIN call, the IRS line (6 a.m. to 11 p.m. Eastern) is open 5 a.m. to 10 p.m. Panamanian time in US daylight time (6 a.m. to 11 p.m. in US standard time). Put the state date and the federal date in your calendar when the EIN arrives, because a missed Form 5472 carries a $25,000 minimum penalty.

Dual Citizenship And The Mercury Relay Rules

Mercury and Relay test eligibility differently, which matters if you hold more than one passport. Mercury's prohibited-countries list is based on country of residence, not citizenship, and a citizen of a listed country who lives elsewhere may still be eligible after review. Relay's list looks at the citizenship or residency of the owners. Panama is on neither list. If you hold another citizenship or live elsewhere, check that country against both lists before you apply.

Panama Territorial Taxation And US Compliance

Under Panama's territorial system, income earned from activity outside Panama, including business profits, dividends, interest and capital gains, sits outside the Panamanian tax base, and there is no controlled-foreign-company regime attributing an LLC's undistributed profit to a Panamanian resident owner. Income with a Panamanian source stays taxable, so the source of each client and each service matters. The compliance that remains is American: the LLC files Form 5472 with a pro forma Form 1120 every year, with a $25,000 minimum penalty for a missed or incomplete filing.

No Income Tax Treaty Between Panama And The US

Panama and the United States have no comprehensive income tax treaty in force. In this case the gap matters little: because Panama does not tax foreign-source income, there is usually no second tax for a treaty to relieve on the LLC's foreign business income. The rules that decide your outcome are the US rules for the LLC and for any US-source income.

Requirements

Requirement	Needed
US Social Security Number
US visit required
Registered agent with US address
Wyoming annual filing
Federal Form 5472 + pro forma 1120

Costs

Item	Cost
State filing fee	$100 (mail) / $102 (online)
Registered agent (annual)	$100-150/yr (or included in EasyBrise Global Launch)
EIN application	Free via IRS (or via a paid service)
US business bank account	Free (Mercury / Relay)
EasyBrise Global Launch (year 1, incl. registered agent)	$295
EasyBrise renewal (year 2+)	$149/yr

Who Should Choose Wyoming

Choose Wyoming if

you want the lowest ongoing annual cost combined with strong privacy and no state income tax, and you don't need a Delaware-specific court system or investor familiarity

Consider another state if

your priorities (fundraising plans, revenue level, or reporting tolerance) point more strongly to one of the other four states in the comparison table above.

Comparison

State	Filing Fee	Annual Requirement	State Income Tax	Privacy
Wyoming	$100 mail / $102 online	$60	None	No public member names
Delaware	$110	$400 flat annual franchise tax	None	No public member names
Texas	$300	$0 franchise tax for LLCs with revenue below the no-tax-due threshold	None	No public member names
New Mexico	$50	$0 ever	None	No public member names
Florida	$125	$138.75 mandatory annual report fee, due every year	None	Member names public

Banking

Mercury
Popular with non-resident founders; requires US LLC + EIN; no US visit needed
Relay
Remote-friendly for non-residents; requires formed US entity

Frequently Asked Questions

More guides for founders in Panama

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