Panama capital gains tax calculator
Panama taxes a non-ordinary disposal at 10% of the gain, with two advances charged on the transfer value: 3% of the greater of the sale price or the cadastral value on real property, and 5% of the transfer value on shares and other securities, withheld by the buyer.
Work out the tax on a property, share, crypto or other disposal from your dates and costs. Enter sales by hand or import your exchange CSVs, and the calculator splits multi-parcel sales under FIFO, applies the 10% and each transfer’s advance, excludes foreign-source gains under Panama’s territorial rule, and shows the arithmetic behind the final figure. Everything stays in your browser.
Rates current as of 2026-09-19, from Ley 33 de 2010, which replaced article 701(a) of the Código Fiscal and the sources each record cites.
Current rules
The rates behind the number
The 10% on the gain and the advances on the transfer value, by year
| Tax year | Tax on the gain | Property advance (greater of price or cadastral value) | Securities withholding (transfer value) | Movable property & crypto |
|---|---|---|---|---|
| 2021 | 10% | 3% | 5% | 10% of the gain |
| 2022 | 10% | 3% | 5% | 10% of the gain |
| 2023 | 10% | 3% | 5% | 10% of the gain |
| 2024 | 10% | 3% | 5% | 10% of the gain |
| 2025 | 10% | 3% | 5% | 10% of the gain |
| 2026 | 10% | 3% | 5% | 10% of the gain |
| 2027 (planning) | 10% assumed | 3% assumed | 5% assumed | 10% assumed |
Rules and scope
| Rule | Value |
|---|---|
| Real property, non-ordinary sale | 10% of the gain, plus a 3% advance on the greater of the sale price or the cadastral value |
| Shares, participation quotas, bonds and other values issued by legal persons | 10% of the gain, plus the buyer's 5% withholding on the total transfer value |
| Movable property and other assets (Formulario 107) | 10% of the gain, with no advance and no withholding |
| The 3% advance | Paid on every non-ordinary property transfer; it may be elected as the definitive tax, and where it exceeds 10% of the gain the excess is refunded in cash or as an assignable fiscal credit |
| The 5% withholding | An advance, not a final tax: the seller may accept it as definitive, or compute the gain at 10% and credit it, claiming a refund where it is higher |
| Crypto | No dedicated DGI rule exists; treated here as movable property at 10% of the gain. Habitual or business dealing falls under the ordinary territorial income rules |
| Territorial scope | Only Panamanian-source income is taxed, so a gain on an asset held and realised abroad is outside the charge |
| Losses | The law has no individual netting or carryforward rule; each disposal is charged on its own gain and a loss offsets nothing |
| Real estate transfer tax | A separate 2% of the transfer, recorded with the capital gains payment for registration; it is not part of the 10% or the 3% |
| Filing | Formulario 107 in the month of a property transfer and within 10 days for movable property; the annual return is due by 15 March, with an extension to 15 April |
| Ordinary-course sales | Housing promoters' first sales pay the progressive 0.5% to 4.5% scale on the value instead, outside this calculator |
Rates as of 2026-09-19. The 10% capital gains rate, the 3% property advance and the 5% securities withholding have stood since Ley 33 de 2010; the 2027 row is a planning assumption. Crypto has no dedicated DGI rule.
Questions
Panama capital gains questions
How much is capital gains tax in Panama?
A non-ordinary disposal is taxed at 10% of the gain. Real property adds a 3% advance on the greater of the sale price or the cadastral value, and the buyer of shares or other securities must withhold 5% of the total transfer value. The advances are payments on account of the 10%: they are credited against it, and any excess is refunded in cash or as an assignable fiscal credit. The 3% can also be elected as the definitive tax.
Is the advance charged on the gain or on the value?
On the value. The 3% property advance is charged on the greater of the total transfer value and the cadastral value, and the 5% securities advance on the total transfer value. That is why a sale at a loss still owes the advance even though the 10% on the gain is nil.
Do foreign-source gains pay Panamanian capital gains tax?
No. Panama taxes income on a territorial basis and only Panamanian-source income is within the charge, so a gain on an asset held and realised outside Panama is outside it, whatever the seller's residence. A Panama-situs asset, a Panama business or a right used in Panama can make a gain Panamanian-source.
How is capital gains tax calculated in Panama?
Real property sold outside the ordinary course of business: the income tax is 10% of the renta gravable, the difference between the real sale value and the sum of the basic cost of the property and the necessary expenses of the transaction. The seller must in every case pay an advance of 3% of the greater of the total transfer value or the cadastral value. The taxpayer may elect to treat that 3% of the total transfer value as the definitive income tax on the gain, and where the 3% advance exceeds 10% of the gain the excess is refunded in cash or as a fiscal credit that may be assigned to other taxpayers. Source: Codigo Fiscal article 701(a) as replaced by article 2 of Ley 33 de 2010, Gaceta Oficial 26566-A of 30 June 2010, https://dgi.mef.gob.pa/itbms/Normativa/Ley-33-30-junio-2010-ITBMS.pdf
How are shares and securities taxed?
Shares and other securities issued by legal persons: the buyer withholds 5% of the total value of the transfer as an advance against the seller's income tax on the capital gain and must remit it within ten days of the obligation to pay arising, remaining jointly liable if it is not paid. The tax on the gain is 10%; the seller may accept the 5% withheld as definitive or compute the gain, apply 10% and credit the withholding, with any excess claimable as a refund. Sources: DGI Formulario 108, https://dgi.mef.gob.pa/DInforme/Formulario108, and PwC Panama Individual Other taxes, https://taxsummaries.pwc.com/panama/individual/other-taxes
What about movable property and other assets?
Listed securities on the Panama exchange: a gain on securities registered with the Superintendencia del Mercado de Valores (SMV) and sold through an organised securities exchange in Panama is exempt from the capital gains tax, so neither the 10% on the gain nor the buyer's 5% withholding advance of Formulario 108 applies to the transfer. The exemption takes both facts together: the registration with the SMV and the sale through the organised exchange in Panama. Source: Codigo Fiscal article 701(e), as amended by article 334 of Ley 67 de 2011, corroborated by PwC Panama Individual Other taxes, https://taxsummaries.pwc.com/panama/individual/other-taxes
Is there a property transfer tax as well?
Movable property and other assets: Formulario 107 computes the gain as the sale price less the documented cost and applies 10% to the total gain. The sale of fixed assets carries the same 10% on the gain with no withholding. Sources: DGI instructivo for Formularios 106 and 107, https://dgi.mef.gob.pa/Ti/nuevostramites/Panfleto-Venta-Formulario-106%20-107.pdf, and PwC Panama Individual Other taxes, https://taxsummaries.pwc.com/panama/individual/other-taxes
Are foreign-source gains taxed in Panama?
The 2% real estate transfer tax of article 1 of Ley 106 de 1974 is separate from the capital gains tax and from the 3% advance. Both payment receipts must appear in the public deed of transfer for registration in the Public Registry of Panama. Source: Codigo Fiscal article 701(a), https://dgi.mef.gob.pa/itbms/Normativa/Ley-33-30-junio-2010-ITBMS.pdf
Can capital losses be offset or carried forward?
Panama taxes income on a territorial basis: only income from Panamanian sources is within the charge, so a gain on an asset held and realised outside Panama is outside this tax, whatever the seller's residence. A Panama-situs asset, a Panama business or a right used in Panama can make a gain Panamanian-source. Source: PwC Panama Individual Taxes on personal income, https://taxsummaries.pwc.com/panama/individual/taxes-on-personal-income
When do you file and pay?
No rule allowing an individual's capital loss on one disposal to offset a gain on another, or to carry forward to another tax year, was located in the Codigo Fiscal or the DGI forms reviewed. Article 701(a) determines the renta gravable property by property and Formulario 107 is filed per transaction, so this calculator charges each disposal on its own gain and carries nothing forward. The advances are charged per transfer in every case, including a transfer made at a loss, where the 10% on the gain is nil but the advance on the value is still owed.
How is crypto taxed in Panama?
Filing: Formulario 107 for real property is filed and paid in the same calendar month as the transfer, before registration, and for movable property within ten days after the transaction is perfected. The 5% withholding of Formulario 108 is remitted within ten days. An individual's annual income tax return is due by 15 March following the tax year, with an approved extension to 15 April. Sources: DGI Formulario 107, https://dgi.mef.gob.pa/DInforme/Formulario107, and DGI income return deadlines, https://dgi.mef.gob.pa/DInforme/D-IsRenta
Are sales in the ordinary course of business taxed differently?
Crypto: no dedicated crypto rule was located in the DGI material reviewed. An isolated disposal of digital assets is treated here as movable property on the Formulario 107 reading, at 10% of the gain, while a habitual or business crypto operation falls under Panama's ordinary income rules, outside this calculator. The B/.36,000 figure is the ITBMS registration threshold and is not a capital gains allowance. Sources: DGI ITBMS generalities, https://dgi.mef.gob.pa/itbms/Generalidades, and PwC Panama Individual Other taxes, https://taxsummaries.pwc.com/panama/individual/other-taxes
Is there a special rate for agricultural or rural property?
Sales in the ordinary course of business are outside this calculator. A promoter's first sale of new housing or commercial premises pays income tax on the total transfer value or the cadastral value, whichever is greater, on a progressive scale of 0.5% up to B/.35,000, 1.5% from B/.35,000 to B/.80,000, 2.5% above B/.80,000 and 4.5% for new commercial premises, instead of the 10% on the gain. Source: Codigo Fiscal article 701(a), https://dgi.mef.gob.pa/itbms/Normativa/Ley-33-30-junio-2010-ITBMS.pdf
What else does the Panamanian source note?
Agricultural holdings certified by the Ministerio de Desarrollo Agropecuario, and housing in rural areas with a cadastral value up to B/.10,000, pay a single definitive rate of 3% on the transfer instead of the 10% on the gain, payable with the 2% transfer tax before registration. Source: Codigo Fiscal article 701(a) paragraph, https://dgi.mef.gob.pa/itbms/Normativa/Ley-33-30-junio-2010-ITBMS.pdf