Who is behind a Panamanian company: directors, shareholders and beneficial owners

A certificate of a Panamanian company from the Registro Público shows its directors, officers, resident agent, legal representative, capital and domicile. It does not reliably show who owns it. The shareholders are recorded in the company's own register, not in the public registry, and since 2022 the true owners (beneficial owners) are kept in a separate, private system run by the Superintendency of Non-Financial Subjects, open only to authorities. A director is not necessarily an owner.

Checked November 2, 2026 against Law 129 of 2020, Decreto Ejecutivo 13 of 2022, Law 32 of 1927 and the Registro Público certificate forms cited in the sources.

The situation

You are buying from a company, partnering with one, or paying a deposit to one, and you want to know who is behind it. In Panama three different roles get confused: the people who run the company, the people who hold its shares, and the people who ultimately benefit from it. They are often not the same, and each shows up in a different place.

Three roles, three places

• Directors and officers (directores y dignatarios) run the company. They are listed in the public registry. Under Law 32 of 1927 the directors do not have to be shareholders (art. 55), and the officers (president, secretary, treasurer) do not have to be directors (art. 67). Many companies use nominee directors, so a name in this list can be a professional service rather than an owner.
• Shareholders own the shares. They are recorded in the company's internal share register. That register is kept by the company, not by the Registro Público, and the 2026 company certificate lists subscribers, directors, officers, resident agent, legal representation, capital, duration and domicile, not a current list of shareholders.
• Beneficial owners (beneficiarios finales) are the natural persons who ultimately own or control the company. Since Law 129 of March 17, 2020 they are recorded in a private, single register.

What the Registro Público shows

The registry issues a company certificate with the basics: name, folio, incorporation date, validity, subscribers, directors and officers, resident agent, legal representation, capital, duration and domicile. Public guidance from the Ministry of Economy and Finance notes that the registry "may or may not" show shareholders, depending on the type of entity and what its articles say, and that trust information is confidential. In practice, assume the certificate tells you who runs the company and who signs for it, not who owns it.

This is why it matters to ask for the right documents. To see who can sign, the certificate is enough. To see who owns, you ask the company itself for its share register and the supporting documents, and have a lawyer read them.

The beneficial owner register

Law 129 of 2020 created the Sistema Privado y Único de Registro de Beneficiarios Finales, run by the Superintendency of Non-Financial Subjects (SSNF) and fed by the resident agents of the companies (art. 7). Decreto Ejecutivo 13 of March 25, 2022 regulates it, and it has operated since April 18, 2022. As we read the law:

• The information is free to submit, private, and available only to competent authorities, not to the public (arts. 7 and 8).
• Breaching the confidentiality is fined up to B/.200,000 (art. 17).
• Records are kept for the life of the entity and at least five years after it is dissolved.

So you cannot look up the beneficial owner of a Panamanian company yourself. What you can do is ask the company, through its resident agent or lawyer, to confirm who the beneficial owners are, and to give you the documents or a written statement you can rely on. A company that cannot or will not explain who stands behind it is giving you information.

What this means in practice

• Buying property from a company. The finca certificate shows the company as owner. Get the company's certificate too, see who can sign, and ask for the resolution that authorizes the sale. See how to check who owns a property.
• Partnering or paying a deposit. Do not treat a director's name as proof of ownership. Ask who the shareholders and beneficial owners are, and get it in writing. See how to check a company or partner.
• Setting up your own company. Expect your resident agent to ask for your details as beneficial owner. See how to open a business in Panama.

We did not review how the law treats bearer shares, so this guide does not address them.

How Proper looks at this

Proper does not sell real estate or any property product, and today it does not receive payment from the professionals it refers you to; if that changes, we'll tell you before it affects you. If a company is on the other side of your deal, the Clarity Session helps you decide what to ask for and which professional should read it.

Sources

Checked November 2, 2026.

• Law 129 of March 17, 2020, creating the Sistema Privado y Único de Registro de Beneficiarios Finales (Gaceta Oficial 28985-C); Decreto Ejecutivo 13 of March 25, 2022 (Gaceta Oficial 29503-A).
• Law 32 of 1927 on sociedades anónimas, arts. 55 and 67.
• Registro Público de Panamá: company certificate (Estándar), 2026 version; Ministry of Economy and Finance: beneficial owner guidance, February 2026.