The Municipality of the City of Panama, through Agreement 138 of September 22, 2015 and Municipal Decree 44-2015 of December 23, 2015, dictates the rules to regulate the different types of outdoor advertising applicable to the Panamanian capital.
As a result, the Registry of Outdoor Advertising in the city of Panama for the registration of all permit holders has been created.
Among the most important reforms included in these dispositions, there are additional requirements for the enrollment of authorized persons and holders of outdoor advertising permits, which namely include:
- A liability insurance guaranteeing the payment of damages in case of mishap or accident. The liability policy will be determined by the City of Panama at the time the permit application for the respective billboard has been received; the amount of coverage will be directly linked to the value of the ad. However, the taxpayer will be allowed to endorse its current liability insurance policy.
- A compliance bond to guarantee the payment of municipal taxes derived from the activity of outdoor advertising and must likewise ensure payment of the removal of any structure owned by the permit holder. The bond amount will be determined by the number of advertisements the taxpayer owns, as follows:
Click here to view the table.
The state agency shall execute the performance bond if the permit holder has over 90 days of overdue payment.