NPR went looking for Polymarket's Panama headquarters. It's elusive

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The Panama advantage: Tax-free with legal perks

A decade ago, the Panama Papers, an international investigative reporting project, illuminated how the ultra-rich conceal their wealth in off-shore tax havens, like the British Virgin Islands, the Bahamas and Panama.

Polymarket has long had an office in New York City's Upper East Side and has never misrepresented its presence in Panama, where the company does not have any employees.

Still, in response to NPR's questions, Polymarket would not specify why it chose Panama as its legal residence.

Lawyers who help American companies set up Panamanian subsidiaries pointed to the benefits cited most frequently by U.S. firms.