Anarchy Panty is one of the lead character from Panty & Stocking with Garterbelt. She is the sister of Stocking.
Panty is an immoral angel and is kicked out of heaven so she is on earth as a ghost hunter with her sister stocking.
It seems that Stocking and Anarchy is quite the famous character as many people are looking for their paper crafts.
We have Stocking paper craft model here .
In chibi mode the character looks very “English” looking but when in transformation mode they look very “Japanese”.
For example Panty transformation mode is probably based on Miki Hoshi from The Idolmaster.