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La Firma Áreas de Prácticas Nuestro Personal Panamá Contáctenos
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Vessel / Yatch Registration

Panama’s strategic location in the maritime world and its role in international commerce make it the most widely chosen jurisdiction for yacht and ship registration in the world. Taking in consideration its geographical location Panama enacted the Law No. 8 of 1925 and updated with the Law 57 of 6th of august of 2008, whereby the maritime commerce is regulated and establishes the vessel / yatch registration rules and regulations. Through this laws Panama has became the largest and oldest open ship registers in the world. Panama’s prominence as a ship registration centre has continued due to the features, advantages, flexible terms and affordable costs for maritime vessels registered in the Republic of Panama. Because of this Panama has maintained its position as the country with the largest merchant fleet in the world ahead of Liberia, the main competition, and Bahamas. Up to date there are 11,312 ships under Panamanian flag, most of these ships are involved in commercial activities.

The lawyers at Perez-Carrera & Co., has extensive experience advising clients from around the world in the maritime field offerings to our clients the service of vessels  registration in the Panamanian registry, assist in the preparation and the require documents for ship mortgages as collateral credit  for the operations performed, the authorization to obtain technical certificates (International Bureau Maritime), marine insurance (AquaMercantile Ltd.), efforts to recruit general maritime services , radio license contracts, fishing licenses and other documents necessary for the operation of your company in this industry.

Advantages

  • Reasonable cost for the registration of a vessel under Panamanian Flag.
  • There is no minimum tonnage required for vessel / yacht registration
  • Preliminary registration of title, mortgage which is easily accepted by US, Europe and worldwide banks as providing satisfactorily security.
  • Absence of restriction regarding to nationality, which means that any person or company can register a vessel / yacht under the Panama flag.
  • Dual registration.  The vessels that are registered under panama flag, but manage or chartered by another company which is incorporated in other country, can simultaneously be registered in that other country.
  • Income derived by vessels engaged in international trade is not taxed by the republic of Panama.
  • All major class societies and members of  IACS are authorized by Panama, to survey all Panamanian Vessels
  • There is a sole tax fee of US$1000.00 if the yacht is owned by a Panamanian corporation or a Panamanian natural person.
  • Panama registration permits that any vessel / yacht may be registered while is being built (pre-construction registration).

In Panama the procedure to register a vessel / yacht is very simple and is initiated with the provisional registration.

 

 
 
 
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