Benefits of Registration your Yacht in Panama

benefits Panama yacht registration

At Panama Legal Center Law Firm, we provide legal services for vessel and yacht registration in Panama. With more than 15 years of experience, we have the know-how about the marine legal system and can efficiently process and register foreign yachts in Panama. In addition, we provide a range of legal services related to vessel and yacht registration, including the incorporation of a company in Panama to own the vessel, drafting and reviewing contracts related to the purchase and sale of the vessel, and registration of mortgages and liens. There are many benefits to register yachts in Panama.

✅ No property restrictions: A yacht registered in Panama can be owned by anyone, regardless of nationality, and the vessel does not need to be physically present in Panama.

✅ Tax exemption: When selling a yacht with a Panama flag, there is no sales tax.

✅ Privacy: Panama offers a high level of privacy to yacht owners. The vessel’s ownership can be kept confidential, and the vessel’s name can be changed without needing to change the registration.

✅ Low registration fees: Panama registration fees for a yacht is relatively low compared to other countries.

How to Register a Yacht in Panama?

Registering a Yacht in Panama is a simple process and is done by submitting certain documents to the Panama Maritime Authority and the registration process is fast, taking only two to three days to complete. By registering a yacht in Panama, there won’t be a sales tax and the owner of a Panamanian registered yacht is exempt from paying sales tax when selling his vessel to another party. To register a yacht, the owner needs to submit the following documents for PROVISIONAL REGISTRATION:

  • Detail characteristics of the yacht
  • Owner’s declaration that states the yacht won’t be used for commercial purpose.

For the Permanent Registration, the following documents are required: (term: six months after the issuance of the provisional registration) proof of ownership such as a bill of sale or building certificate, a power of attorney on behalf of our law firm, and a deletion certificate or cancellation certificate from the previous registry; not required for new vessels.

 Permanent Registration

After 6 months, it is required that the owner submit the following documents;

  • Power of attorney
  • Bill of Sale or Builder’s Certificate / Evidence of Ownership / Certificate of Building
  • Certification of cancellation of the previous registry 

GET IN TOUCH WITH OUR TRUSTED ATTORNEYS TO REGISTER YOUR YACHT

PANAMA legal center

EMAIL: customer@panamalegalcenter.com

WHATSAPP: +(507) 6404-0388

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