Benefits of Registering your Ship / Boat in Panama

At Panama Legal Center Law Firm, we provide legal services for registering pleasure and commercial vessels and boats in Panama. Our trusted attorneys with more than 15 years of experience, have a great deal of experience about the marine legal system and can efficiently register foreign boats in Panama.

By registering a boat in Panama, Panama provides benefits like tax exemptions on international income, low registration fees, and streamlined process, to the private boat owners. In addition, due to Marine Authority “open registry” policy, Panama allows boat owners from any nationality to register their boats in Panama.

Financial & Tax Benefits of Panama Flag

There are many benefits to register a boat in Panama.

✅ Tax Exemption: No income tax on earnings from international shipping/trade.

✅ Low Fees: Competitive and often lower initial registration and annual tonnage fees than other nations.

✅ Fleet Discounts: Significant discounts (up to 60%) on fees for registering multiple vessels.

✅ No Sales Tax: No VAT or sales tax on Panamanian-registered yachts.

 ✅ No property restrictions: A boat registered in Panama can be owned by individual or corporation and the boat does not need to be physically present in Panama.

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

✅ Flexibility: Easy transfers, no minimum tonnage requirement, and dual registration possible.

✅ International Recognition: Major classification societies are accepted for surveys.

APPLY FOR PANAMA FRIENDLY NATIONS VISA NOW IF YOU ARE A CITIZEN OF FRIENDLY NATIONS Panama Ship Registry is selected by most ship owners around the world

How to Register a Boat 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, a power of attorney on behalf of our law firm, and a deletion certificate or cancellation certificate from the previous registry. If the boat is new, there is no need for deletion or cancellation certificate.

 Permanent Registration of a Boat

After 6 months of provisional registration, it is required that the owner of boat submit the following documents to the Marine Authority of Panama.

• Power of attorney
• Bill of Sale and, Evidence of Ownership
• Certification of cancellation of the previous registry 

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Competitive Advantages of the International Ship Registry of Panama:

Panama, a pioneer in ship register

• In 1917, the first International Ship Registry in the world is created in Panama by the Law 63 of December 15, 1917.
• Since 1993, it’s the leading vessel registry. Currently with more than 8,000 international
  merchant marine vessels registered, counting with 18% of the world’s merchant fleet.
• Recognized by financial and insurance institutions around the globe, it represents a shipping fleet exceeding 200 million gross tons.
• Panama is member of Directory board of IMO and placed on white list of this organization.

A very high flexibility

• In matters of nationality: any natural or legal person can register their ships under the Panamanian flag..
• In matters of tonnage: no requirements for minimum tonnage is required.
• In matters of registry type: a provisional and permanent registration (or double registration) is carried out in parallel.

Significant reductions

• Up to 60% discount for Special Fleet / Economic Group.
• Up to 100% discount for new construction.
• 15% for ships registered in Panama, based on good performance (Port Rector State).

A network of Global Offices Network

• 9 Regional Offices of Segumar and 64 Private Consulates of Merchant Marine all of the world.
• Availability 24/7
• More than 200 flag inspectors.

A commitment to the environment

• Eco Ship and Greenship: special discount for operators and ship-owners who demonstrate innovations for the reduction of air pollution and the conservation of the marine environment.

Privacy Protection

Panama Corporations can be  created to own Panama registered vessels in order to protect owner’s privacy protection.

Easy Transfer of Registration

• Transferring a vessel to Panama’s Registry does not require a re-survey or safety inspection if the vessel possesses valid safety certificates. 
• Prior tonnage certificates are accepted so the vessel does not have to be dry docked at a considerable expense.  All major Class Societies and IACS members’ surveys are accepted by Panama

Dual Registration

Panama allows dual registration of both foreign vessels and Panamanian registered vessels with another country

• A foreign ship under charter for a period of two years (renewable) can be registered under the Panamanian flag without losing its original registration; Panamanian ships also can have a special foreign registry without losing the Panamanian flag.
• Dual flag registration is a great advantage to the shipping community that wants to retain the benefits of an open register and local register. 
• This is considered an advantage for European ships which could otherwise be forced to register with many other European countries at a greater expense versus an open registry offered by Panama.  However, dual registration may not be available for a vessel whose ownership is in a country which does not allow it.

Who Benefits from Panama Flag?

Private Boat Owners: Owner of boats with Panama flag enjoy their privacy, low-cost fee & easy registeration  

GET IN TOUCH WITH OUR ATTORNEYS TO REGISTER AND INSURE YOUR BOAT

 register as a private owner or corporate ownership. 1

EMAIL: customer@panamalegalcenter.com

WHATSAPP: +(507) 6404-0388 You can