Panama Vessels and Yacht Registration

panama vessels and yacht registration
1.) All nationalities accepted
2.) No minimum tonnage
3.) Dual Registration possible
4.) Tax advantages – income derived from vessels engaged in international trading activities is not taxed in the Republic of Panama

Procedures Outline:
The registration of a ship under the Panama flag is very simple and it is initiated with its Provisional Registration, once the provisional registration is obtained, the client have up to 6 month to present the documents and requirements for obtaining the Permanent Registration of the vessel.

Provisional Registration:
The application for the provisional registration of a ship may be submitted before a Panamanian Consul abroad or directly in the City of Panama, before the Panama Maritime Direction by the legal representative of the owners.
If the Provisional Registration is made in Panama, Our Firm can file the application for the registration.
In this case, you must send us, the corresponding documents and the government fees to be paid in Panama.

Information Required:
To obtain the Provisional Navigation and Radio License, the interested party must provided the following information:
a. Name of the vessel
b. Owner’s name and address
c. Previous name of the vessel
d. Previous nationality
e. Place of built
f. Date of built
g. Builders
h. Number of decks, mats and funnel
i. Material of the hull
j. Length, breadth and depth
k. Tonnage: gross and net
l. Service given by the vessel (for non pleasure vessels only)
m. Type and number of engines
n. Type and number of cylinders
o. Brand and name of manufacturers
p. Speed of the vessel
q. Horse powers
r. Name of the classification Society
s. Authority in charge of the radio accounts
t. Information about the radio and equipment
u. Areas of navigation
v. Type of call letters. (for non pleasure vessels only)

Permanent Registration:
Within a period of 6 months after the issuance of the provisional navigation license, the bill of sale or a builder’s certificate for cases of newly constructed vessels, must be registered at the Public
Registry office in Panama.

Documents Required for the Permanent Registration:
· Proof of ownership.
· Power of attorney on behalf our Firm for registering the vessel (we will provide draft).
· Technical certificates (for non pleasure vessels only)
· Deletion certificate / cancellation of previous registry (not required for new vessels).
· Tonnage Certificate, issued by an authorized classification society on behalf of the Republic of Panama (for non pleasure vessels only)
· Confirmation of the authority in charge of the radio accounts (for non pleasure vessels only)
· Radio application forms, duly filled out (for non pleasure vessels only)
· The vessels that are 20 years old require a special inspection to enter to the Panamanian Registry (for non pleasure vessels only)

The bill of sale must be authenticated by a Notary Public (pleasure and non pleasure vessels), who must state (for non pleasure vessels only), out of his knowledge and not by way of deposition, „that the seller of the vessel was at the time of sale, the legal owner of the vessel and that the person acting in his behalf was duly authorized to do so“.
In case of a new Building Certificate, there must be a declaration by the builder stating (for non pleasure vessels only) that „the vessel has been built by order and on account of the buyer“.
The Notary’s signature must be duly authenticated by a Panamanian Consul or by Apostille The Bill of Sale and the Builder’s Certificate should also state that the buyer has accepted the sale or transfer of the vessel, which should also be authenticated and legalized by a Consul of Panama.

Costs and fees:

a.) Non pleasure vessels
In order to provide a detailed quotation please send us the following vessel information:
1. Net & Gross Tonnage
2. Vessel Type
3. Vessel Name
4. Year of built
5. Your contact details

b.) Pleasure vessels
Yacht owned by Panamian company – USD 2350 (Government fee USD1000 + service USD1350)
Yacht owned not owned by Panamian company – UDS 2850 (Government fee USD1500 + service USD 1350)
*The fees for registering a vessel in Panama include the registration of the provisional and permanent registration as well as the procedure expenses.

Annual fees for yachts*:
Yacht owned by Panamian company – USD 1600 (Government fee USD1000 + USD600 registered agent fee)
Yacht owned not owned by Panamian company – USD 2100 (Government fee USD1500 + USD600 registered agent fee)
*every two years

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