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Ship Registration in Panama

Updated on Thursday 23rd September 2021

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The law of Panama requires that any vessel registered in this country must maintain a local registered agent or a legal representative. Our experts in Panama can assist you throughout the provisional and permanent ship registration in Panama.
 
Interested investors can also seek help from our consultants regarding Panama offshore company formation.
 

Provisional and permanent ship registration in Panama

 
For ship registration in this country, the process initiates with the provisional registration. This registration allows the title to be duly registered in the Public Registry office. Provisional registration further ensures compliance with other requirements for permanent registration of the vessel in Panama. The patent of provisional registration is valid for 6 months. Once, the applicant obtains a Provisional Patente and Provisional Radio license, our team will assist him/her toward necessary documentation for Panamanian flag representation on the vessel. 
 
Permanent registration of the vessel can be obtained once the provisional registration is granted. After provisional registration, the applicant has up to 6 months to present the documents and requirements for obtaining the permanent ship registration in Panama. If the ship is newly constructed then the builder’s certificate or the bill of sale must be registered at the Public Registry office in Panama. After the registration of these documents, our Panamanian experts will proceed to request the issuance of a permanent navigation permit. These permanent navigation permits are issued from the ship registry named Panama Maritime Authority and are valid for 2 or 5 years depending upon the type of your vessel. 
 
Get in touch with our Panama company formation experts for details without any reluctance; they will guide you completely about local registration costs. If you are planning to invest in Panama, our experts can also help you to open a company.
 
Investors who are able to make certain types of investments in the country can gain Panama citizenship by investment. If this is an option for you, we can give you more details, in addition to information about ship registrations.

Registration of vessels of new construction in Panama

 
Ship registration in Panama may include the foreign ship registry under bareboat chartering, special lay-up registry or registration of vessel of new construction, etc. You can rely on the services of our Panamanian experts for any kind of Panama boat registration. However, here is a general documentation guide provided for how to register vessel of new construction in Panama:
 
  • - The applicant needs to request an application form for ship registration under the Panamanian flag;
  • - He/she needs to request for Radio License, Radio application form must be filled out correctly;
  • - A certificate of the new construction properly executed by a notary public, which must confirm the authenticity of the signatures and the legal capacity of the signatories by way of Apostille;
  • - A notarized power of attorney in the favor of our consultant, so, he could exercise power on your behalf for ship registration in Panama.
 

Benefits of registering a ship in Panama

 
Panama is among one of the best places where you can get various benefits by registering your vessels. Some of the benefits of ship registration in Panama are given below:
 
  1. Tax advantages: once you apply on a Panama ship register service, you as an owner of the ship will get the benefits of tax breaks within the Panama Maritime Authorities and Legislation that Panamanian law offers. This applies to the yacht, ships and boat owners in Panama. Panama does not discriminate against any nationality or citizenship and provides equal facility of ship registration in Panama to everyone. There are only territorial taxes in Panama, and the ships registered in Panama are also allowed to do international trade without excessive taxation;
  2. Tonnage: there is no minimum tonnage required for the ship registration in Panama;
  3. Dual registry: Dual registry of a ship in Panama is only possible if the owner bears a certificate of consent from the country that had previously registered the ship. This type of Panama boat registration is very beneficial for shipping companies;
  4. Under construction vessels: in Panama, vessels under construction can also apply for radio call letters and provincial registration.
 
There are other advantages that you can get by yacht registration in Panama. Get in touch with our Panama company formation consultants for company incorporation.
 

Vessels in Panama

 
Ship registration in Panama is easy and offers various benefits to the owner that is why a large number of ships sail with the Panama flag in the waters of the world. 
 
  • Around 9,596 vessels sailed under the flag of Panama in 2020;
  • Roughly 17% of all merchant ships sailed under the flag of Panama;
  • There were about 56,000 ships in the world’s merchant fleet;
 
Contact our incorporation experts for any details about ship registration in Panama. You can also trust the services of our company formation agents in the matter of setting up a company in Panama.

 

Meet us in Panama

Call us now at +44 203 287 0408  to set up an appointment with our business consultants in Panama City, Panama. Alternatively you can incorporate your company without traveling to Panama.

As a BridgeWest client, you will benefit from the joint expertise of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Panama.

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