There are considerable lower costs for registering a ship in Panama compared to other Jurisdictions.
No minimum tonnage requirement.
There is no minimum tonnage required for the registration of a vessel in Panama.
All nationalities accepted.
Absence of restrictions regarding nationality, which means that any person or company is able to register a vessel under the Panamanian flag.
Possible dual registration.
Vessels registered under the Panama flag but under charter to a company incorporated in other country, may also be simultaneously registered in that country.
Preliminary registration of titles and mortgages.
Preliminary registrations of titles / mortgages are easily accepted by US, European and worldwide banks as providing satisfactory security.
Major class survey companies accepted.
All major Class Societies and members of IACS are authorized by Panama to survey Panamanian vessels.
Income derived by vessels engaged in international trade is not taxed by the Republic of Panama.
Provisional registration for under construction ships.
Vessels under construction may also apply for the provisional registration and radio call letters.
Advantages for pleasure vessels.
For pleasure vessels such as Yachts, Boats, Sailing Vessels and Catamarans there is a sole enrollment charge of US$1,500 and if the boat is owned by a Panamanian company or a Panama Foundation this charge shall be of US$1,000.