Panama Maritime & Ship Registrations
Advantages of the Panama Open Registry
Panama Open Registry Advantages
Panama is a small country that offers huge benefits for registering a ship here. The advantages of the Panama Open Registry can apply to individual owners of yachts and pleasure vessels as well as companies that own entire fleets of cargo ships and tankers.
Registering a ship in Panama does not have to be a difficult process, and at Mata & Pitti Attorneys at Law, we can help you through the entire process so you can immediately start experiencing these benefits for yourself:
- Competitive costs – There are considerably lower costs for registering a ship in Panama compared to other jurisdictions.
- No minimum tonnage – There is no minimum tonnage required to register a vessel in Panama.
- All nationalities are accepted – There are no restrictions in regards to 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 are under charter to a company incorporated in other country, may be simultaneously registered in that country.
- Preliminary registration of titles and mortgages – Preliminary registrations of titles/mortgages are easily accepted by US, European other banks around the world as providing satisfactory security.
- Major class survey companies accepted – All major class survey companies and members of IACS are authorized by Panama to survey Panamanian vessels.
- Tax advantages – Any Income derived by vessels engaged in international trade is not taxed by the Republic of Panama.
- Provisional registration for ships under construction – 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. If the boat is owned by a Panamanian company or a Panama Foundation this charge is only US$1,000.
Contact us to register a ship in Panama
At Mata & Pitti Attorneys at Law, we have long experience with Panamanian maritime law and we are ready to assist you and provide all the legal support you need that is relevant to registering your vessel under the Panama Open Registry.
Contact us or set an appointment with our attorneys or to learn more about these important benefits.