Panama Maritime Services

Advantages of the Panama Open Registry

Panama Open Registry Advantages

Panama is a small country that offers vast benefits for registering a ship. The advantages of the Panama Open Registry can apply to individual owners of yachts and pleasure vessels and companies that own entire fleets of cargo ships and tankers.

Registering a ship in Panama does not have to be a complicated process. At Mata & Pitti, 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 regarding nationality, which means that any person or company can register a ship under the Panamanian flag.

Possible dual registration – Vessels registered under the Panama flag but under charter to a company incorporated in another country may be simultaneously registered in that country.

Preliminary registration of titles and mortgages – Preliminary registrations of titles/mortgages are easily accepted by US and European banks around the world to provide 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 – The Republic of Panama does not tax any income from ships engaged in international trade.

Provisional registration for ships under construction – Vessels under construction may also apply for the provisional registration and radio call letters.

Advantages for pleasure vesselsFor pleasure vessels such as yachts, boats, sailing vessels, and catamarans, there is a sole enrollment charge of US$1,500. If the ship 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, we have long experience with Panamanian maritime law. We are ready to assist you and provide all the legal support you need 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 essential benefits.