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Ship and Vessel Registration |
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Advantages |
1) Any person or entity, no matter their nationality and place of
origin, is eligible to register ships under the Panamanian flag.
2) The registration procedure is simple and flexible, allowing the
registration of a ship within eight hours, provided it complies with all
requirements.
3) Reliable system of naval mortgages backed by the national and
international banking.
4) Operation Panama offices 24 hours to respond to Asia and Europe
despite the time difference.
5) Strategic representation in sixty countries around the world through
the consulates of the merchant fleet.
6) Adoption of the quality control.
7) Strict compliance with international conventions on maritime safety,
the ISM, STCW 78/95, among others.
8) Exemption of taxes on profits from the activity.
9) As a result of the law passed the 25 of June 3, 2002, it may be
granted an additional discount of up to twenty five percent (25%) of the
annual tax and fifty percent (50%) of the Consular Annual Rate for a
term of four years , provided that such groups of at least four new
construction ships representing at least more than fifty thousand gross
registered tons (50.000 GRT) to one hundred gross registered tons
(100.000 GRT) and groups of four ships more than 100.000 GRT, an
additional discount of up to 35% of the annual tax and 50% on Consular
Annual Rate, provided that the owner or owners agree to keep the ship in
the Panamanian registered for a term of four years.
10) The owners and operators of vessels under Panamanian flag have
access to the system under the corporations law.
11) There is no minimum tonnage requirements, however, ships with over
20 years will have to pass a special inspection by an authorized
Panamanian inspector to obtain the patent or registration permit.
12) Ship owners who wish to transfer to the Panamanian flag need not be
re-inspected if the vessels have a valid certificate of safety and
tonnage issued by a recognized society or organization, but when
registered a recognized entity shall issue new certificates on behalf
of the Panamanian administration.
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Choices |
1) If you are going to live in your boat, anchor it in
the harbor of Panama and you do not plan to be sailing out of the
territorial water of Panama very often then you will have to pay the
following taxes. customs will want a 5% to 15% tax depending on the
purchase price, material your hull is manufactured and other factors
with plus a 7% ITBMS tax to introduce your sailing boat in Panama just
like any other thing. But the annual expenses will vary depending on the
size of your vessel. and the other government fees to introduce are much
lower. To proceed with this option, the boat has to be in Panama and the
taxes paid to customs. In this option, the initial cost is higher but
the future cost are much lower.
2) You can Register your sailing boat for international travel, do not
pay the customs' fees but you will have to pay a fee depending on the
size and displacement of your vessel the first year and every two years
you will have to renew the patent and pay the fees depending on the size
and displacement of your vessel. This process can be started from your
country. With this option, your initial cost is much lower but the
future cost are much higher.
3) Transit permit. Monthly fee depending on the size of your vessel plus
$5.00 permit.
With either option one or two you can place the boat and all your goods
in a corporation or a foundation. If your boat is in a corporation or
foundation the fees for option 2 are lowered.
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DOCUMENTS NEEDED |
1) Power of attorney given by the owner of the ship. Must
be authenticated, legal and current.
2) Title of the vessel properly registered in the Public Registry.
3) That the vessel is in good standing in their tax payments.
4) Tonnage or tonnage certificate issued by a recognized authority in
Panama and its confirmation by the New York office.
5) Certificate of purchase (Bill of sale) original Title Deed of
Ownership.
6) Certificate of cancellation of previous registration.
7) Construction certificate (if new construction).
8) Technical certificates belonging to the ship in accordance with
international rules
9) Radio license application.
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