Panama offers several advantages for ship and vessel registration including competitive costs that are lower than other jurisdictions, no minimum tonnage requirement to register a vessel, and acceptance of all nationalities and dual registration. Panama also allows for preliminary registration of title, acceptance of major classification societies, no income taxes on vessels in international trade, provisional registration for ships under construction, and competitive costs for pleasure vessel registration.

1. Advantages of Ship & Vessel
Registration in Panama

2. Competitive Costs
Costs of registering in Panama are
considerably lower than other
jurisdictions.

3. No minimum
In other jurisdictions, there may be a required
tonnage to register a ship. In Panama, there is
no such requirement.

4. 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.

5. Dual Registration
The possibility of 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.

6. Preliminary Registration of Title
Preliminary registration of title / mortgage is
easily accepted by US, European and worldwide
banks as providing satisfactory security.

7. Major class survey societies accepted
All major Class Societies and members of IACS
are authorized by Panama to survey
Panamanian vessels.

8. Taxes
Income derived by vessels engaged in
international trade is not taxed by the Republic
of Panama.

9. Provisional Registration for Ships
Under Construction
Vessels under construction may also apply for
the provisional registration and radio call letters.

10. Pleasure Vessels
There is a sole enrollment charge of US$1,500
for Yachts, however, if the yacht is owned by
Panamanian natural person, Panamanian
company or a Panama Foundation this charge
shall be of US$1,000.