Panama Boat Registration

Panama is famous for the Panama canal, which connects shipping between the Atlantic and Pacific oceans. However, it is has also an important maritime jurisdiction for registering vessels. Panama currently has the largest fleet of vessels registered versus any other flag. There are more than 8,250 maritime vessels registered under Panamanian flag. The total registered tonnage in Panama is over 83 million tons or about 23% of the total tonnage in the world. The Republic of Panama has offered various facilities for the registration of vessels engaged in all type of maritime activity for 73 years.

Why is registering a boat in Panama so popular?
Registering your yacht in Panama is actually very straight forward and we can arrange a provisional registration in less than 24 hours. Any person, or company, regardless of nationality or place of origin, is eligible to register a vessel under the Panama flag. So if your boat is currently owned by for instance, a UK LTD. or BVI LTD. you can register your yacht under that LTD. in Panama. If you prefer, you can also register as private person and your nationality is not an issue. Lastly, if you prefer we can setup a Panama company with or without nominee directors to own your vessel.

One of the biggest advantages of registering your vessel in Panama is the fact that no survey is needed for private yachts up to 20 years old. Most maritime jurisdictions need a recent survey by one of the main maritime survey institutes and the cost for this can be in the thousands of dollars while it takes a lot of time and effort.

PANAMA PRIVATE USE YACHT REGISTRATION – WHAT PAPERWORK DO WE NEED?

• There is no limitation as to the nationality of the owner of a Panama Registered Yacht. It can be both a Panamanian entity or individual or a foreign company or individual. The only difference would be that in the first case the government maritime registration fees would be USD 1000 and in the second event, it would be USD 1500.
• For the registration of a yacht we would need an affidavit in simple paper whereby the owners certifies that the yacht will be used for leisure and not commercial. (If the yacht will be used for commercial purposes , see our commercial registration section).
• Document in the form of a Bill of Sale, previous patent or construction certificate where it is evidenced you is the owner of the vessel *
• Power of attorney in favor of our Panama law firm. (Please download form here)
• Deletion Certificate of the yacht from previous registry unless it’s a new construction *
• Owners statement setting forth the main areas of navigation of the yacht with its main coordinates

*Copies are accepted for provisional registration. Original most be supplied for permanent registration purposes (duly legalized by apostille)
Provisional registrations are executed mostly within 24 hours after submission of documents
Provisional registrations have a validity of 6 months.
Permanent registrations have a validity of 2 years

PANAMA PRIVATE USE YACHT REGISTRATION – WHAT ARE THE COST?

• OUR FEE FOR ALL LEGAL AND SETUP US $1,250 (total fee for provisional & permanent yacht registration and radio license)
• GOVERNMENT MARITIME FEES US $1,000 or 1,500 which ever applies – (see explanation above)
• REGISTRATION OF BILL OF SALE US $ 470.00 (OPTIONAL)

PANAMA PRIVATE USE YACHT – RENEWAL FEES AFTER 2 YEARS

• GOVERNMENT MARITIME FEES US $1,000 or 1,500 which ever applies – (see explanation above)
• REGISTERED AGENT FEE US $ 350

PANAMA COMPANY SET-UP
If you prefer to have your vessel owned by a Panama company we can take care of this for you. To incorporate a company in Panama there is no need to have any Panamanian national as a member of the board or as a shareholder. We can incorporate the company using our nominee directors or those provided by you. The incorporation process should take about 72 hours from the moment of placing the order.

The registration of an all inclusive and complete Panama company , under the name you choose or one of our list of available names, will have a cost of $1250 USD.
The above amount will include :

• First year annual tax payable to the government is included (300.00)
• First year annual registered agent and Nominees, should you choose this option.
• Articles of incorporation in Spanish and English with apostille
• Good Standing Cert. /or Certificate of Incorporation in Spanish and English with aposille
• Register of Meting and share
• General and Broad Power of Attorney in Spanish and English with apostille
• Resignation of the subscribers of the articles of incorporation (blank dated)
• Resignation of the nominee board of directors (blank dated)
• Nominee trust agreement and appointment of nominee shareholder ( if services is requested)

We will provide all you need to have a fully operational company for the above fee.

What paperwork do we need to setup the company?
We will need a color copy of the passport of the beneficiary, a utility bill or drivers license and a short explanation on what will be the usage for the company

What are the annual fees after the first year?
BASIC RENEWAL

• Annual Franchise Tax - $300.00 USD
• Annual Registered Agent – $250.00 USD
• Nominee directors – $300.00 USD ($100.00 USD each) (if this service has been chosen)