The ship registry office has basically three types of registration that may be used to register a vessel in the Republic of Panama, to wit:
- The Official license of navigation issued to a vessel duly registered in Panama
- License issued under a Bareboat-Chartered agreement
The special registration in case of pleasure yachts
Bareboat charter registration is permitted by Panama. According to our laws, a foreign vessel bare-boat chartered for a period of two years, can be registered in Panama for the same period of time without losing its previous registration, and the opposite is also permissible (from Panama to the other countries). The registration is recorded into a special registration data.
Registration Fees and Annual Taxes
Under the Panamanian flag, vessels are exempted from income tax on any of the activities they are engaged. The vessels must pay annual fees and taxes depending on the activity, the type of vessel and its tonnage. Please contact us and provide us with the gross tonnage of the vessel for the specific rates.
Please note there are s pecial discounts in registration fees up to 20% for groups of 3 or more ships representing 50,000 to 100,000 GT, provided under Law 36, dated June, 1995.
Deletion from Registry
A Ship registration may be canceled either upon request by the owner through his legal representatives or "Ex Officio" whenever the administration considers it necessary to the registration for some particular reason. No vessel is canceled when having a mortgage duly registered at the public Registry Office unless there is consent or discharge from the mortgage holder.