WHY REGISTER UNDER PANAMANIAN FLAG

International Maritime Registrar

The Flag of Choice

Some of the reasons why ship-owners choose the Panamanian flag are:

1.
Absence of nationality requirements concerning the ownership of a vessel registered under the Panamanian flag.

In effect, the owner of a vessel may be an individual or entity, either Panamanian or foreign, residing or doing business in Panama or elsewhere. There are no minimum tonnage or age requirements in respect of a vessel.

2.
Reasonable costs for enrollment of vessels.

Legislation passed on 26th October 1988 significantly reduced enrollment charges. In addition, this legislation eliminated the size and tonnage restrictions which previously applied to pleasure vessels or yachts and there is now a sole enrollment charge of US$1500 for pleasure vessels or yachts, and US$1000 if such vessels are owned by a Panamanian individual or company.

3.
Favorable legislation allowing certain arrangements.

Favorable legislation allowing certain arrangements which are beneficial to ship-owners in international service such as:

  • The possibility of registering a vessel which is under construction provided at least one-third of the total amount budgeted for the hull has already been invested.
  • The possibility of obtaining a special type of registration for vessels which require a provisional registration for particular reasons such as scrapping, delivery voyages or other reasons of a temporary nature is available at a reduced rate.
  • The possibility of dual registration of a vessel, under certain circumstances, whereby a vessel registered under the Panamanian flag will be allowed to fly another flag as a special registry due to charter party arrangements and vice versa.
4.
Income derived by vessels engaged in international trade is not taxed by the Republic of Panama.

5.
Inspectors in the principal ports of the world who examine the seaworthiness of Panamanian vessels.

6.
We concentrate our efforts in offering an excellent and personalized service to the maritime community.

We are convinced that we are an experienced company which throughout the years has developed vast knowledge of the maritime industry.

7.
Panama is more widely chosen than any other jurisdiction for yacht and ship registration.

One of the primary advantages for registering pleasure yachts, is that there is a flat registration fee, regardless of the size or tonnage of the marine vessel.