Import Regulations in Panama
The Republic of Panama has the largest and most popular shipping registry in the world today. Over the years, international shipping companies have flocked to Panama to take advantage of the low registration taxes and fees applied by the Panama government as compared to other countries. If you have a yacht that needs to be registered or are considering buying one, then you must think of the best jurisdiction in which your yacht should be registered.
Panama Ship Registration
All vessels are subject to a one-time enrollment fee that is based upon a changeable scale. Registration of the bill of sale is about $0.20 per net ton registered or fraction thereof plus a 20% surtax. The yearly tax that is due is $0.10 per net ton plus other charges. Also all international shipping income is exempt from Panama taxes.
Panama Yacht Registration
Registration certificates for yachts in Panama are issued for 2 year periods and must be renewed every 2 years for as long as the yacht is registered in Panama.
Yacht Registration Tariffs: (1) $1,500 if Yacht is owned by a foreigner; (2) $1,000 if Yacht is owned by a Panamanian or Panama Corporation.
This registration tariff is due during the initial yacht registration and also upon each 2 year registration renewal.
Documents Required for Registration: (1) Purchase & Sale Agreement, Bill of Sale or a Builder's Certificate if the boat is new; (2) Power of Attorney (to our law firm); (3) Deletion Certificate from the previous registry or Builder's Certificate if the boat is new.
Vessel Registration Process
Panama's Maritime office will issue a "temporary" Provisional Navigation License which is valid for a 6 month period and can be renewed. Within this 6 month period the applicant needs to apply for a "permanent" or Definitive Navigation License which is valid for a 2 year period.
All boats registered in Panama must also meet the Radio Operator licensing requirements. First, a "temporary" Provisional Radio Operator License will be issued which is valid for a 3 month period. A "permanent" Definitive Radio Operator License must be obtained within this first 3 month period or fines are imposed until the Definitive Radio Operator License is acquired.
If the yacht is over 20 years of age it will also be required to undergo a safety survey and other safety requirements. | 
