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Panama Offshore Ship and Yacht Registration Services

Panama Offshore Yacht Registry

Panama's Ship Registry is number-one worldwide. Due to the very low registration taxes and fees as compared to other countries throughout the world, ship registration under the Panama flag is widely used by international shipping companies.

At the time of registering into the Panamanian Merchant Marine, all vessels must pay a one-time enrollment fee, based on a graded scale, plus a government fee.

Registration of the bill of sale is US$0.20 per net registered ton or fraction thereof, plus 20% surtax. Annual tax is US$0.10 per net ton, plus other charges.

Liberal labour laws concerning Panama flag vessels are also an important consideration, and income earned on international shipping activities are specifically and expressly exempted from Panama income taxes.

Registration Process

It is possible to register recreational yachts in Panama. This has a different pricing structure to the ship registration described above. The registration certificate is issued for a two-year period, which is renewable thereafter.

Applicable Registration Tariff:

  •   US$1,500.00 - if owned by a foreigner
  •   US$1,000.00 - if owned by a Panamanian (or a Panamanian corporation)

    This tariff must also be paid upon renewal of the Registration. 

Documents required for Registration:

  1. Sale & Purchase Agreement - Bill of Sale - or if the yacht is newly built, then a Builder's Certificate
  2. Power of Attorney
  3. Deletion Certificate from previous registry (or Builder's Certificate)

Please note: you must also comply with the Radio Operator requirements, in order to register the yacht in Panama.

If the yacht is more than 20 years old, then it will also be required to undergo a survey and other safety requirements.

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***Please Be Aware: Due to FATCA, CRS, and CFC laws you will not be able to eliminate your taxes without moving your residence if your live in a country with these regulations. An offshore company can increase your privacy and protect your assets, however you still have tax obligations in the country where you live which are tied to your ownership of overseas entities.

Non resident companies are not taxed in the country where they are incorporated rather, you as the owner are obligated to pay taxes in the country where you reside. Please make sure you know your tax obligations as we are not tax advisors. Please seek a local tax professional in the country where you live for personal advice. 

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