Panama has the Largest Shipping Registry in the World
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.
Panama Ship Registration
All vessels are subject to a one-time enrollment
fee that is based upon a variable scale, plus a government fee, at the
time of registration. Registration of the bill of sale is
$0.20 per net ton registered or
fraction thereof plus a 20% surtax.
The annual tax that is due is $0.10 per
net ton plus other charges. 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.
This registration tariff is due during the
initial yacht registration and also upon each 2 year registration renewal.
Documents Required For Registration
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
Anonymous Yacht Ownership Using Panama Bearer Share Corporations
In order to have anonymous ownership for your
Yacht or vessel in Panama you will need to first incorporate a Panama
corporation in bearer share form. Use our law firm and nominee directors
to set up the bearer share corporation and file all of the proper
paperwork on your behalf ensuring your name stays out of any public
registration databases. This allows you to maintain total control over the
Panama corporation and boat ownership anonymously. Additional layers of
privacy protection can be achieved by having a Panama Foundation own your
Panama Corporation. Call us for more details.
Acquiring Panama Residency Visas Using Your Yacht
Option #1: If
your boat is valued at $150,000 or more
You may qualify for the "Person of Means Visa" program. Under the Person of Means Visa guidelines you are not required to hire 3 Panamanians full time since you can argue that you are making an investment in a home. In order to make this argument valid you may need to invest in a full time moorage in a Panama port making it your second home or "home away from home". Full residency and a cedula card are issued after 1 year of temporary residency. After 5 years full citizenship is granted.