Ship Registration in Panama

www.bethelfinance.com

Panama Flag and vessel registration

You have many  reasons to register your boat in Panama:

• The costs of registering and managing are the lowest in the world
• No tax on profits from the operations or management of a ship
•  You do not pay VAT on the purchase of your boat
• Ideal structure for a boat that will be offered for rent
• Easy to resell the yacht under this structuration
• No minimum tonnage requirements for vessel registration.
• Anonymity guaranteed through the constitution of the offshore company
• Low annual renewal cost

Some things to know

A ship may be registered in Panama if more than half the shares of the ship are owned by a Panamean company.
Do not worry, we are specialists in this kind of registration and within hours  your company will be registered in Panama

Advantages of a yacht registration in Panama

• No tax on profits from the operation or management of a Panamean ship.
• No tax on dividends received from a company that owns the boat.
• No stamp duty on mortgage deeds on a ship or other security documents.
• No income tax on compensations for officers and crew.
• Shipping companies are practically free of any type of tax.
Panama´s taxation is only territorial and does not tax the income of vessels involved on international trade. There is no discrimination on citizenship, nationality or residence for anyone willing to register a vessel under the Panamanian Flag. Besides from the mentioned registration advantages, Panama offers a dual registry system yachts, boat or vessels.
The dual vessel registry system was established in the Republic of Panama by means of Law No. 3 of 1973 that state that a foreign yacht, vessel or boat chartered by a period of two years is eligible for a registration in Panama.
This can be held without loosing its previous registration for that same period and also vice versa, meaning that can be done under a Panamanian registered vessel to other countries.
It´s important to mention that a Certificate of Consent from the country where the vessel was originally registered is a requirement. This means that Dual Registry is no longer reciprocal and the register of its home country must allow it.
The Panama dual vessel registry system offers a great advantage for ship owners, merchant shipping companies, yacht owners, boat owners who have no registration under the open registry and might be the solution to European Shipping Companies who experience high operational costs related to the use of flags from European countries.
Other Tax benefits

1. No tax is payable on the wages of the crew of Panama ships, which operate in international waters.
2. No tax on capital gains is payable on the sale or transfer of a ship or shares in a shipping company
3. No tax is payable on any dividend received from a shipping company in the Panama
4. No registration duty is payable on the shares of a shipping company
5. The ship management companies owned by non-residents, and ships operating in international waters will pay no tax on their profits

Panama has a long maritime history and the laws of Panama are perfect for holding a boat

Panama legislation provides that all documents which refer to ships are eligible provided they are submitted  in a language understandable to the officials,  English in this case.
This provision makes the registration of vessels faster and saves on translation costs.
List of documents required to register your boat in Panama

• The deed or certificate of manufacturer
• A certificate of compliance by an internation surveyor
• If your boat is already registered somewhere else, you will need to provide us with a certificate of cancellation.Panama Flag and ship registration

Panama Flag and ship registration

Here the reasons to register your boat in Panama
~ Competitive costs.
~ Lower costs for registering a ship in Panama compared to other Jurisdictions.
~ No minimum tonnage.
~ All nationalities accepted.
~ Dual Registration Possible.
~ Registration of title / mortgage.
~ Major class survey societies accepted.
~ Tax advantages.
~ Vessels under construction can obtain provisional registration.
~ Vessels under construction may also apply for the provisional registration and radio call letters.

Our Firm will be glad to assist you and provide all the legal services related to the registration or enrollment of vessels and yachts under the flag of the Republic of Panama.

If you have any questions, simply send an email: info@bethelfinance.com or call us at 972-3-643-7999.